The disclosures in this quarterly report are complementary to those made in our 2025 Form 10-K and should be read in conjunction with our unaudited condensed consolidated financial statements and the notes thereto included in this report, as well as our audited financial statements, notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2025 Form 10-K. The following analysis of our financial condition and results of operations for the three and six months ended June 30, 2026, provides information that evaluates our financial condition as of June 30, 2026, compared with December 31, 2025, and our results of operations for the three and six months ended June 30, 2026, compared to the same periods in 2025. Investors should review the “Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions” and “Item 1A. Risk Factors” herein and in our 2025 Form 10-K for a discussion of those risks and uncertainties that have the potential to adversely affect our business, financial condition, results of operations, cash flows or prospects. Our results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period. See “Overview” below and Note 1 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information. INDEX TO ITEM 2 Page Overview 59 Key Factors Affecting Our Results 60 Insured Portfolio Metrics 61 Results of Operations—Consolidated 67 Results of Operations—Mortgage Segment 72 Results of Operations—Specialty Segment 77 Results of Operations—Corporate Category 81 Liquidity and Capital Resources 82 Critical Accounting Estimates 88 Overview For nearly 50 years, we have been a leading private mortgage insurer, expanding access to affordable, responsible and sustainable homeownership. On February 2, 2026, we acquired Inigo, a Lloyd’s specialty insurer. The acquisition of Inigo expanded our business profile and established Radian as a global multi-line specialty insurer, combining the embedded value and capital generation capabilities of our mortgage insurance business with the growth potential of a disciplined specialty insurance and reinsurance business. As part of our strategy to become a more focused insurance business we also announced a plan to divest our non-core businesses. We have now executed definitive actions to complete these divestitures, including completing the sale of our Real Estate Services business and entering into an agreement to sell our Title business. We expect the sale of our Title business to be completed by the end of this year. Following the acquisition of Inigo, we now operate through two reportable segments, Mortgage and Specialty. We believe our businesses are differentiated by our proprietary risk analysis and risk management capabilities, which are informed by data and analytics, as well as our disciplined approach to underwriting and capital management. On a consolidated basis, during the second quarter of 2026, net income from continuing operations was $116 million, producing a 9.8% return on equity, while pretax income from continuing operations was $151 million. Adjusted pretax operating income was $196 million, resulting in a 12.9% adjusted net operating return on equity. The Specialty segment expanded our revenue base and further diversified our earnings streams, while our Mortgage segment continued to generate strong cash flow and capital. We believe the combination of our Mortgage and Specialty businesses has increased our strategic flexibility and is positioning Radian to deliver results over the long-term. 59 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Outlook Looking ahead to the remainder of 2026, our priorities include continuing to deliver strong, consistent performance in our Mortgage segment, executing on the strategic development and selective growth of our Specialty segment and maintaining a disciplined approach to capital management. We believe our ability to consistently generate excess capital through cycles and redeploy it with discipline is a core competitive advantage. Our capital management philosophy prioritizes maintaining financial strength, investing in growth and responsibly returning excess capital to stockholders. Despite risks and uncertainties related to the current economic and market conditions, including premium rate softening in our Specialty segment, we continue to have a favorable outlook for our businesses based on the fundamentals in both our Mortgage and Specialty segments. Legislative and Regulatory Developments We are subject to comprehensive regulation and supervision in the jurisdictions in which our subsidiaries operate. For a description of significant U.S. state and federal regulations and other requirements of the GSEs that are applicable to our mortgage insurance business, as well as legislative and regulatory developments affecting the housing finance industry, see “Item 1. Business—Regulation—State Regulation” and “Item 1. Business—Regulation—Federal Regulation” in our 2025 Form 10-K. For a description of the U.K. regulatory requirements and framework and other requirements and regulations of Lloyd’s that are applicable to our specialty insurance business, see “Item 1. Business—Regulation—Regulation of Inigo” in our 2025 Form 10-K. There were no significant regulatory developments impacting our businesses from those discussed in our 2025 Form 10-K, other than the following. Credit Score Models. In recent years, the FHFA and the GSEs have undertaken initiatives to modernize the credit scoring framework used in mortgage underwriting, including efforts to replace their use of Classic FICO credit scores with FICO 10T and VantageScore 4.0 credit scores. In April 2026, FHFA announced that the GSEs will accept loans with the VantageScore 4.0 model for certain approved lenders and will begin moving forward with FICO 10T. On July 29, 2026, the GSEs issued PMIERs guidance which sets forth the risk-based required asset factors for insured loans that utilize VantageScore 4.0 credit scores. This guidance is effective on September 30, 2026. We are working closely with lenders and other industry stakeholders on the adoption of VantageScore 4.0. We do not expect these updates to have a material impact on our business. Basel III. Over the past several decades, the Basel Committee on Banking Supervision has established international benchmarks for assessing banks’ capital adequacy requirements (“Basel III”). While Basel III does not directly impact our mortgage insurance capital requirements, included within those benchmarks are capital standards related to residential lending and securitization activity and, importantly for private mortgage insurers, the capital treatment that banks will receive for mortgage insurance on those loans. In July 2023, the U.S. federal banking agencies published a notice of proposed rulemaking to implement the final components of Basel III that was heavily criticized and debated. In March 2026, the U.S. federal bank regulators released new proposals to update the regulatory capital framework for banks that include more granular risk weights for the capital treatment of residential real estate and maintain the existing treatment of mortgage insurance as a prudent underwriting standard. The proposals also include several questions on the treatment of mortgage insurance as part of the proposed risk weight calculations. The Company will continue to monitor developments with respect to this rulemaking and its potential impact on our mortgage insurance business. Key Factors Affecting Our Results Our condensed consolidated financial results for the six months ended June 30, 2026, reflect the continued performance of our Mortgage segment and the contribution of our Specialty segment, which includes the specialty insurance and reinsurance operations of Inigo, acquired on February 2, 2026. Except as set forth below, there have been no material changes to the key factors affecting our results discussed in our 2025 Form 10-K. In addition to those key factors, the following key factors have affected, and are expected to affect, our financial results. Acquisition of Inigo and Specialty Insurance Operations. The acquisition of Inigo expanded our business mix through participation in global specialty insurance and reinsurance markets and provides diversification. Our financial results may continue to be affected by the execution of integration activities, the alignment of systems and controls and our ability to effectively manage underwriting, operational, regulatory and financial risks associated with these operations. 60 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The discussion below summarizes the key factors affecting the results for our Specialty segment. Specialty Insurance and Reinsurance Market Conditions. Our Specialty segment operating results are influenced by market conditions across the specialty insurance and reinsurance classes and geographies in which we participate. These conditions include pricing levels, underwriting terms, available capacity among insurers within the specialty market and competitive dynamics, all of which are subject to cyclical trends and may vary by line of business. Changes in market conditions can affect premium volumes, expected loss ratios and underwriting profitability. Premium Volume and Business Mix. Our Specialty segment results are affected by the volume, timing and mix of gross and net premiums written. Premium volumes may vary by period based on renewal activity, new business opportunities, pricing conditions, underwriting appetite, exposure levels and the availability and cost of reinsurance generally. Changes in business mix across insurance and reinsurance, or across lines of business with different risk, acquisition cost and earning patterns, may affect earned premiums, underwriting margins and comparability between periods. Underwriting and Reserve Risk. Underwriting risk arises from the inherent uncertainty in the occurrence, timing and severity of insured events. Our Specialty segment underwriting results are affected by risk selection, pricing adequacy, exposure concentrations, policy terms and claims experience, including large losses and catastrophe events. Reserve estimates are inherently uncertain and depend on assumptions regarding claims development, severity, inflation and settlement patterns. Adverse changes in loss experience or assumptions may result in increased reserves, which could materially affect results in the period recognized. Reinsurance and Risk Distribution. In our Specialty segment, we cede risk by purchasing reinsurance as a core risk management tool to limit our exposure to large individual losses, catastrophe events and aggregation risk, and to support capital efficiency. Our ceded reinsurance programs include excess of loss, quota share and catastrophe bond arrangements. The availability, cost and terms of ceded reinsurance are influenced by market conditions and loss experience, and changes to ceded reinsurance structures, retentions or counterparty performance may affect net results and earnings volatility. Macroeconomic, Geopolitical and Catastrophe Risk. Our Specialty segment is exposed to macroeconomic conditions, geopolitical developments and natural catastrophe events, which may impact claims frequency and severity, underwriting demand and pricing, investment performance and capital requirements. Catastrophe losses can vary significantly between periods, and material events or adverse geopolitical developments could have a material impact on our results. Investment Performance, Credit Risk, Liquidity Demands and Operating Expenses. Our Specialty segment operating results are also affected by investment performance, credit risk arising from reinsurers, brokers, intermediaries and investment counterparties, and liquidity demands associated with claims payments. In addition, personnel, technology and professional service costs influence our expense base, while transaction‑related or other non‑recurring costs may affect comparability between periods. Insured Portfolio Metrics Mortgage New Insurance Written We wrote $16.3 billion and $29.8 billion of primary NIW in the three and six months ended June 30, 2026, respectively, compared to $14.3 billion and $23.8 billion of NIW in the three and six months ended June 30, 2025, respectively, representing an increase of 14% for the three months ended June 30, 2026, and an increase of 25% for the six months ended June 30, 2026, each as compared to the same period in 2025. According to industry estimates, mortgage origination volume increased moderately for the three months ended June 30, 2026, driven by an increase in refinance volume due to decreased interest rates and a slight increase in home purchase volume, as compared to the same period in 2025. Increased origination volume as well as higher estimated penetration rates contributed to the increase in our NIW in the three months ended June 30, 2026. 