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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________

FORM 10-Q
_____________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number 1-11356
_______________________________
image00radianlogo0919a03.jpg
Radian Group Inc.
(Exact name of registrant as specified in its charter)
_______________________________
Delaware23-2691170
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
550 East Swedesford Road, Suite 350, Wayne, PA 19087
(Address of principal executive offices) (Zip Code)
(215) 231-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareRDNNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 150,578,465 shares of common stock, $0.001 par value per share, outstanding on May 1, 2024.


Table of Contents




2



Glossary of Abbreviations and Acronyms for Selected References
The following list defines various abbreviations and acronyms used throughout this report, including the Condensed Consolidated Financial Statements, the Notes to Unaudited Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations.
A number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) are also utilized throughout this report, to assist readers seeking additional information related to a particular subject.
TermDefinition
2012 QSR AgreementsCollectively, the quota share reinsurance agreements entered into with a third-party reinsurance provider in the second and fourth quarters of 2012 to cede on a combined basis a portion of NIW originated between the fourth quarter of 2011 and the fourth quarter of 2014
2016 Single Premium QSR AgreementQuota share reinsurance agreement entered into with a panel of third-party reinsurance providers in the first quarter of 2016 and subsequently amended in the fourth quarter of 2017 to cede a portion of Single Premium NIW originated between January 1, 2012, and December 31, 2017
2018 Single Premium QSR AgreementQuota share reinsurance agreement entered into with a panel of third-party reinsurance providers in October 2017 to cede a portion of Single Premium NIW originated between January 1, 2018, and December 31, 2019
2020 Single Premium QSR AgreementQuota share reinsurance agreement entered into with a panel of third-party reinsurance providers in January 2020 to cede a portion of Single Premium NIW originated between January 1, 2020, and December 31, 2021
2022 QSR AgreementQuota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2022, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between January 1, 2022, and June 30, 2023
2023 QSR AgreementQuota share reinsurance arrangement entered into with a panel of third-party reinsurance providers to cede, starting July 1, 2023, a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between July 1, 2023, and June 30, 2024
2023 XOL AgreementExcess-of-loss reinsurance arrangement entered into with a panel of third-party reinsurance providers to provide reinsurance on a portion of NIW, which includes both Recurring Premium Policies and Single Premium Policies, originated between October 1, 2021, and March 31, 2022
ABSAsset-backed securities
All Other
Radian’s non-reportable operating segments and other business activities, which include: (i) income (losses) from assets held by Radian Group; (ii) related general corporate operating expenses not attributable or allocated to our reportable segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses
ASUAccounting Standards Update, issued by the FASB to communicate changes to GAAP
Available AssetsAs defined in the PMIERs, assets primarily including the most liquid assets of a mortgage insurer, and reduced by, among other items, premiums received but not yet earned and reinsurance funds withheld
BMO Master Repurchase AgreementUncommitted Master Repurchase Agreement, dated September 28, 2022, and as amended to date, between Bank of Montreal, a Canadian Chartered bank acting through its Chicago Branch, and Radian Mortgage Capital LLC to finance Radian Mortgage Capital’s acquisition of mortgage loans and related mortgage loan assets. The termination date of the BMO Master Repurchase Agreement is currently September 25, 2024.
Claim DenialOur legal right, under certain conditions, to deny a claim
Claim SeverityThe total claim amount paid divided by the original coverage amount
CLOCollateralized loan obligations
CMBSCommercial mortgage-backed securities
CuresLoans that were in default as of the beginning of a period and are no longer in default primarily because payments were received such that the loan is no longer 60 or more days past due
Default to Claim RateThe percentage of defaulted loans that are assumed to result in a claim submission
Eagle Re Issuer(s)A group of unaffiliated special purpose insurers (VIEs) domiciled in Bermuda, comprising a series of Eagle Re entities related to reinsurance coverage issued starting in 2018