61 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table provides selected information for the periods indicated related to our Mortgage NIW. For direct Single Premium Policies, NIW includes policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically after the loans have been originated). NIW Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 NIW $ 16,331 $ 14,330 $ 29,821 $ 23,819 Primary risk written $ 4,333 $ 3,771 $ 7,877 $ 6,226 Average coverage percentage 26.5 % 26.3 % 26.4 % 26.1 % NIW by loan purpose Purchases 90.4 % 94.6 % 85.0 % 95.0 % Refinances 9.6 % 5.4 % 15.0 % 5.0 % NIW by premium type Direct Monthly and Other Recurring Premiums 97.7 % 96.4 % 97.7 % 96.4 % Direct single premiums 2.3 % 3.6 % 2.3 % 3.6 % NIW by FICO score (1) >=740 67.8 % 68.2 % 67.3 % 68.2 % 680-739 26.5 % 27.0 % 27.4 % 27.0 % 620-679 5.5 % 4.8 % 5.1 % 4.8 % <=619 0.2 % 0.0 % 0.2 % 0.0 % NIW by LTV (1) 95.01% and above 16.9 % 16.7 % 17.0 % 16.3 % 90.01% to 95.00% 45.1 % 44.0 % 44.7 % 43.0 % 85.01% to 90.00% 30.2 % 30.1 % 30.0 % 30.9 % 85.00% and below 7.8 % 9.2 % 8.3 % 9.8 % (1)At origination. Insurance and Risk in Force Year of origination - IIF ($ in billions) IIF as of: By vintage June 30, 2026 December 31, 2025 June 30, 2025 2026 $ 29.3 10.3 % $ — — % $ — — % 2025 48.3 17.0 % 52.3 18.5 % 23.4 8.5 % 2024 38.2 13.4 % 42.7 15.1 % 46.6 16.8 % 2023 34.1 12.0 % 38.3 13.6 % 42.3 15.3 % 2022 43.4 15.3 % 47.1 16.7 % 50.7 18.3 % 2021 39.3 13.9 % 43.3 15.3 % 48.1 17.4 % 2020 23.5 8.3 % 27.1 9.6 % 30.6 11.1 % 2009 - 2019 22.5 7.9 % 25.9 9.2 % 28.8 10.4 % 2008 & Prior 5.4 1.9 % 5.8 2.0 % 6.2 2.2 % Total $ 284.0 100.0 % $ 282.5 100.0 % $ 276.7 100.0 % 62 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The primary driver of the future premiums that we expect to earn over time is our IIF, which increases as a result of our NIW and decreases as a result of policy cancellations and amortization. Historically, there is a close correlation between interest rates and Persistency Rates. Higher interest rate environments generally decrease refinancings, which in turn decrease the cancellation rate of our insurance and positively affect our Persistency Rates; the opposite effects occur in lower interest rate environments. As shown in the table below: (i) our 12-month Persistency Rate at June 30, 2026, decreased as compared to the same period in 2025 and (ii) our quarterly, annualized Persistency Rate decreased at June 30, 2026, as compared to the same period in 2025. We believe these decreases were primarily attributable to an increase in refinance activity in 2026, particularly in the first quarter, which resulted from the decline in mortgage interest rates that occurred entering 2026 and generated increased refinance transactions and related policy cancellations. As of June 30, 2026, approximately half of our IIF had a mortgage note interest rate of 5.5% or less, which remains below the current prevailing mortgage interest rates based on reported industry averages. If mortgage rates decrease further, refinance volumes could increase, similar to the effect observed this year, which could negatively impact our Persistency Rate and the size of our IIF portfolio. See “If the length of time that our mortgage insurance policies remain in force declines, it could result in a decrease in our future revenues” under “Item 1A. Risk Factors” in our 2025 Form 10-K for more information. The following table provides selected information as of and for the periods indicated related to Mortgage IIF and RIF. Throughout this report, unless otherwise noted, RIF is presented on a gross basis and includes the amount ceded under reinsurance. RIF and IIF for direct Single Premium Policies include policies written on an individual basis (as each loan is originated) and on an aggregated basis (in which each individual loan in a group of loans is insured in a single transaction, typically after the loans have been originated). IIF and RIF ($ in millions) June 30, 2026 December 31, 2025 June 30, 2025 Primary IIF $ 284,035 $ 282,519 $ 276,745 Primary RIF $ 75,397 $ 74,704 $ 72,820 Average coverage percentage 26.5 % 26.4 % 26.3 % Persistency Rate (12 months ended) 81.6 % 83.6 % 83.8 % Persistency Rate (quarterly, annualized) (1) 81.6 % 81.6 % 83.8 % Primary RIF by premium type Direct Monthly and Other Recurring Premiums 91.6 % 91.0 % 90.3 % Direct single premiums 8.4 % 9.0 % 9.7 % Primary RIF by FICO score (2) >=740 61.0 % 60.7 % 60.6 % 680-739 32.2 % 32.4 % 32.2 % 620-679 6.6 % 6.7 % 6.9 % <=619 0.2 % 0.2 % 0.3 % Primary RIF by LTV (2) 95.01% and above 21.2 % 20.7 % 20.2 % 90.01% to 95.00% 49.1 % 48.6 % 48.0 % 85.01% to 90.00% 25.6 % 26.4 % 27.1 % 85.00% and below 4.1 % 4.3 % 4.7 % (1)The Persistency Rate on a quarterly, annualized basis is calculated based on loan-level detail for the quarter ending as of the date 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. (2)At origination. 63 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Risk Distribution We use third-party reinsurance in our Mortgage segment as part of our risk distribution strategy, including to manage our capital position and risk profile. The impact of these programs on our financial results will vary depending on the level of ceded RIF, as well as the levels of prepayments and incurred losses on the reinsured portfolios, among other factors. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Results—Mortgage Insurance—Risk Distribution” in our 2025 Form 10-K and Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements in this report for more information about our reinsurance transactions. The following table provides information about the amounts by which Radian Guaranty’s reinsurance programs reduced its Minimum Required Assets as of the dates indicated. PMIERs benefit from risk distribution ($ in thousands) June 30, 2026 December 31, 2025 PMIERs impact - reduction in Minimum Required Assets Mortgage QSR Program $ 989,704 $ 913,212 Mortgage XOL Program Traditional reinsurance agreements 459,501 479,501 Mortgage insurance-linked notes program 297,382 388,983 Total Mortgage XOL Program 756,883 868,484 Total PMIERs impact $ 1,746,587 $ 1,781,696 Percentage of gross Minimum Required Assets 30.9 % 31.8 % See “Results of Operations—Mortgage Segment—Revenues—Net Premiums Earned” for information about the impact on premiums earned from each of Radian Guaranty’s reinsurance programs. Specialty Gross Written Premiums Gross written premiums are a key measure of underwriting activity within our Specialty segment and reflect the volume of business written during the period. For the three months ended June 30, 2026, Specialty gross written premiums were $504 million, consisting of $229 million of direct insurance business and $275 million of assumed reinsurance business. From the Closing Date through June 30, 2026, Specialty gross written premiums were $666 million, consisting of $311 million of direct insurance business and $356 million of assumed reinsurance business. During the first half of 2026, the specialty insurance and reinsurance markets experienced continued softening pricing conditions, particularly across property and reinsurance classes, following several years of strong underwriting profitability and a relatively benign catastrophe environment in 2025 that continued into 2026. Increased availability of capacity from both traditional markets and alternative capital providers, including catastrophe bonds, has intensified competitive pressures and contributed to risk‑adjusted rate reductions across many lines of business. While market conditions and the premium rate environment remain differentiated by line of business, the softening pricing conditions have been most pronounced in U.S. property insurance and property catastrophe reinsurance. These market conditions have had a meaningful negative influence on the pricing of business written in the first half of 2026. See Note 2 of Notes to Unaudited Condensed Consolidated Financial Statements for information regarding our premium earning methodologies, including certain reinsurance contracts for which earnings patterns reflect the seasonality of risk, and “Results of Operations—Specialty Segment—Revenues—Net Premiums Earned” for more information about our Specialty segment’s net premiums earned. We expect competitive and pricing pressures to continue, particularly in catastrophe-exposed classes. In response to market conditions, we remain focused on disciplined underwriting designed to achieve profitability through the cycle, and we expect to continue to emphasize margin‑focused underwriting, including selective reductions in lines, non‑renewal of 64 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations inadequately priced risks, changes in portfolio mix and targeted growth in classes and segments where pricing and structural protections are within our tolerance levels. Geographic Diversification The following table provides information about gross premiums earned by geographic area. Gross premiums earned by geographic location (1) Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 United States 59.2 % 67.0 % United Kingdom 13.2 % 11.0 % Europe 7.8 % 7.5 % Other countries 19.8 % 14.5 % Total gross premiums earned 100.0 % 100.0 % (1)Geographic location is primarily determined by the location of risk exposure. Lines of Business Insurance comprises specialty insurance business written across a range of structures, including primary and excess layers which are grouped into the following lines of business. ▪Property – Covers commercial property risks across a range of industries. ▪Casualty – Includes general liability, auto liability, marine-related liability, energy-related liability and other specialty liability exposures. ▪Financial Lines – Includes directors’ & officers’ insurance and financial institutions insurance, primarily for public company and institutional risks. ▪Other Specialty – Includes cyber, aviation war, political violence and terrorism and other geopolitical or technology-related risks, which may give rise to low-frequency, high-severity losses. ▪Natural Resources – Includes insurance covering energy production, power generation, and mining and energy industry exposures. ▪Partnerships – Includes insurance business written with selected partners within Inigo’s insurance platform. Within Reinsurance, net premiums earned arise from assumed reinsurance business, under which Inigo acts as reinsurer to third-party cedants. This business includes proportional arrangements, where Inigo assumes a share of the underlying premiums and losses and non-proportional arrangements that provide protection against large individual losses, catastrophe events or aggregate loss experience. ▪Property – Includes assumed catastrophe-oriented reinsurance, primarily excess of loss (including per risk, catastrophe and aggregate), pro rata and retrocession arrangements. The catastrophe excess of loss portfolio, which represents the largest component of the property reinsurance account, is global, with a particular emphasis on North America, Japan, Europe, Australia and New Zealand. ▪Casualty – Includes assumed casualty reinsurance arrangements providing quota share or excess of loss protection. 65 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table provides information about net premiums earned by line of business. Net premiums earned by line of business Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 Insurance Property 23.2 % 24.6 % Casualty 23.7 % 23.3 % Financial Lines 8.0 % 8.3 % Other Specialty 9.2 % 9.0 % Natural Resources 4.6 % 5.1 % Partnerships 4.7 % 3.6 % Total insurance 73.4 % 73.9 % Reinsurance Property 23.0 % 22.5 % Casualty 3.6 % 3.6 % Total reinsurance 26.6 % 26.1 % Total net premiums earned 100.0 % 100.0 % Risk Distribution The following table provides information on ceded premiums earned as a percentage of gross premiums earned by line of business. Ceded premiums earned as a percentage of gross premiums earned by line of business Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 Insurance Property 21.2 % 22.3 % Casualty 13.0 % 13.7 % Financial Lines 11.2 % 11.3 % Other Specialty 24.8 % 24.2 % Natural Resources 30.0 % 25.2 % Partnerships 23.4 % 26.5 % Reinsurance Property 26.9 % 24.5 % Casualty — — 66 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations—Consolidated Radian Group serves as the holding company for our operating subsidiaries and does not have any operations of its own. Our consolidated operating results for the three and six months ended June 30, 2026, primarily reflect the financial results and performance of our Mortgage and Specialty segments, while our consolidated operating results for the three and six months ended June 30, 2025, primarily reflect the financial results and performance of our Mortgage segment. As further described in Note 18 of Notes to Unaudited Condensed Consolidated Financial Statements, in the quarter ended September 30, 2025, Radian Group’s board of directors approved a plan to divest our Mortgage Conduit, Title and Real Estate Services businesses. As a result, we have reclassified the results related to these businesses to discontinued operations for all periods presented in our condensed consolidated statements of operations. All amounts included in this “Results of Operations–-Consolidated” section relate to continuing operations unless otherwise noted. In addition to the results of our reportable segments, pretax income (loss) from continuing operations is also affected by those factors described in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Results” in our 2025 Form 10-K as well as “Key Factors Affecting Our Results” herein, above. See also “Use of Non-GAAP Financial Measures” below for more information regarding items that are excluded from the operating results of our operating segments. 67 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table summarizes our consolidated results of operations for the periods indicated. Summary results of operations - consolidated Three Months Ended June 30, Change Favorable (Unfavorable) Six Months Ended June 30, Change Favorable (Unfavorable) ($ in thousands, except per-share amounts) 2026 2025 2026 vs. 2025 2026 (1) 2025 2026 (1) vs. 2025 Revenues Net premiums earned $ 503,712 $ 233,526 $ 270,186 $ 906,240 $ 467,570 $ 438,670 Net investment income 74,696 61,672 13,024 144,394 122,682 21,712 Net gains (losses) on financial instruments and foreign exchange (5,789 ) 1,851 (7,640 ) (14,668 ) (150 ) (14,518 ) Other income 2,340 1,502 838 5,330 3,284 2,046 Total revenues 574,959 298,551 276,408 1,041,296 593,386 447,910 Expenses Provision for losses 194,945 11,954 (182,991 ) 302,878 27,294 (275,584 ) Amortization of deferred policy acquisition costs and VOBA 90,503 7,205 (83,298 ) 152,572 13,593 (138,979 ) Other operating expenses 110,586 69,178 (41,408 ) 208,755 127,086 (81,669 ) Interest expense 22,312 17,428 (4,884 ) 42,906 33,917 (8,989 ) Amortization of other acquired intangible assets 5,896 — (5,896 ) 9,805 — (9,805 ) Total expenses 424,242 105,765 (318,477 ) 716,916 201,890 (515,026 ) Pretax income from continuing operations 150,717 192,786 (42,069 ) 324,380 391,496 (67,116 ) Income tax provision 32,489 38,301 5,812 76,686 84,921 8,235 Net income from continuing operations 118,228 154,485 (36,257 ) 247,694 306,575 (58,881 ) Income (loss) from discontinued operations, net of tax (2,314 ) (12,689 ) 10,375 (7,687 ) (20,221 ) 12,534 Net income $ 115,914 $ 141,796 $ (25,882 ) $ 240,007 $ 286,354 $ (46,347 ) Diluted net income from continuing operations per share $ 0.87 $ 1.11 $ (0.24 ) $ 1.80 $ 2.14 $ (0.34 ) Weighted average common shares outstanding—diluted 136,283 138,360 2,077 137,550 143,012 5,462 Return on equity from continuing operations 9.8 % 13.6 % (3.8 )% 10.3 % 13.5 % (3.2 )% Non-GAAP Financial Measures (2) Adjusted pretax operating income $ 195,849 $ 190,935 $ 4,914 $ 427,656 $ 392,030 $ 35,626 Adjusted diluted net operating income per share $ 1.14 $ 1.11 $ 0.03 $ 2.41 $ 2.15 $ 0.26 Adjusted net operating return on equity 12.9 % 13.5 % (0.6 )% 13.8 % 13.5 % 0.3 % (1)Includes Inigo results from the Closing Date of the acquisition through June 30, 2026. (2)See “Use of Non-GAAP Financial Measures” below. Revenues Net Premiums Earned. The increase in net premiums earned for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is primarily due to the acquisition of Inigo. See “Results of Operations—Mortgage 68 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Segment—Revenues—Net Premiums Earned” and “Results of Operations—Specialty Segment—Revenues—Net Premiums Earned” for more information. Net Investment Income. The increase in net investment income for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is primarily due to the acquisition of Inigo. See Note 7 of Notes to Unaudited Condensed Consolidated Financial Statements for comparative detail about net investment income. See “Results of Operations—Mortgage Segment—Revenues—Net Investment Income” and “Results of Operations—Specialty Segment—Revenues—Net Investment Income” for more information. Net Gains (Losses) on Financial Instruments and Foreign Exchange. See Note 7 of Notes to Unaudited Condensed Consolidated Financial Statements for comparative detail about net gains (losses) on financial instruments and foreign exchange by investment category. Expenses Provision for Losses. The increase in the provision for losses for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is primarily due to the acquisition of Inigo. See “Results of Operations—Mortgage Segment—Expenses—Provision for Losses” and “Results of Operations—Specialty Segment—Expenses—Provision for Losses” for more information. Amortization of Deferred Policy Acquisition Costs and VOBA. The increase in the amortization of deferred policy acquisition costs and VOBA for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is primarily related to amortization of the VOBA intangible asset recognized in connection with the acquisition of Inigo. See Note 3 of Notes to Unaudited Condensed Consolidated Financial Statements for additional detail on the impact of other acquired intangible assets from the Inigo acquisition and see “Results of Operations—Specialty Segment—Expenses—Amortization of Deferred Policy Acquisition Costs” for more information on Specialty segment results, which exclude the impact of purchase accounting adjustments. Other Operating Expenses. Other operating expenses increased for the three and six months ended June 30, 2026, as compared to the same periods in 2025, primarily due to the acquisition of Inigo. For additional information, see “Results of Operations—Mortgage Segment—Expenses—Other Operating Expenses” and “Results of Operations—Specialty Segment—Expenses—Other Operating Expenses.” Interest Expense. The increase in interest expense for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is primarily due to interest expense on credit facilities for Inigo and Radian Group. See Note 12 of Notes to Unaudited Condensed Consolidated Financial Statements for additional detail about our interest expense. Amortization of Other Acquired Intangible Assets. The increase in amortization of other acquired intangible assets for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is due to the acquisition of Inigo. See Note 3 of Notes to Unaudited Condensed Consolidated Financial Statements for additional detail on the impact of other acquired intangible assets from the Inigo acquisition. Income Tax Provision Our provision for income taxes for interim periods is established based on our estimated annual effective tax rate for a given year. This rate is impacted by the mix of income and loss and associated statutory tax rates by jurisdiction, and reflects the impact of discrete tax effects in the period in which they occur. Our effective tax rate for continuing operations for the three and six months ended June 30, 2026, was 21.6% and 23.6%, respectively, as compared to 19.9% and 21.7% for the three and six months ended June 30, 2025, respectively. In addition to the effects of non‑deductible executive compensation expense, the increase in the effective tax rate was primarily attributable to a higher statutory tax rate on foreign earnings from Inigo and higher state income taxes associated with a temporary period of elevated investment income generated from increased investments held at Radian Group in anticipation of funding the Inigo acquisition. Our unrecognized tax benefits increased during the quarter primarily as a result of uncertain tax positions assumed in connection with the Inigo acquisition. See Note 10 of Notes to Unaudited Condensed Consolidated Financial Statements for additional detail. 69 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Income (Loss) from Discontinued Operations, Net of Tax Income (loss) from discontinued operations, net of tax, includes the results of our Mortgage Conduit, Title and Real Estate Services businesses, which have been reclassified to discontinued operations for all periods presented. See Note 18 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details. Use of Non-GAAP Financial Measures In addition to 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, 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, for the reasons discussed above we believe these measures aid in understanding the underlying performance of our operations. 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) per share or return on equity. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, as discussed and reconciled below to the most comparable respective GAAP measures, may not be comparable to similarly named measures reported by other companies. 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. For detailed information regarding items excluded from adjusted pretax operating income (loss) and the reasons for their treatment, see Note 5 of Notes to Unaudited Condensed Consolidated Financial Statements. 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. 70 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table provides a reconciliation of pretax income from continuing operations to our non-GAAP financial measure of adjusted pretax operating income. Reconciliation of pretax income from continuing operations to adjusted pretax operating income Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 (1) 2025 Pretax income from continuing operations $ 150,717 $ 192,786 $ 324,380 $ 391,496 Less: income (expense) items Net gains (losses) on financial instruments and foreign exchange (5,789 ) 1,851 (14,668 ) (150 ) Amortization of other acquired intangible assets (5,896 ) — (9,805 ) — Other purchase accounting adjustments, net (2) (26,726 ) — (50,056 ) — Acquisition-related expenses and other non-operating items (3) (6,721 ) — (28,747 ) (384 ) Adjusted pretax operating income $ 195,849 $ 190,935 $ 427,656 $ 392,030 (1)Includes Inigo results from the Closing Date of the acquisition through June 30, 2026. (2)For the three and six months ended June 30, 2026, primarily includes net VOBA asset and liability amortization of $64 million and $118 million, respectively, partially offset by reversals of policy acquisition costs of $37 million and $68 million, respectively. The policy acquisition costs are reflected in the Specialty segment results but eliminated under purchase accounting on a consolidated basis. (3)For the three and six months ended June 30, 2026, primarily relates to expenses associated with the Inigo acquisition, including employee retention bonus expense, investment banking fees, transfer taxes, legal costs, audit costs and other transaction expenses. 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. For purposes of this non-GAAP financial measure, the income tax provision (benefit) on the reconciling income (expense) items is calculated using statutory tax rates that correspond to the jurisdiction and nature of each item, principally the U.S. federal income tax statutory rate or the U.K. Corporation Tax statutory rate. The following table provides a reconciliation of diluted net income (loss) from continuing operations per share to our non-GAAP financial measure of adjusted diluted net operating income (loss) per share. Reconciliation of diluted net income from continuing operations per share to adjusted diluted net operating income per share Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 (1) 2025 Diluted net income from continuing operations per share $ 0.87 $ 1.11 $ 1.80 $ 2.14 Less: per-share impact of reconciling income (expense) items Net gains (losses) on financial instruments and foreign exchange (0.04 ) 0.01 (0.11 ) — Amortization of other acquired intangible assets (0.04 ) — (0.07 ) — Other purchase accounting adjustments, net (0.20 ) — (0.36 ) — Acquisition-related expenses and other non-operating items (0.05 ) — (0.21 ) (0.01 ) Income tax (provision) benefit on reconciling income (expense) items (2) 0.06 (0.01 ) 0.14 — Per-share impact of reconciling income (expense) items (0.27 ) 0.00 (0.61 ) (0.01 ) Adjusted diluted net operating income per share $ 1.14 $ 1.11 $ 2.41 $ 2.15 (1)Includes Inigo results from the Closing Date of the acquisition through June 30, 2026. (2)Calculated using the Company’s statutory tax rate of 21% for U.S.-based adjustments and 25% for U.K.-based adjustments. 