3



TermDefinition
ERCFEnterprise Regulatory Capital Framework, finalized in February 2022, which establishes a new regulatory capital framework for the GSEs
Exchange ActSecurities Exchange Act of 1934, as amended
Fannie MaeFederal National Mortgage Association
FASBFinancial Accounting Standards Board
FHLBFederal Home Loan Bank of Pittsburgh
FICOFair Isaac Corporation (“FICO”) credit scores, for Radian’s portfolio statistics, represent the borrower’s credit score at origination and, in circumstances where there are multiple borrowers, the lowest of the borrowers’ FICO scores is utilized
Flagstar Master Repurchase AgreementUncommitted Master Repurchase Agreement, effective January 29, 2024, between Flagstar Bank N.A. and Radian Mortgage Capital to finance the acquisition of mortgage loans and related mortgage loan assets. The termination date of the Flagstar Master Repurchase Agreement is January 27, 2025.
Foreclosure Stage Defaulted LoansLoans in the stage of default in which a foreclosure sale has been scheduled or held
Freddie MacFederal Home Loan Mortgage Corporation
GAAPGenerally accepted accounting principles in the U.S., as amended from time to time
Goldman Sachs Master Repurchase AgreementUncommitted Master Repurchase Agreement, effective July 15, 2022, and as amended to date, among Goldman Sachs Bank USA, a national banking institution, Radian Liberty Funding LLC, a Delaware limited liability company, and Radian Mortgage Capital to finance the acquisition of mortgage loans and related mortgage loan assets. The termination date of the Goldman Sachs Master Repurchase Agreement is currently September 14, 2024.
GSE(s)Government-Sponsored Enterprises (Fannie Mae and Freddie Mac)
IBNRLosses incurred but not reported
IIFInsurance in force, equal to the aggregate unpaid principal balances of the underlying loans
LAELoss adjustment expenses, which include the cost of investigating and adjusting losses and paying claims
LTVLoan-to-value ratio, calculated as the ratio of the original loan amount to the original value of the property, expressed as a percentage
Master Repurchase AgreementsThe Goldman Sachs Master Repurchase Agreement, the BMO Master Repurchase Agreement, and the Flagstar Master Repurchase Agreement, collectively
Minimum Required Asset(s)A risk-based minimum required asset amount, as defined in the PMIERs, calculated based on net RIF (RIF, net of credits permitted for reinsurance) and a variety of measures related to expected credit performance and other factors
Monthly and Other Recurring Premiums (or Recurring Premium Policies)Insurance premiums or policies, respectively, where premiums are paid on a monthly or other installment basis, in contrast to Single Premium Policies
Monthly Premium PoliciesInsurance policies where premiums are paid on a monthly installment basis
Mortgage ConduitRadian’s mortgage conduit business, operated primarily through Radian Mortgage Capital, which purchases eligible mortgage loans on the secondary market from residential mortgage lenders with the intent to either sell directly to mortgage investors or distribute into the capital markets through private label securitizations, with the option to hold servicing rights for the loans sold
Mortgage InsuranceRadian’s mortgage insurance business segment, operated primarily through Radian Guaranty, which provides credit-related insurance coverage for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans, and also offers other credit risk management solutions to our customers
MPP RequirementCertain states’ statutory or regulatory risk-based capital requirement that the mortgage insurer must maintain a minimum policyholder position, which is calculated based on both risk and surplus levels
NIWNew insurance written, representing the aggregate original principal amount of the mortgages underlying the Primary Mortgage Insurance