71 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 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. For purposes of this non-GAAP financial measure, the income tax provision (benefit) on the reconciling income (expense) items is calculated using statutory tax rates that correspond to the jurisdiction and nature of each item, principally the U.S. federal income tax statutory rate or the U.K. corporation tax statutory rate. The following table provides a reconciliation of return on equity from continuing operations to our non-GAAP financial measure of adjusted net operating return on equity. Reconciliation of return on equity from continuing operations to adjusted net operating return on equity Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 (1) 2025 Return on equity from continuing operations (2) 9.8 % 13.6 % 10.3 % 13.5 % Less: impact of reconciling income (expense) items (3) Net gains (losses) on financial instruments and foreign exchange (0.5 )% 0.1 % (0.6 )% — % Amortization of other acquired intangible assets (0.5 )% — % (0.4 )% — % Other purchase accounting adjustments, net (2.2 )% — % (2.1 )% — % Acquisition-related expenses and other non-operating items (0.6 )% — % (1.2 )% — % Income tax (provision) benefit on reconciling income (expense) items (4) 0.7 % — % 0.8 % — % Impact of reconciling income (expense) items (3.1 )% 0.1 % (3.5 )% — % Adjusted net operating return on equity 12.9 % 13.5 % 13.8 % 13.5 % (1)Includes income and expense items attributable to Inigo from the Closing Date of the acquisition through June 30, 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 rate of 21% for U.S.-based adjustments and 25% for U.K.-based adjustments. Results of Operations—Mortgage Segment Our Mortgage segment continued to serve as a solid foundation for our financial results, generating strong earnings and cash flow in the second quarter of 2026. Our Mortgage segment contributed $208 million of adjusted pretax operating income, with net premiums earned of $236 million. Our mortgage insurance in force portfolio was $284.0 billion as of June 30, 2026, and we wrote $16.3 billion of NIW during the quarter. We continued to observe low default and claim rates and steady cure activity, supporting favorable loss performance. Consistent with the trends observed in recent periods, the economic and market conditions impacting our Mortgage results for the second quarter of 2026 remained generally favorable. These trends include: (i) positive economic growth and generally low unemployment in the U.S., resulting in a strong credit environment; (ii) continued elevated mortgage rates, contributing to a strong Persistency Rate due to the interest rates of mortgages in our insured portfolio generally remaining below prevailing interest rates; and (iii) strong mortgage insurance fundamentals, including stringent underwriting and product standards, higher-quality borrowers with strong credit profiles and strengthened servicing standards and government support to help borrowers stay in their homes. 72 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table summarizes our Mortgage segment’s results of operations for the periods indicated. Summary results of operations - Mortgage segment Three Months Ended June 30, Change Favorable (Unfavorable) Six Months Ended June 30, Change Favorable (Unfavorable) (In thousands) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Revenues Net premiums written $ 232,554 $ 231,596 $ 958 $ 465,819 $ 461,846 $ 3,973 (Increase) decrease in unearned premiums 3,795 1,930 1,865 8,707 5,724 2,983 Net premiums earned 236,349 233,526 2,823 474,526 467,570 6,956 Net investment income 55,614 53,288 2,326 108,941 101,739 7,202 Other income 1,258 1,502 (244 ) 2,921 3,285 (364 ) Total revenues 293,221 288,316 4,905 586,388 572,594 13,794 Expenses Provision for losses 29,418 11,954 (17,464 ) 53,694 27,294 (26,400 ) Amortization of deferred policy acquisition costs 6,881 7,205 324 13,780 13,593 (187 ) Other operating expenses 48,347 51,881 3,534 89,070 95,084 6,014 Interest expense 754 877 123 1,224 1,302 78 Total expenses 85,400 71,917 (13,483 ) 157,768 137,273 (20,495 ) Adjusted pretax operating income (1) $ 207,821 $ 216,399 $ (8,578 ) $ 428,620 $ 435,321 $ (6,701 ) (1)Our senior management uses adjusted pretax operating income as our primary measure to evaluate the fundamental financial performance of our business segments. See Note 5 of Notes to Unaudited Condensed Consolidated Financial Statements for more information. Revenues Net Premiums Earned. The following table provides additional information about the components of our Mortgage segment’s net premiums earned for the periods indicated, including the effects of reinsurance programs. Net premiums earned Three Months Ended June 30, Change Favorable (Unfavorable) Six Months Ended June 30, Change Favorable (Unfavorable) (In thousands, except as otherwise indicated) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Mortgage Direct $ 269,537 $ 262,044 $ 7,493 $ 538,439 $ 523,955 $ 14,484 Ceded (33,188 ) (28,518 ) (4,670 ) (63,913 ) (56,385 ) (7,528 ) Net premiums earned $ 236,349 $ 233,526 $ 2,823 $ 474,526 $ 467,570 $ 6,956 In force portfolio premium yield (in basis points) (1) 37.8 37.8 — 37.8 37.8 — Direct premium yield (in basis points) (2) 38.1 38.1 — 38.0 38.0 — Net premium yield (in basis points) (3) 33.4 33.9 (0.5 ) 33.5 33.9 (0.4 ) Average primary IIF (in billions) (4) $ 282.9 $ 275.5 $ 7.4 $ 283.3 $ 275.9 $ 7.4 73 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (1)Calculated by dividing annualized direct premiums earned, excluding revenue from cancellations, by average primary IIF. Revenue from cancellations was $1.9 million and $3.4 million for the three and six months ended June 30, 2026, respectively, and $1.7 million and $2.9 million for the three and six months ended June 30, 2025, respectively. (2)Calculated by dividing annualized direct premiums earned, by average primary IIF. (3)Calculated by dividing annualized net premiums earned by average primary IIF. The calculation for all periods presented incorporates the impact of profit commission adjustments related to our reinsurance programs. (4)The average of beginning and ending balances of primary IIF, for each period presented. The level of mortgage prepayments affects the revenue ultimately produced by our mortgage insurance business and is influenced by the mix of business we write. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Results—Mortgage Insurance—IIF and Related Drivers” in our 2025 Form 10-K for more information. The following table provides information related to the impact of our reinsurance transactions on premiums earned. See Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements for more information about our reinsurance programs. Ceded premiums earned Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Mortgage QSR Program (1) $ 24,541 $ 18,952 $ 47,466 $ 37,272 Mortgage XOL Program Mortgage insurance-linked notes program 6,374 7,911 11,782 15,646 Traditional reinsurance agreements 2,273 1,655 4,665 3,467 Total Mortgage XOL Program 8,647 9,566 16,447 19,113 Total ceded premiums earned (2) $ 33,188 $ 28,518 $ 63,913 $ 56,385 Percentage of total direct premiums earned 12.3 % 10.9 % 11.9 % 10.8 % (1)Includes the impact of changes in the profit commission retained by Radian Guaranty due to changes in loss reserves. (2)Does not include the benefit from ceding commissions from the reinsurance agreements in our Mortgage QSR Program, which is primarily included in other operating expenses on the condensed consolidated statements of operations. See Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information. Net Investment Income. The following table provides information related to our Mortgage segment’s investments for the periods indicated. Investment balances and yields Three Months Ended June 30, Change Favorable (Unfavorable) Six Months Ended June 30, Change Favorable (Unfavorable) ($ in thousands) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Investment income $ 57,122 $ 55,953 $ 1,169 $ 112,090 $ 107,020 $ 5,070 Investment expenses (1,508 ) (2,665 ) 1,157 (3,149 ) (5,281 ) 2,132 Net investment income $ 55,614 $ 53,288 $ 2,326 $ 108,941 $ 101,739 $ 7,202 Average investments (1) $ 5,217,218 $ 5,385,552 $ (168,334 ) $ 5,198,394 $ 5,391,016 $ (192,622 ) Average investment yield (2) 4.3 % 4.0 % 0.3 % 4.2 % 3.8 % 0.4 % (1)For each period presented, reflects the average of the beginning and ending amortized cost of our total investments for each month of the quarter. Beginning December 31, 2025, average investments include the $600 million Intercompany Note with Radian Group, which is eliminated in consolidation. (2)Calculated by dividing annualized net investment income by average investments balance. Net investment income increased for the three and six months ended June 30, 2026, as compared to the same periods in 2025, primarily driven by $10 million of interest earned in each of the first and second quarters of 2026 on the Intercompany 74 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Note issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition. A corresponding amount is reported as interest expense for the Corporate category and both amounts are eliminated in consolidation. This benefit was partially offset by a decline in the average balance for the remainder of the investment portfolio. Expenses Provision for Losses. The following table details the financial impact of the significant components of our Mortgage segment’s provision for losses for the periods indicated. Provision for losses Three Months Ended June 30, Change Favorable (Unfavorable) Six Months Ended June 30, Change Favorable (Unfavorable) ($ in thousands, except reserve per new default) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Current period (1) $ 49,387 $ 47,912 $ (1,475 ) $ 115,294 $ 103,750 $ (11,544 ) Prior period development (2) (19,969 ) (35,958 ) (15,989 ) (61,600 ) (76,456 ) (14,856 ) Total provision for losses $ 29,418 $ 11,954 $ (17,464 ) $ 53,694 $ 27,294 $ (26,400 ) Current period 20.9 % 20.5 % (0.4 )% 24.3 % 22.2 % (2.1 )% Prior period development (8.5 )% (15.4 )% (6.9 )% (13.0 )% (16.4 )% (3.4 )% Total loss ratio 12.4 % 5.1 % (7.3 )% 11.3 % 5.8 % (5.5 )% Reserve per new default (3) $ 3,991 $ 4,178 $ 187 $ 4,442 $ 4,328 $ (114 ) (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)Calculated by dividing provision for losses for new defaults, net of reinsurance, by the number of new primary defaults for each period. The increase in the provision for losses for the three and six months ended June 30, 2026, as compared to the same periods in 2025, is primarily driven by an increase in current period new defaults and a reduction in favorable development on prior period defaults, which impacted our mortgage insurance loss reserves. As shown in the table below, current period new primary defaults increased for the three and six months ended June 30, 2026, compared to the same periods in 2025. Our gross Default to Claim Rate assumption for new primary defaults was 7.5% at both June 30, 2026 and 2025. When establishing this assumed rate, we continue to closely monitor the trends in Cures and claims paid for our default inventory, while also weighing the risks and uncertainties associated with the current economic environment. Our provision for losses during the three and six months ended June 30, 2026, and the same periods in 2025, was positively impacted by favorable reserve development on prior period defaults, primarily as a result of Cure trends that were more favorable than originally estimated, and which resulted in reductions in certain of our prior year Default to Claim Rate assumptions. See Note 11 of Notes to Unaudited Condensed Consolidated Financial Statements herein for additional information, as well as Notes 1 and 11 of Notes to Consolidated Financial Statements and “Item 1A. Risk Factors” in our 2025 Form 10-K. 75 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Our primary default rate as a percentage of total insured loans was 2.5% and 2.6% at June 30, 2026, and December 31, 2025, respectively. The following table shows a rollforward of our primary loans in default. Rollforward of primary loans in default Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Beginning default inventory 24,625 22,758 25,230 24,055 New defaults 12,373 11,467 25,957 23,972 Cures (1) (2) (12,381 ) (11,646 ) (26,118 ) (25,195 ) Claims paid (1) (3) (415 ) (290 ) (883 ) (500 ) Rescissions and Claim Denials (1) (4) (2 ) (31 ) 14 (74 ) Ending default inventory 24,200 22,258 24,200 22,258 (1)Prior periods have been recast to conform to current presentation for Cures, claims paid and Rescissions and Claim Denials. (2)Net of any cancelled defaulted policies that were reinstated back into an active default status during the period. (3)Includes any previously rescinded or denied policies that ultimately resulted in a paid claim during the period, and net of any previously paid claims that were reinstated into an active default status. Claims resolved without payment were moved from Cures into claims paid for all periods