4



TermDefinition
Parent GuaranteesThree separate parent guaranty agreements, entered into by Radian Group in connection with its mortgage conduit business, to guaranty the obligations of certain of its subsidiaries in connection with the Master Repurchase Agreements
Persistency RateThe percentage of IIF that remains in force over a period of time
PMIERsPrivate Mortgage Insurer Eligibility Requirements issued by the GSEs under oversight of the Federal Housing Finance Agency and updated by them from time to time to set forth requirements an approved insurer must meet and maintain to provide mortgage guaranty insurance on loans acquired by the GSEs
PMIERs CushionUnder PMIERs, Radian Guaranty’s excess of Available Assets over Minimum Required Assets
Pool Mortgage InsuranceInsurance that provides a lender or investor protection against default on a group or “pool” of mortgages, rather than on an individual mortgage loan basis, generally subject to an aggregate exposure limit, or “stop loss” (usually between 1% and 10%), and/or deductible applied to the initial aggregate loan balance of the entire pool, pursuant to the terms of the applicable insurance agreement
Primary Mortgage InsuranceInsurance that provides a lender or investor protection against default on an individual mortgage loan basis, at a specified coverage percentage for each loan, pursuant to the terms of the applicable master policy, which are updated periodically and filed in each of the jurisdictions in which we conduct business
QSR ProgramThe Single Premium QSR Program, the 2012 QSR Agreements, the 2022 QSR Agreement and the 2023 QSR Agreement, collectively
RadianRadian Group Inc. together with its consolidated subsidiaries
Radian GroupRadian Group Inc., our insurance holding company
Radian GuarantyRadian Guaranty Inc., a Pennsylvania domiciled insurance subsidiary of Radian Group and our approved insurer under the PMIERs, through which we provide mortgage insurance products and services
Radian Mortgage CapitalRadian Mortgage Capital LLC, a Delaware limited liability company and an indirect subsidiary of Radian Group, through which we acquire and sell residential mortgage loans
Radian Title InsuranceRadian Title Insurance Inc., an Ohio domiciled insurance company and an indirect subsidiary of Radian Group, through which we offer title insurance and settlement services
RBC StatesRisk-based capital states, which are those states that currently impose a statutory or regulatory risk-based capital requirement
Real Estate ServicesRadian’s real estate services business, operated primarily through Radian Real Estate Management LLC, which provides residential real estate management, valuation and due diligence services to single family rental investors, the GSEs and mortgage lenders, servicers and investors
Real Estate TechnologyRadian’s real estate technology services business, operated primarily through homegenius Real Estate LLC, which is an early stage digital real estate business providing data, analytics and technology to institutions and consumers
RescissionOur legal right, under certain conditions, to unilaterally rescind coverage on our mortgage insurance policies if we determine that a loan did not qualify for insurance
RIFRisk in force; for Primary Mortgage Insurance, RIF is equal to the underlying loan unpaid principal balance multiplied by the insurance coverage percentage, whereas for Pool Mortgage Insurance, it represents the remaining exposure under the agreements
Risk-to-capitalUnder certain state regulations, a maximum ratio of net RIF calculated relative to the level of statutory capital
RMBSResidential mortgage-backed securities
SAPStatutory accounting principles and practices, including those required or permitted, if applicable, by the insurance departments of the respective states of domicile of our insurance subsidiaries
SECUnited States Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Senior Notes due 2024Our 4.500% unsecured senior notes due October 2024 ($450 million original principal amount)
Senior Notes due 2025Our 6.625% unsecured senior notes due March 2025 ($525 million original principal amount, of which the outstanding principal amount was redeemed in March 2024)



5



TermDefinition
Senior Notes due 2027Our 4.875% unsecured senior notes due March 2027 ($450 million original principal amount)
Senior Notes due 2029Our 6.200% unsecured senior notes due May 2029 ($625 million original principal amount)
Single Premium NIWNIW on Single Premium Policies
Single Premium Policy / PoliciesInsurance policies where premiums are paid in a single payment, which 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 shortly after the loans have been originated)
Single Premium QSR ProgramThe 2016 Single Premium QSR Agreement, the 2018 Single Premium QSR Agreement and the 2020 Single Premium QSR Agreement, collectively
SOFRSecured Overnight Financing Rate
Statutory RBC RequirementRisk-based capital requirement imposed by the RBC States, requiring a minimum surplus level and, in certain states, a minimum ratio of statutory capital relative to the level of risk
TitleRadian’s title insurance and settlement services business, operated primarily through Radian Title Insurance and Radian Settlement Services Inc., which serve as a national title insurance underwriter and agency delivering closing and settlement services for purchase, refinance, home equity and default real estate transactions to mortgage lenders and investors, real estate agents, the GSEs and consumers
VIEVariable interest entity
XOL ProgramThe credit risk protection obtained by Radian Guaranty in the form of excess-of-loss reinsurance, which indemnifies the ceding company against loss in excess of a specific agreed level, up to a specified limit. The program includes reinsurance agreements with the Eagle Re Issuers in connection with various issuances of mortgage insurance-linked notes, as well as more traditional XOL reinsurance agreements with third-party reinsurers.