presented. (4)Net of any previous Rescissions and Claim Denials that were reinstated during the period. Such reinstated Rescissions and Claim Denials may ultimately result in a paid claim. The following table shows additional information about our primary loans in default as of the dates indicated. Primary loans in default - additional information June 30, 2026 December 31, 2025 June 30, 2025 # % # % # % Missed payments - pre-foreclosure stage Three payments or less 11,683 48.3 % 13,252 52.5 % 10,918 49.1 % Four to eleven payments 8,061 33.3 % 7,813 31.0 % 7,282 32.7 % Twelve payments or more 2,814 11.6 % 2,539 10.1 % 2,593 11.6 % Foreclosure stage defaulted loans (1) 1,268 5.2 % 1,198 4.7 % 1,138 5.1 % Pending claims 374 1.6 % 428 1.7 % 327 1.5 % Total default inventory 24,200 100.0 % 25,230 100.0 % 22,258 100.0 % Policies in force 980,013 985,755 978,862 Primary default rate 2.5 % 2.6 % 2.3 % (1)Loans in the stage of default in which a foreclosure sale has been scheduled or held. We develop our Default to Claim Rate estimates based primarily on observed trends and a variety of loan characteristics to determine the likelihood that a default will reach claim status. Our aggregate weighted average net Default to Claim Rate assumption for our primary loans used in estimating our reserve for losses, which is net of estimated Claim Denials and Rescissions, was 25% and 23% as of June 30, 2026, and December 31, 2025, respectively. See Note 11 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for additional details about our Default to Claim Rate assumptions. Although expected claims are included in our reserve for losses, the timing of claims paid is subject to fluctuation from quarter to quarter based on the rate that defaults cure and other factors (as described in “Item 1. Business—Mortgage Insurance—Rescissions, Defaults and Claims” in our 2025 Form 10-K) that make the timing of paid claims difficult to predict. 76 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following table shows net claims paid by product and the average claim paid by product for the periods indicated. Claims paid Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Net claims paid (1) Primary $ 20,285 $ 5,122 $ 38,924 $ 9,325 Pool and other 2 (2 ) 109 (921 ) Subtotal 20,287 5,120 39,033 8,404 LAE 996 945 2,141 1,894 Commutations and settlements (2) — 924 — 923 Total net claims paid $ 21,283 $ 6,989 $ 41,174 $ 11,221 Average net primary claim paid (1) (2) $ 52.0 $ 40.6 $ 52.0 $ 34.0 Average direct primary claim paid (2) (3) $ 61.7 $ 47.8 $ 61.7 $ 44.0 (1)Net of reinsurance recoveries. (2)Calculated excluding the impact of: (i) LAE; (ii) commutations and settlements; and (iii) claims resolved without payment, including claims subsequently withdrawn by the servicer. (3)Before reinsurance recoveries. Total claims paid increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, consistent with both the growth and seasoning of our IIF and our reserving expectations. For additional information about our reserve for losses, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” in our 2025 Form 10-K. Other Operating Expenses. The following table provides information about our Mortgage segment’s other operating expenses for the periods indicated. Other operating expenses Three Months Ended June 30, Change Favorable (Unfavorable) Six Months Ended June 30, Change Favorable (Unfavorable) (In thousands) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Direct Salaries and other base employee expenses $ 22,445 $ 21,483 $ (962 ) $ 44,760 $ 42,331 $ (2,429 ) Variable and share-based incentive compensation 14,836 20,540 5,704 22,575 32,340 9,765 Other general operating expenses 19,674 16,933 (2,741 ) 38,562 34,210 (4,352 ) Ceding commissions (8,608 ) (7,075 ) 1,533 (16,827 ) (13,797 ) 3,030 Total other operating expenses $ 48,347 $ 51,881 $ 3,534 $ 89,070 $ 95,084 $ 6,014 The decrease in other operating expenses for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily due to lower variable incentive compensation expense, driven by increases to estimated performance-based compensation payouts recognized in 2025. Results of Operations—Specialty Segment Our Specialty segment writes insurance and reinsurance coverage through multiple lines of business including property, casualty, financial lines and other specialty lines focusing on core classes of insurance and reinsurance where we believe we possess technical expertise. 77 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations During the three months ended June 30, 2026, our Specialty segment contributed $29 million of adjusted pretax operating income, with net premiums earned of $267 million, and had a Combined Ratio of 97.7%. The Combined Ratio for the quarter was impacted by lower net premiums earned reflecting competitive market conditions and continued premium rate softening, and by increased current accident year loss assumptions, primarily related to the conflict in the Middle East. The impact of market conditions was partially mitigated by disciplined underwriting decisions that we expect to help maintain rate adequacy and portfolio profitability. The property, casualty and other specialty insurance markets in which the Specialty segment operates are influenced by market cycles, competitive pressures and evolving risk landscapes. This market demands a disciplined approach to underwriting, effective risk selection and robust data and analytics to navigate increasing competition, particularly in short-tail property lines. Factors such as claims inflation, geopolitical risks and climate change further shape the specialty insurance environment. The following table summarizes our Specialty segment’s results of operations for the periods indicated. Summary results of operations - Specialty segment (In thousands) Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 Revenues Net premiums written $ 382,180 $ 530,663 (Increase) decrease in unearned premiums (114,817 ) (98,949 ) Net premiums earned 267,363 431,714 Net investment income 24,902 41,801 Other income 1,082 2,409 Total revenues 293,347 475,924 Expenses Provision for losses 169,239 255,507 Amortization of deferred policy acquisition costs 52,937 82,002 Other operating expenses 39,042 63,927 Interest expense 3,533 5,823 Total expenses 264,751 407,259 Adjusted pretax operating income (1) $ 28,596 $ 68,665 (1)Our senior management uses adjusted pretax operating income as our primary measure to evaluate the fundamental financial performance of our business segments. See Note 5 of Notes to Unaudited Condensed Consolidated Financial Statements for more information. Revenues Net Premiums Earned. The following table provides additional information about the components of our Specialty segment’s net premiums earned for the periods indicated. Net premiums earned (In thousands) Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 Specialty Direct $ 146,061 $ 255,048 Assumed 190,077 284,575 Ceded (68,775 ) (107,909 ) Net premiums earned $ 267,363 $ 431,714 78 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations For the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, net premiums earned for the Specialty segment were $267 million and $432 million, respectively. For the three months ended June 30, 2026, gross premiums earned before the impact of ceded reinsurance were $336 million, consisting of $146 million of direct premiums earned and $190 million of assumed premiums earned. For the period from the Closing Date to June 30, 2026, gross premiums earned before the impact of ceded reinsurance were $540 million, consisting of $255 million of direct premiums earned and $285 million of assumed premiums earned. Direct premiums earned relate to insurance policies written by the Specialty segment and assumed premiums earned relate to reinsurance business where the Specialty segment assumes risk from other insurers or reinsurers. Net premiums earned for the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, were reduced by ceded premiums earned of $69 million and $108 million, respectively, reflecting reinsurance purchased by the Specialty segment to manage underwriting exposures, catastrophe risk and earnings volatility. As Inigo’s results are included only from the Closing Date, the period from the Closing Date to June 30, 2026, that is presented herein does not reflect a full two quarters of Specialty segment activity. Net Investment Income. The following table provides information related to our Specialty segment’s investments for the periods indicated. Investment balances and yields ($ in thousands) Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 Investment income $ 25,255 $ 42,451 Investment expenses (353 ) (650 ) Net investment income $ 24,902 $ 41,801 Average investments (1) $ 2,531,512 $ 2,541,339 Average investment yield (2) 3.9 % 3.9 % (1)For each period presented, reflects the average of the beginning and ending amortized cost of our total investments, including cash, short-term deposits and overseas deposits, for each month of the period. (2)Calculated by dividing annualized net investment income by average investments balance. Net investment income for the quarter was $25 million, generated from average invested assets of $2.5 billion and an average investment yield of 3.9%, reflecting returns from a conservatively positioned fixed income portfolio and cash holdings maintained to support insurance liabilities and liquidity requirements. Net investment income for the period from the Closing Date to June 30, 2026, was $42 million, generated from average invested assets of $2.5 billion and an average investment yield of 3.9%, reflecting returns from a conservatively positioned fixed income portfolio and cash holdings maintained to support insurance liabilities and liquidity requirements. Expenses Provision for Losses. The following table details the financial impact of the significant components of our Specialty segment’s provision for losses for the periods indicated. Provision for losses ($ in thousands) Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 Current period (1) $ 193,410 $ 292,256 Prior period development (2) (24,171 ) (36,749 ) Total provision for losses $ 169,239 $ 255,507 Current period 72.3 % 67.7 % Prior period development (9.0 )% (8.5 )% Loss Ratio 63.3 % 59.2 % 79 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (1)Related to provision for losses and loss adjustment expenses for insured events occurring during the current period, including estimates for both reported claims and IBNR claims. (2)Related to changes in estimates of losses and loss adjustment expenses related to prior accident periods. For the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, the total provision for losses for the Specialty segment was $169 million and $256 million, respectively, representing a Loss Ratio of 63.3% and 59.2%, respectively. Current period losses for the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, were $193 million and $292 million, respectively, and reflect losses and loss adjustment expenses related to insured events occurring during the current accident period. These losses were partially offset by $24 million and $37 million of favorable prior period development, for the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, respectively, reflecting updated estimates of losses and loss adjustment expenses related to prior accident periods. Geopolitical developments influenced market conditions during the first half of 2026. The escalation of hostilities in the Middle East introduced heightened uncertainty across political violence, aviation war, cyber, energy and related specialty insurance markets. While reported loss activity to date has been limited, the evolving situation presents a heightened risk of loss with respect to insured risks in the region, reinforcing the importance of disciplined risk selection, exposure management and reinsurance protection. The Company continues to monitor geopolitical developments and evolving market conditions, including potential increased volatility in financial markets. Amortization of Deferred Policy Acquisition Costs. Amortization of deferred policy acquisition costs reflects gross policy acquisition costs of $59 million and $93 million for the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, respectively, partially offset by ceded policy acquisition costs of $7 million and $11 million for the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, respectively, on ceded reinsurance arrangements. Other Operating Expenses. The following table shows additional information about other operating expenses for the periods indicated. Other operating expenses (In thousands) Three Months Ended June 30, 2026 From Closing Date to June 30, 2026 Direct Salaries and other base employee expenses $ 6,743 $ 11,696 Variable and share-based incentive compensation 9,183 14,267 Other general operating expenses 23,116 37,964 Total other operating expenses $ 39,042 $ 63,927 For the three months ended June 30, 2026, and for the period from the Closing Date to June 30, 2026, other operating expenses reflect the personnel and incentive costs required to support underwriting and claims operations, together with technology, professional fees and other infrastructure expenses, including marketing spend in the first quarter to support key strategic initiatives. 80 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations—Corporate Category The following table summarizes the results of operations for our Corporate category for the periods indicated. Summary results of operations - Corporate Three Months Ended June 30, Change Favorable (Unfavorable) Six Months Ended June 30, Change Favorable (Unfavorable) (In thousands) 2026 2025 2026 vs. 2025 2026 2025 2026 vs. 2025 Revenues Net investment income $ 3,930 $ 8,383 $ (4,453 ) $ 13,152 $ 20,942 $ (7,790 ) Total revenues 3,930 8,383 (4,453 ) 13,152 20,942 (7,790 ) Expenses Other operating expenses 16,723 17,297 574 27,422 31,618 4,196 Interest expense 27,775 16,551 (11,224 ) 55,359 32,615 (22,744 ) Total expenses 44,498 33,848 (10,650 ) 82,781 64,233 (18,548 ) Adjusted pretax operating income (loss) (1) $ (40,568 ) $ (25,465 ) $ (15,103 ) $ (69,629 ) $ (43,291 ) $ (26,338 ) (1)Our senior management uses adjusted pretax operating income as our primary measure to evaluate the fundamental financial performance of our business segments. See Note 5 of Notes to Unaudited Condensed Consolidated Financial Statements for more information. The increase in adjusted pretax operating loss for our Corporate category activities for the three and six months ended June 30, 2026, compared to the same periods in 2025 is primarily due to a $10 million increase in interest expense in each of the first and second quarters of 2026 related to interest payable on the Intercompany Note 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 both amounts are eliminated in consolidation. 81 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources Consolidated Cash Flows The following table summarizes our consolidated cash flows from operating, investing and financing activities. Summary cash flows - consolidated Six Months Ended June 30, (In thousands) 2026 (1) 2025 Net cash provided by (used in): Operating activities, continuing operations $ 294,395 $ 324,952 Investing activities, continuing operations (165,238 ) 107,180 Financing activities, continuing operations (63,810 ) (415,686 ) Net cash provided by (used in) continuing operations 65,347 16,446 Operating activities, discontinued operations 333,562 (970,483 ) Investing activities, discontinued operations 34,587 124,131 Financing activities, discontinued operations (324,226 ) 810,629 Net cash provided by (used in) discontinued operations 43,923 (35,723 ) Effect of exchange rate changes on cash and restricted cash 1,807 — Increase (decrease) in cash and restricted cash (2) $ 111,077 $ (19,277 ) (1)Includes Inigo results for the five-month period from the Closing Date through June 30, 2026. (2)Includes change in cash and restricted cash for discontinued operations, which are included in assets held for sale on our condensed consolidated balance sheets. Operating Activities. Our most significant source of operating cash flows from continuing operations is from premiums received from our insurance and assumed reinsurance policies, reinsurance recoverables and net investment income, while our most significant uses of operating cash flows are typically our operating expenses, taxes, ceded reinsurance premiums and claims paid on our insurance and assumed reinsurance policies. The decrease in cash provided by operating activities, continuing operations, in the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to acquisition-related costs paid in connection with the Inigo acquisition in the first quarter of 2026, as well as an increase in mortgage insurance claims paid and a reduction in net investment income in the six month period. Net cash flows provided by (used in) operating activities from discontinued operations primarily relate to net purchases and sales of mortgage loans held for sale, which have varied from period to period. Investing Activities. The change in net cash used in investing activities, continuing operations, for the six months ended June 30, 2026, as compared to cash provided by investing activities, continuing operations, in the same period in 2025, was primarily driven by the funding of the Inigo acquisition in the first quarter of 2026, net of cash acquired, primarily offset by an increase in sales and redemptions of short-term investments to help fund the acquisition in the first quarter. The decrease in net cash provided by investing activities, discontinued operations, for the six months ended June 30, 2026, as compared to the same period in 2025, was primarily driven by a reduction in cash provided from Mortgage Conduit loan activities. Financing Activities. For the six months ended June 30, 2026, our net cash used in financing activities, continuing operations primarily reflected repurchases of our common stock and the payment of dividends, partially offset by net proceeds received from our revolving credit facility. See Notes 12 and 14 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information on our borrowing and capital stock activities, respectively. Net cash used in financing activities, discontinued operations, for the six months ended June 30, 2026, was primarily driven by the net change in borrowings related to funding from mortgage loan financing facilities. 82 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations See “Item 1. Financial Statements (Unaudited)—Condensed Consolidated Statements of Cash Flows (Unaudited)” for additional information. Liquidity Analysis—Holding Company Radian Group serves as the holding company for our operating subsidiaries and does not have any operations of its own. At June 30, 2026, Radian Group had available, either directly or through unregulated subsidiaries, unrestricted cash and liquid investments of $412 million. Total liquidity was $837 million as of June 30, 2026, and included $425 million of remaining availability under our unsecured revolving credit facility. During the six months ended June 30, 2026, Radian Group’s available liquidity decreased by $1.4 billion, primarily due to $1.65 billion of cash consideration paid for the acquisition of Inigo, $127 million paid for share repurchases and $73 million paid for dividends. This decrease was partially offset by $340 million of ordinary dividends received from Radian Guaranty, $75 million, net, drawn on our unsecured revolving credit facility and $65 million of distributions from our businesses held for sale. See Note 16 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information on distributions from Radian Guaranty, Note 12 for additional information on our revolving credit facility and Note 18 for additional information on our businesses held for sale. In addition to available cash and marketable securities, including net investment income earned on such investments, Radian Group’s principal sources of cash to fund future liquidity needs include: (i) payments made to Radian Group by its subsidiaries under expense- and tax-sharing arrangements; (ii) to the extent available, dividends or other distributions from its subsidiaries; and (iii) as further described below, our $425 million of remaining availability under our unsecured revolving credit facility with a syndicate of bank lenders. Subject to certain limitations, borrowings under our $500 million unsecured revolving credit facility may be used for working capital and general corporate purposes, including, without limitation, capital contributions to our insurance and other subsidiaries as well as growth initiatives. During the six months ended June 30, 2026, we drew $200 million on the facility in connection with the Inigo acquisition and repaid $125 million. At June 30, 2026, $75 million was outstanding under the facility. As of June 30, 2026, we were in compliance with our covenants under the unsecured revolving credit facility. See Note 12 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for additional information on the unsecured revolving credit facility. In connection with our Mortgage Conduit business, Radian Mortgage Capital entered into the Master Repurchase Agreements to finance the acquisition of residential mortgage loans and related mortgage loan assets. In addition, Radian Group entered into Parent Guarantees guaranteeing the obligations under the Master Repurchase Agreements. Following the decision to wind down our Mortgage Conduit business, the Master Repurchase Agreements and the related Parent Guarantees have been terminated. See Note 18 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information. As of June 30, 2026, we expect Radian Group’s principal liquidity demands for the next 12 months to be: (i) the payment of $450 million principal amount of our outstanding Senior Notes due 2027; (ii) the payment of corporate expenses, including taxes; (iii) interest payments on our outstanding debt obligations, including interest payments to Radian Guaranty under the terms of the Intercompany Note, as well as potential amounts to repay all or a portion of borrowings under our credit facility; (iv) investments to support our business strategy and to expand and diversify our revenue streams, including, if needed, capital contributions to our subsidiaries; and (v) the payment of quarterly dividends on our common stock, which currently are $0.255 per share, and which remain subject to approval by our board of directors and our ongoing assessment of our financial condition and potential needs related to the execution and implementation of our business plans and strategies. In addition to our ongoing short-term liquidity needs discussed above, our most significant need for liquidity beyond the next 12 months is the repayment of $625 million aggregate principal amount of our senior debt due in 2029 and of the $600 million that we borrowed from Radian Guaranty pursuant to the Intercompany Note to fund a portion of the purchase price of the Inigo acquisition. See “Capitalization—Holding Company” below for additional information about our outstanding debt. Radian Group’s liquidity demands for the next 12 months or in future periods could also include: (i) potential repurchases of shares of our common stock pursuant to share repurchase authorizations, as described below and (ii) early repurchases or redemptions of portions of our debt obligations, including principal due on the Intercompany Note. For additional information about related risks and uncertainties, see “The use of the Intercompany Note to fund a portion of the Inigo acquisition reduced our liquidity and Radian Guaranty’s PMIERs Cushion, and subjects us to certain conditions 83 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and compliance obligations associated with the Intercompany Note which could adversely affect us and our financial condition;” “Our sources of liquidity may be insufficient to fund our obligations;” and “Radian Guaranty may fail to maintain its eligibility status with the GSEs, and the additional capital required to support Radian Guaranty’s eligibility could reduce our available liquidity” under “Item 1A. Risk Factors” in our 2025 Form 10-K. In addition to Radian Group’s existing sources of liquidity to fund its obligations, we may decide to seek additional capital, including by incurring additional debt, issuing additional equity or selling assets, which we may not be able to do on favorable terms, if at all. Inigo Acquisition. On February 2, 2026, the Company completed its strategic acquisition of Inigo, which reduced both available and total liquidity by $1.65 billion, representing the cash portion of the consideration paid for the acquisition. Radian funded the acquisition from Radian Group’s available liquidity sources (including proceeds of the Intercompany Note) combined with funds from a $200 million draw on our unsecured revolving credit facility. Discontinued Operations. In the event the cash flows from operations of our businesses held for sale are insufficient to fund all of their needs, Radian Group may have to provide additional funds in the form of additional capital contributions or other support. During the six months ended June 30, 2026, $7 million in contributions were made to our businesses held for sale. These businesses also distributed $65 million in returns of capital to Radian Group during the first six months of 2026. Share Repurchases. During the six months ended June 30, 2026, the Company repurchased 3.7 million