6



Cautionary Note Regarding Forward-Looking Statements
—Safe Harbor Provisions
All statements in this report that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:
the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market, the credit performance of our insured mortgage portfolio and our business prospects, including changes resulting from inflationary pressures, the higher interest rate environment and the risk of higher unemployment rates, as well as other macroeconomic stresses and uncertainties, including potential impacts resulting from political and geopolitical events;
changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects;
Radian Guaranty’s ability to remain eligible under the PMIERs to insure loans purchased by the GSEs;
our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy current and future regulatory requirements;
changes in the charters or business practices of, or rules or regulations imposed by or applicable to, the GSEs or loans purchased by the GSEs, or changes in the requirements for Radian Guaranty to remain an approved insurer to the GSEs, such as changes in the PMIERs or the GSEs’ interpretation and application of the PMIERs or other applicable requirements;
the effects of the ERCF, which establishes a new regulatory capital framework for the GSEs, and which, as finalized, increases the capital requirements for the GSEs, and among other things, could impact the GSEs’ operations and pricing as well as the size of the insurable mortgage market;
changes in the current housing finance system in the United States, including the roles of the Federal Housing Administration (the “FHA”), U.S. Department of Veterans Affairs (“VA”), the GSEs and private mortgage insurers in this system;
our ability to successfully execute and implement our capital plans, including our risk distribution strategy through the capital markets and traditional reinsurance markets, and to maintain sufficient holding company liquidity to meet our liquidity needs;
our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE and/or regulatory approvals and licenses, that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions;
risks related to the quality of third-party mortgage underwriting and mortgage loan servicing;
a decrease in the Persistency Rates of our mortgage insurance on Monthly Premium Policies;
competition in the private mortgage insurance industry generally, and more specifically: price competition in our mortgage insurance business and competition from the FHA and the VA as well as from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance;
U.S. political conditions, which may be more volatile and present a heightened risk in Presidential election years, and legislative and regulatory activity (or inactivity), including adoption of (or failure to adopt) new laws and regulations, or changes in existing laws and regulations, or the way they are interpreted or applied;
legal and regulatory claims, assertions, actions, reviews, audits, inquiries and investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business;



7



the amount and timing of potential payments or adjustments associated with federal or other tax examinations;
the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves for our mortgage insurance business or to accurately calculate and/or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our IIF, future changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies;
volatility in our financial results caused by changes in the fair value of our assets and liabilities, including with respect to our use of derivatives and within our investment portfolio;
changes in GAAP or SAP rules and guidance, or their interpretation;
risks associated with investments to grow our existing businesses, or to pursue new lines of business or new products and services, including our ability and related costs to develop, launch and implement new and innovative technologies and digital products and services, whether these products and services receive broad customer acceptance or disrupt existing customer relationships, and additional financial risks related to these investments, including required changes in our investment, financing and hedging strategies, risks associated with our increased use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets, and the risk that we may fail to achieve forecasted results, which could result in lower or negative earnings contribution;
the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to malware, unauthorized access, cyberattack, ransomware or other similar events;
our ability to attract and retain key employees;
the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control; and
the ability of our operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators.
For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in this report and “Item 1A. Risk Factors” in our 2023 Form 10-K, and to subsequent reports and registration statements filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.



8



PART I—FINANCIAL INFORMATION
Item 1.    Financial Statements (Unaudited)
INDEX TO ITEM 1. FINANCIAL STATEMENTSPage
Quarterly Financial Statements
Notes to Unaudited Condensed Consolidated Financial Statements



9



Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per-share amounts)March 31,
2024
December 31,
2023
Assets
Investments (Notes 5 and 6)
Fixed-maturities available for sale—at fair value (amortized cost of $5,657,808 and $5,599,111)
$5,209,025 $5,188,228 
Trading securities—at fair value (amortized cost of $109,275 and $110,484)
103,256 106,423 
Equity securities—at fair value (cost of $159,937 and $92,124)
155,405 89,057 
Mortgage loans held for sale—at fair value (Note 7)147,034 32,755 
Other invested assets—at fair value8,849 8,625 
Short-term investments—at fair value (includes $89,532 and $149,364 of reinvested cash collateral held under securities lending agreements)
703,545 660,566 
Total investments 6,327,114 6,085,654 
Cash26,993 18,999 
Restricted cash1,832 1,066 
Accrued investment income46,334 45,783 
Accounts and notes receivable130,095 123,857 
Reinsurance recoverables (includes $164 and $59 for paid losses)
28,151 25,909 
Deferred policy acquisition costs18,561 18,718 
Property and equipment, net60,521 63,822 
Prepaid federal income taxes (Note 10)
750,320 750,320 
Other assets (Note 9)
369,944 459,805 
Total assets$7,759,865 $7,593,933 
Liabilities and stockholders’ equity
Liabilities
Unearned premiums$215,124 $225,396 
Reserve for losses and LAE (Note 11)
361,833 370,148 
Senior notes (Note 12)1,512,860 1,417,781 
Secured borrowings (Note 12)
207,601 119,476 
Reinsurance funds withheld133,460 130,564 
Net deferred tax liability 626,353 589,564 
Other liabilities262,902 343,199 
Total liabilities3,320,133 3,196,128 
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock ($0.001 par value; 485,000 shares authorized; 2024: 171,588 and 151,509 shares issued and outstanding, respectively; 2023: 173,247 and 153,179 shares issued and outstanding, respectively)
171 173 
Treasury stock, at cost (2024: 20,079 shares; 2023: 20,068 shares)
(946,202)(945,870)
Additional paid-in capital1,390,436 1,430,594 
Retained earnings4,357,823 4,243,759 
Accumulated other comprehensive income (loss) (Note 15)
(362,496)(330,851)
Total stockholders’ equity4,439,732 4,397,805 
Total liabilities and stockholders’ equity$7,759,865 $7,593,933 
See Notes to Unaudited Condensed Consolidated Financial Statements.

10


Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended
March 31,
(In thousands, except per-share amounts)20242023
Revenues
Net premiums earned (Note 8)
$235,857 $233,238 
Services revenue (Note 4)
12,588 10,984 
Net investment income (Note 6)
69,221 58,453 
Net gains (losses) on investments and other financial instruments (includes net realized gains (losses) on investments of $(3,682) and $(5,506)) (Note 6)
490 5,585 
Other income1,262 1,592 
Total revenues319,418 309,852 
 
Expenses
Provision for losses (Note 11)
(7,034)(16,929)
Policy acquisition costs6,794 6,293 
Cost of services9,327 10,398 
Other operating expenses82,636 83,269 
Interest expense (Note 12)
29,046 21,439 
Amortization of other acquired intangible assets 1,371 
Total expenses120,769 105,841 
Pretax income198,649 204,011 
Income tax provision46,295 46,254 
Net income$152,354 $157,757 
 
Net income per share
Basic$0.99 $1.00 
Diluted$0.98 $0.98 
Weighted average number of common shares outstanding—basic153,817 158,304 
Weighted average number of common and common equivalent shares outstanding—diluted155,971 161,349 
See Notes to Unaudited Condensed Consolidated Financial Statements.