shares of Radian Group common stock under programs authorized by Radian Group’s board of directors, at a total cost of $127 million, including commissions. See Note 14 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details on our share repurchase programs. Dividends and Dividend Equivalents. Our quarterly dividend is currently $0.255 per share. Based on our outstanding shares of common stock and our current dividend level, which our board of directors may change at any time, we would require approximately $136 million in the aggregate to pay dividends for the next 12 months, plus an incremental amount for dividend equivalents that will fluctuate based on final shares vested under our performance-based RSU programs. So long as no default or event of default exists under our revolving credit facility, Radian Group is not subject to any legal or contractual limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in Delaware. See Note 16 of Notes to Unaudited Condensed Consolidated Financial Statements for additional details. The declaration and payment of future quarterly dividends remains subject to the board of directors’ discretion and determination. Corporate Expenses and Interest Expense. Radian Group has expense-sharing arrangements in place with its U.S. principal operating subsidiaries that may require those subsidiaries to pay their allocated share of certain holding-company-level expenses, including interest payments on Radian Group’s outstanding third-party debt obligations. Operating expenses and interest expense on Radian Group’s third-party debt obligations allocated under these arrangements during the six months ended June 30, 2026, of $60 million and $36 million, respectively, were substantially all reimbursed by Radian Group’s subsidiaries. We expect these expense-sharing arrangements to remain in effect for the remainder of 2026 and beyond. The expense-sharing arrangements, as amended, between Radian Group and its mortgage insurance subsidiaries have been approved by the Pennsylvania Insurance Department, but such approval may be modified or revoked at any time and the amounts allocated under the agreements may change. Taxes. Pursuant to our tax-sharing agreements, our U.S.-based operating subsidiaries pay Radian Group an amount equal to any federal income tax the subsidiary would have paid on a standalone basis if they were not part of our consolidated tax return. As a result, from time to time, under the provisions of our tax-sharing agreements, Radian Group may pay to or receive from its operating subsidiaries amounts that differ from Radian Group’s consolidated federal tax payment obligation. There were $78 million tax-sharing agreement payments received by Radian Group from its subsidiaries during the six months ended June 30, 2026. 84 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Capitalization—Holding Company The following table presents our holding company capital structure. Capital structure (In thousands, except per-share amounts and ratios) June 30, 2026 December 31, 2025 Debt Senior Notes due 2027 $ 450,000 $ 450,000 Senior Notes due 2029 625,000 625,000 Revolving credit facility 75,000 — Unamortized discount and debt issuance costs (5,749 ) (7,092 ) Total 1,144,251 1,067,908 Stockholders’ equity 4,808,479 4,781,514 Total capitalization $ 5,952,730 $ 5,849,422 Holding company debt-to-capital ratio (1) 19.2 % 18.3 % Shares outstanding 133,556 135,498 Book value per share $ 36.00 $ 35.29 (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. Stockholders’ equity increased by $27 million from December 31, 2025, to June 30, 2026. The net increase in stockholders’ equity for the six months ended June 30, 2026, resulted primarily from our net income of $240 million and $24 million of equity awards and common stock issued in connection with the Inigo acquisition. These were partially offset by: (i) a net increase in unrealized losses on investment securities of $43 million as a result of increases in market interest rates during the period; (ii) share repurchases of $127 million, excluding related excise taxes due; and (iii) declared dividend and dividend equivalents of $72 million. The increase in book value per share from $35.29 at December 31, 2025, to $36.00 at June 30, 2026, was primarily due to an increase of $1.77 per share attributable to our net income for the six months ended June 30, 2026, partially offset by: (i) a decrease of $0.32 per share due to a net increase in unrealized losses in our available for sale securities, recorded in accumulated other comprehensive income for the six months ended June 30, 2026, and (ii) a decrease of $0.53 per share attributable to declared dividends and dividend equivalents. We regularly evaluate opportunities, based on market conditions, to finance our operations by accessing the capital markets or entering into other types of financing arrangements with institutional and other lenders. We also regularly consider various measures to improve our capital and liquidity positions, as well as to strengthen our balance sheet, improve Radian Group’s debt maturity profile and maintain adequate liquidity for our operations. Among other things, these measures may include borrowing agreements or arrangements, such as securities or other master repurchase agreements and revolving credit facilities. In the past, we have repurchased or exchanged, prior to maturity, some of our outstanding debt, and in the future, we may from time to time seek to redeem, repurchase or exchange for other securities, or otherwise restructure or refinance some or all of our outstanding debt prior to maturity in the open market through other public or private transactions, including pursuant to one or more tender offers or through any combination of the foregoing, as circumstances may allow. The timing or amount of any potential transactions will depend on a number of factors, including market opportunities and our views regarding our capital and liquidity positions and potential future needs. There can be no assurance that any such transactions will be completed on favorable terms, or at all. Mortgage Segment Historically, one of the primary demands for liquidity in our Mortgage segment is the payment of claims, net of reinsurance, including from commutations and settlements. See Note 11 of Notes to Unaudited Condensed Consolidated 85 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial Statements for information on our mortgage insurance reserve for losses and LAE, which represents our best estimate of the costs of settling future claims on currently defaulted mortgage loans. Other principal demands for liquidity in our Mortgage segment are expected to include: (i) expenses (including those allocated from Radian Group); (ii) repayments of FHLB advances; (iii) distributions from Radian Guaranty to Radian Group, including returns of capital and recurring ordinary dividends; and (iv) taxes, including potential payments to Radian Group pursuant to the tax sharing agreement. The principal sources of liquidity in our Mortgage segment currently include insurance premiums, net investment income and cash flows from: (i) investment sales and maturities; (ii) FHLB advances; and (iii) interest payments received from Radian Group on the $600 million Intercompany Note. We believe that the operating cash flows generated by Radian Guaranty, as well as our other immaterial mortgage insurance subsidiaries, will provide them with the funds necessary to satisfy their respective needs for the foreseeable future. Future sources of liquidity may also include, if necessary, capital contributions from Radian Group or principal repayment of the Intercompany Note. As of June 30, 2026, Radian Guaranty maintained claims paying resources of $6.1 billion on a statutory basis, which consist of contingency reserves, statutory policyholders’ surplus, premiums received but not yet earned and loss reserves. In addition, our reinsurance programs are designed to provide additional claims-paying resources during times of economic stress and elevated losses. See Note 8 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information. Radian Guaranty’s Risk-to-capital as of June 30, 2026, was 10.4 to 1. Radian Guaranty is not expected to need additional capital to satisfy state insurance regulatory requirements in their current form. At June 30, 2026, Radian Guaranty had statutory policyholders’ surplus of $582 million. This balance includes a $1.1 billion benefit from U.S. Mortgage Guaranty Tax and Loss Bonds issued by the U.S. Department of the Treasury, which mortgage guaranty insurers such as Radian Guaranty may purchase in order to be eligible for a tax deduction, subject to certain limitations, related to amounts required to be set aside in statutory contingency reserves. In our 2025 Form 10-K, see both Note 16 of Notes to Consolidated Financial Statements and “Radian Guaranty may fail to maintain its eligibility status with the GSEs, and the additional capital required to support Radian Guaranty’s eligibility could reduce our available liquidity” under “Item 1A. Risk Factors” for more information. Radian Guaranty currently is an approved mortgage insurer under the PMIERs. Private mortgage insurers, including Radian Guaranty, are required to comply with the PMIERs to remain approved insurers of loans purchased by the GSEs. At June 30, 2026, Radian Guaranty’s Available Assets under the PMIERs financial requirements totaled $5.3 billion, resulting in a PMIERs Cushion of $1.5 billion, or 37%, over its Minimum Required Assets. Those amounts compare to Available Assets of $5.4 billion and a PMIERs Cushion of $1.6 billion, or 41%, at December 31, 2025. See “The use of the Intercompany Note to fund a portion of the Inigo acquisition reduced our liquidity and Radian Guaranty’s PMIERs Cushion and subjects us to certain conditions and compliance obligations associated with the Intercompany Note which could adversely affect us and our financial condition” under “Item 1A. Risk Factors” in our 2025 Form 10-K. Despite holding assets above the minimum statutory capital thresholds and PMIERs financial requirements, the ability of Radian’s mortgage insurance subsidiaries to pay dividends on their common stock is restricted by certain provisions of the insurance laws of Pennsylvania, their state of domicile. Under Pennsylvania’s insurance laws, ordinary dividends and other distributions may only be paid out of an insurer’s positive unassigned surplus unless the Pennsylvania Insurance Department approves the payment of dividends or other distributions from another source. In the first and second quarters of 2026, Radian Guaranty paid $140 million and $200 million, respectively, in ordinary dividends to Radian Group and we expect Radian Guaranty to maintain the ability to pay dividends during the remainder of 2026 and for the foreseeable future. See Note 16 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for additional information on our statutory dividend restrictions and contingency reserve requirements. As noted above, Radian Group paid a portion of the cash consideration for the Inigo acquisition with proceeds from the Intercompany Note that was approved by the Pennsylvania Insurance Department. Radian Guaranty is required to comply with certain conditions while the Intercompany Note is outstanding, including, most notably, obtaining prior approval from the Pennsylvania Insurance Department for all dividends paid by Radian Guaranty for a period of three years (which we may request to be reduced or the Pennsylvania Insurance Department may, in certain circumstances, extend for up to five years) and maintaining a minimum policyholders’ surplus of $500 million, among other conditions. Radian Guaranty is a member of the FHLB. As a member, it may borrow from the FHLB, subject to certain conditions, which include requirements to post collateral and to maintain a minimum investment in FHLB stock. Advances from the FHLB may be used to provide low-cost, supplemental liquidity for various purposes, including to fund incremental investments. 86 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Radian’s current strategy includes using FHLB advances as financing for general cash management and liquidity purposes. As of June 30, 2026, there were $88 million of FHLB advances outstanding. See Note 12 of Notes to Unaudited Condensed Consolidated Financial Statements for additional information. Specialty Segment The principal demands for liquidity in our Specialty segment arise from the financial obligations associated with its insurance contracts and other financial liabilities. The Specialty segment is exposed to daily calls on its available cash resources, primarily from claims payments under insurance contracts. Due to the potential timing mismatch between the payment of gross claims and the receipt of related reinsurance recoveries, gross claims payments are considered a principal demand in our liquidity planning. The occurrence of large loss events may require us to liquidate investments at times when market conditions are unfavorable, which could result in the realization of capital losses. The principal sources of liquidity in our Specialty segment consist of premium receipts, collections of reinsurance recoverables, investment income and proceeds from the sale and redemption of investments. We expect that the liquidity needs of the Specialty segment over the next 12 months will be met through cash flows generated from operating activities. However, due to a combination of market conditions, changes in investment yields and the nature of our business, which includes exposure to infrequent but potentially significant loss events, future cash flows from operating activities cannot be predicted with certainty and may fluctuate materially between individual quarters and years. As of June 30, 2026, in our Specialty segment we held total cash, restricted cash and investments of approximately $2.5 billion. Our Specialty segment investment portfolio is primarily composed of cash, high‑grade fixed income securities and highly liquid money market funds, which we believe provide an appropriate level of liquidity to support our obligations as they come due. Our Specialty business is written through the Lloyd’s market and each member of Lloyd’s is required to provide capital to Lloyd’s in the form of FAL, which is held in trust for the benefit of policyholders. FAL is intended primarily to provide additional resources if syndicate assets are insufficient to meet participating members’ underwriting liabilities. In addition, Lloyd’s central assets are available, at the discretion of the Council of Lloyd’s, to meet valid claims that cannot be met from the resources of any individual member. As of June 30, 2026, Inigo had a $620 million letter of credit pledged as FAL and no amounts have been called upon to date. For more information on Lloyd’s capital requirements, see “The amount of capital that we must hold to maintain our various capital requirements can vary significantly from time to time and the capital needed to maintain those requirements may not be available or may only be available on unfavorable terms” under “Item 1A. Risk Factors” in our 2025 Form 10-K. Ratings Ratings independently assigned by third-party statistical rating organizations often are considered in assessing our credit strength and the financial strength of our primary insurance subsidiaries. Radian Group is currently assigned credit ratings, and Radian Guaranty and Syndicate 1301 are currently assigned financial strength ratings, each as set forth in the chart below, which are provided for informational purposes only and are subject to change. See “Potential downgrades by rating agencies to the current financial strength ratings assigned to Radian Guaranty and/or the credit ratings assigned to Radian Group could adversely affect the Company” under “Item 1A. Risk Factors” in our 2025 Form 10-K. Ratings Rated Entity Fitch (1) Moody’s (1) S&P (1) Radian Group (2) BBB Baa3 BBB- Radian Guaranty A A3 A- Syndicate 1301 (3) AA- N/A AA- (1)Fitch Ratings (“Fitch”), Moody’s Investors Service (“Moody’s”) and S&P Global Ratings (“S&P”) each currently rate the outlook for both Radian Group and Radian Guaranty as Stable. 87 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (2)Senior debt ratings. (3)All Lloyd’s syndicates, including Syndicate 1301, benefit from the financial strength ratings assigned to the Lloyd’s market, as policies written by Lloyd’s syndicates are ultimately supported by the market’s common security arrangements. Critical Accounting Estimates In preparing the financial statements in this report, management has used available information, including our past history, industry standards and the current and projected economic and housing environments, among other factors, in forming its estimates, assumptions and judgments, giving due consideration to materiality. Because the use of estimates is inherent in GAAP, actual results could differ from those estimates. In addition, other companies may use different estimates, which may impact comparability of our results of operations to those of companies in similar businesses. As of the filing date of this report, there were no significant changes in our critical accounting estimates from those discussed in our 2025 Form 10-K, except as follows, which are critical accounting estimates introduced as a result of the acquisition of Inigo. See Note 2 of Notes to Unaudited Condensed Consolidated Financial Statements for accounting pronouncements issued but not yet adopted that may impact the Company’s consolidated financial position, earnings, cash flows or disclosures. Reserves for Losses and LAE—Specialty The measurement of the reserves for losses and LAE for our specialty insurance and reinsurance portfolio requires significant judgment and involves estimates and assumptions about future events that can have a material impact on the amounts recognized in the condensed consolidated financial statements. The reserves for losses and LAE include management’s estimate of the ultimate cost of settling all claims incurred but unpaid at the balance sheet date, whether reported or not, as well as related internal and external claims handling expenses. Estimating the reserves for losses and LAE is inherently complex and subjective due to uncertainty regarding the frequency, severity and timing of claims payments. This complexity is particularly pronounced for IBNR, for which limited claims-specific information is available at the reporting date. As a result, considerable judgment is required in estimating the amount of loss associated with these claims. The IBNR provision is estimated using actuarial projection techniques, which generally project from past experience the development of claims over time in view of the likely ultimate claims to be experienced and, for more recent underwriting years, taking into consideration variations in business accepted and the underlying terms and conditions. For more recent underwriting years, where historical data is less developed and greater volatility may exist, estimates may also incorporate output from pricing, rating and other underwriting models, as well as assessments of current underwriting and market conditions. In establishing the reserve for losses and LAE, senior management evaluates the actuarial best estimate and regularly reviews the assumptions, methodologies and resulting estimates, including comparisons of actual claims experience to prior estimates, and adjusts the provision as necessary to reflect new information and emerging trends. Due to the significant judgments involved, actual claims settlement costs may differ materially from amounts currently recorded. Premium Revenue Recognition—Specialty For certain insurance contracts in our specialty insurance portfolio, premium revenue is initially recognized based on estimates of premiums that are not yet fully determinable at inception. The estimation of future premiums requires significant judgment and involves assumptions regarding future policy activity, exposure levels and claims experience. As a result, actual premiums ultimately earned may differ from amounts initially recorded, and such differences could be material to our financial results. Estimated premium income is developed using a combination of underwriters’ best estimates, observable historical experience and other relevant data. These estimates reflect management’s assessment of expected future premium amounts based on the terms of the underlying insurance contracts and anticipated exposure to insurance risk. Premium estimates are 88 Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations reviewed regularly by underwriting personnel and are subject to oversight by actuarial and finance teams, who evaluate the reasonableness of the assumptions used and update estimates as additional experience and information becomes available. Certain contracts include variable premium features under which the ultimate premium is contingent upon claims experience or other measures of insurance risk exposure. To the extent sufficient data is available to enable a reliable estimate, expected variable premiums are included in premium revenue based on actuarially supported estimates of future claims and exposure. These estimates are inherently uncertain and may be subject to volatility, particularly in periods of changing loss experience or economic conditions. Management reassesses estimated premiums at each reporting date and records adjustments to premium revenue as estimates are updated to reflect actual experience and revised expectations. If future premium activity, claims experience or exposure differs materially from assumptions used in establishing estimated premiums, the timing and amount of premium revenue recognized could be materially impacted. Business Combinations The accounting for business combinations requires significant judgment and the use of estimates, particularly in determining the fair value of assets acquired and liabilities assumed and in evaluating the recoverability of goodwill and other intangible assets. On February 2, 2026, we completed the acquisition of Inigo, which was accounted for using the acquisition method in accordance with the accounting standard regarding business combinations (ASC 805). As a result, the assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. Fair value measurements in a business combination involve the use of valuation techniques that require management to make assumptions about future events and market participant inputs, including projected premiums, claims, expenses, discount rates, attrition rates and expected cash flows. Significant judgment is required in estimating the fair value of identifiable intangible assets, including VOBA, broker relationships, Lloyd’s syndicate capacity and related rights, brand and technology, as well as in determining the amount of goodwill recognized. The purchase price allocation for the Inigo acquisition, including the valuation of intangible assets and the recognition of goodwill, is preliminary and remains subject to adjustment during the measurement period, which may extend up to twelve months from the acquisition date. Changes to facts and circumstances, including additional information obtained during the measurement period, could result in adjustments to the fair values assigned to assets acquired and liabilities assumed, including goodwill, with a corresponding impact on future amortization expense and impairment assessments. While management believes the assumptions and estimates used in the acquisition accounting are reasonable, actual results may differ from those estimates. Such differences could have a material impact on our condensed consolidated financial statements and results of operations in future periods. Additional information regarding the Inigo acquisition, including the preliminary purchase price allocation and significant valuation assumptions, is provided in Note 3 of Notes to Unaudited Condensed Consolidated Financial Statements. Income Taxes The determination of the provision for income taxes requires significant judgment in the application of complex income tax laws and regulations across multiple jurisdictions. The accounting for income taxes related to business combinations requires additional judgment. In connection with acquisitions, management is required to determine the appropriate tax treatment of the transaction, including whether certain tax elections are made that affect the tax basis of acquired assets and liabilities. These determinations impact the amount and timing of deferred tax assets and liabilities recognized at the acquisition date and in subsequent periods. Changes in assumptions related to the tax structure of an acquisition or the interpretation of applicable tax laws could result in changes to deferred tax balances and income tax expense. We also evaluate uncertain tax positions and recognize liabilities when, based on Radian’s judgment, it is more likely than not that a tax position will not be sustained based on the technical merits of the position. The evaluation of uncertain tax positions requires judgment in the interpretation of tax laws and regulations and in assessing the relevant facts and circumstances. Changes in tax laws, business results or management’s assumptions and judgments could materially affect the provision for income taxes in future periods. Additional information regarding income taxes and uncertain tax positions is included in Note 3 and Note 10 of Notes to Unaudited Condensed Consolidated Financial Statements. 89