11


Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Three Months Ended
March 31,
(In thousands)20242023
Net income$152,354 $157,757 
Other comprehensive income (loss), net of tax (Note 15)
Unrealized holding gains (losses) on investments arising during the period for which an allowance for expected losses has not been recognized(34,487)65,854 
Less: Reclassification adjustment for net gains (losses) on investments included in net income
Net realized gains (losses) on disposals and non-credit related impairment losses(2,910)(4,133)
Net unrealized gains (losses) on investments(31,577)69,987 
Other adjustments to comprehensive income (loss), net(68)179 
Other comprehensive income (loss), net of tax(31,645)70,166 
Comprehensive income (loss)$120,709 $227,923 
See Notes to Unaudited Condensed Consolidated Financial Statements.

12


Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Common Stockholders’ Equity (Unaudited)
Three Months Ended
March 31,
(In thousands)20242023
Common stock
Balance, beginning of period$173 $176 
Issuance of common stock under incentive and benefit plans 1 
Shares repurchased under share repurchase program (Note 14)
(2)(1)
Balance, end of period171 176 
 
Treasury stock
Balance, beginning of period(945,870)(930,643)
Repurchases of common stock under incentive plans(332)(670)
Balance, end of period(946,202)(931,313)
 
Additional paid-in capital
Balance, beginning of period1,430,594 1,519,641 
Issuance of common stock under incentive and benefit plans1,531 2,105 
Share-based compensation8,812 9,262 
Shares repurchased under share repurchase program (Note 14)
(50,501)(15,156)
Balance, end of period1,390,436 1,515,852 
 
Retained earnings
Balance, beginning of period4,243,759 3,786,952 
Net income 152,354 157,757 
Dividends and dividend equivalents declared(38,290)(36,313)
Balance, end of period4,357,823 3,908,396 
Accumulated other comprehensive income (loss)
Balance, beginning of period(330,851)(456,799)
Net unrealized gains (losses) on investments, net of tax(31,577)69,987 
Other adjustments to other comprehensive income (loss)(68)179 
Balance, end of period(362,496)(386,633)
Total stockholders’ equity $4,439,732 $4,106,478 
See Notes to Unaudited Condensed Consolidated Financial Statements.

13


Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended
March 31,
(In thousands)20242023
Cash flows from operating activities
Net cash provided by (used in) operating activities$51,044 $116,778 
Cash flows from investing activities
Proceeds from sales of:
Fixed-maturities available for sale130,248 110,882 
Trading securities 9,123 
Equity securities 840 2,076 
Proceeds from redemptions of:
Fixed-maturities available for sale164,685 110,973 
Trading securities704 211 
Purchases of:
Fixed-maturities available for sale(328,174)(300,474)
Equity securities (816)(1,572)
Sales, redemptions and (purchases) of:
Short-term investments, net(39,147)43,190 
Other assets and other invested assets, net(180)(165)
Additions to property and equipment(1,558)(4,786)
Net cash provided by (used in) investing activities(73,398)(30,542)
Cash flows from financing activities
Dividends and dividend equivalents paid(37,563)(35,685)
Issuance of common stock460 983 
Repurchases of common stock(50,018)(15,007)
Issuance of senior notes, net617,164  
Redemption of senior notes(527,079) 
Change in secured borrowings, net (with terms three months or less)(68,832)(52,120)
Proceeds from secured borrowings (with terms greater than three months)145,977 10,569 
Repayments of secured borrowings (with terms greater than three months)(48,853)(599)
Credit facility commitment fees paid(142)(193)
Net cash provided by (used in) financing activities31,114 (92,052)
Increase (decrease) in cash and restricted cash8,760 (5,816)
Cash and restricted cash, beginning of period20,065 56,560 
Cash and restricted cash, end of period$28,825 $50,744 
See Notes to Unaudited Condensed Consolidated Financial Statements.

14


Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
1. Description of Business
We are a mortgage and real estate company, providing both credit-related mortgage insurance coverage and an array of products and services across the residential real estate and mortgage finance industries. We have one reportable business segment—Mortgage Insurance.
Mortgage Insurance
Our Mortgage Insurance segment provides credit-related insurance coverage, principally through private mortgage insurance on residential first-lien mortgage loans, as well as contract underwriting and other credit risk management solutions, to mortgage lending institutions and mortgage credit investors. We provide our mortgage insurance products and services mainly through our wholly owned subsidiary, Radian Guaranty.
Private mortgage insurance plays an important role in the U.S. housing finance system because it promotes affordable home ownership and helps protect mortgage lenders and mortgage investors, as well as other beneficiaries such as the GSEs, by mitigating default-related losses on residential mortgage loans. Generally, these loans are made to home buyers who make down payments of less than 20% of the purchase price for their home or, in the case of refinancings, have less than 20% equity in their home. Private mortgage insurance also facilitates the sale of these low down payment loans in the secondary mortgage market, almost all of which are currently sold to the GSEs.
Our total direct primary mortgage IIF and RIF were $271.0 billion and $70.3 billion, respectively, as of March 31, 2024, compared to $270.0 billion and $69.7 billion, respectively, as of December 31, 2023.
The GSEs and state insurance regulators impose various capital and financial requirements on our mortgage insurance subsidiaries. These include the PMIERs financial requirements, as well as Risk-to-capital and other risk-based capital measures and surplus requirements. Failure to comply with these capital and financial requirements may limit the amount of insurance that our mortgage insurance subsidiaries write or may prohibit them from writing insurance altogether. The GSEs with respect to Radian Guaranty and state insurance regulators with respect to all of our mortgage insurance subsidiaries possess significant discretion regarding all aspects of these businesses. See Note 16 for additional information on PMIERs and other regulatory information.
All Other
We report on our other operating segments and business activities within an All Other category, which includes the results of our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses.
See Note 4 for additional information about our Mortgage Insurance reportable segment and All Other business activities.
Risks and Uncertainties
In assessing the Company’s current financial condition and developing forecasts of future operations, management has made significant judgments and estimates with respect to potential factors impacting our financial and liquidity position. These judgments and estimates are subject to risks and uncertainties that could affect amounts reported in our financial statements in future periods and that could cause actual results to be materially different from our estimates.
2. Significant Accounting Policies
Basis of Presentation
Our condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of Radian Group and its subsidiaries. All intercompany accounts and transactions, and intercompany profits and losses, have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation, including a reclassification for the three months ended March 31, 2023, of interest expense to net investment income for expenses associated with our securities lending transactions. We have condensed or omitted certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP pursuant to the instructions set forth in Article 10 of Regulation S-X of the SEC.
We generally refer to our holding company alone, without its consolidated subsidiaries, as “Radian Group.” We refer to Radian Group together with its consolidated subsidiaries as “Radian,” the “Company,” “we,” “us” or “our,” unless the context requires otherwise. Unless otherwise defined in this report, certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report.
The financial information presented for interim periods is unaudited; however, such information reflects all adjustments that are, in the opinion of management, necessary for the fair statement of the financial position, results of operations,
15



Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
comprehensive income (loss) and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP.
To fully understand the basis of presentation, these interim financial statements and related notes contained herein should be read in conjunction with the audited financial statements and notes thereto included in our 2023 Form 10-K. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or for any other period.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of our contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. While the amounts included in our condensed consolidated financial statements include our best estimates and assumptions, actual results may vary materially.
Other Significant Accounting Policies
See Note 2 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for information regarding other significant accounting policies. There have been no significant changes in our significant accounting policies from those discussed in our 2023 Form 10-K.
Recent Accounting Pronouncements
Accounting Standards Not Yet Adopted
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update modify disclosure and presentation requirements related to various topics and align codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirements, the pending content will be removed and not become effective. Early adoption is prohibited. We are currently evaluating the impact the new accounting guidance will have on our disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures. This update enhances disclosure requirements, primarily through enhanced disclosures about significant reportable segment expenses under ASC 280. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2023, and interim periods within fiscal periods commencing after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively for all periods presented in the financial statements. We are currently evaluating the impact the new accounting guidance will have on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures, an update which enhances income tax disclosures. This guidance requires disaggregated information about an entity’s effective tax rate reconciliation as well as information on income taxes paid. This update is applicable to all public entities and is effective for fiscal years starting after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact the new accounting guidance will have on our disclosures.
3. Net Income Per Share
Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding, while diluted net income per share is computed by dividing net income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and the weighted average number of dilutive potential common shares. Dilutive potential common shares relate to our share-based compensation arrangements.
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
The calculation of basic and diluted net income per share is as follows.
Net income per share
Three Months Ended
March 31,
(In thousands, except per-share amounts)20242023
Net income—basic and diluted$152,354 $157,757 
Average common shares outstanding—basic 153,817 158,304 
Dilutive effect of share-based compensation arrangements (1)
2,154 3,045 
Adjusted average common shares outstanding—diluted155,971 161,349 
Net income per share
Basic$0.99 $1.00 
Diluted$0.98 $0.98 
(1)The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.
Three Months Ended
March 31,
(In thousands)20242023
Shares of common stock equivalents 25 
4. Segment Reporting
In the first quarter of 2024, our Chief Executive Officer (Radian’s chief operating decision maker) made certain changes to the way that he organizes and assesses the performance of our operating segments, which resulted in updates to our quantitative and aggregation analyses in accordance with the accounting standard regarding segment reporting. Whereas previously we aggregated our Title, Real Estate Services and Real Estate Technology businesses and reported them as a single reportable segment named homegenius, effective this quarter, we are including the individual results of operations for these immaterial businesses, as well as the results of our Mortgage Conduit business (our other operating segment that does not meet the reportable segment materiality thresholds) in the All Other category, along with certain corporate and other activities. This reflects the way our Chief Executive Officer is currently managing and evaluating these businesses individually and is aligned with materiality considerations consistent with current accounting guidance.
As a result of the change described above, we now have one reportable segment, Mortgage Insurance, which derives its revenue from mortgage insurance and other mortgage and risk services, including contract underwriting solutions provided to mortgage lending institutions and mortgage credit investors. In addition to this reportable segment, in All Other we report activities that include: (i) income (losses) from assets held by Radian Group, our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segment; and (iii) the operating results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title, Real Estate Services and Real Estate Technology businesses. We have reflected this change in our segment operating results for all periods presented, as shown below.
We allocate corporate operating expenses to our Mortgage Insurance business and our immaterial operating businesses included in All Other based primarily on their respective forecasted annual percentage of total revenue, which approximates the estimated percentage of management time spent on each business. In addition, we allocate all corporate interest expense to our Mortgage Insurance segment, due to the capital-intensive nature of our mortgage insurance business. We do not manage assets by operating segments.
See Note 1 for additional details about our Mortgage Insurance business.
Adjusted Pretax Operating Income (Loss)
Our senior management, including our Chief Executive Officer, uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of each of Radian’s businesses and to allocate resources to them.
Adjusted pretax operating income (loss) is defined as pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for certain investments and other financial instruments attributable to
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
our reportable segment or All Other activities; (ii) amortization and impairment of goodwill and other acquired intangible assets; and (iii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt. See Note 4 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for detailed information regarding items excluded from adjusted pretax operating income (loss), including the reasons for their treatment.
Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss).
The reconciliation of adjusted pretax operating income (loss) for our reportable segment to consolidated pretax income is as follows.
Reconciliation of adjusted pretax operating income (loss) to consolidated pretax income
Three Months Ended
March 31,
(In thousands)20242023
Mortgage Insurance adjusted pretax operating income (1)
$209,850 $214,699 
Reconciling items
All Other adjusted pretax operating income (loss)(7,033)(14,836)
Net gains (losses) on investments and other financial instruments (2)
107 5,505 
Amortization and impairment of goodwill and other acquired intangible assets (1,371)
Impairment of other long-lived assets and other non-operating items (3)
(4,275)14 
Consolidated pretax income$198,649 $204,011 
(1)Includes allocated corporate operating expenses and depreciation expense as follows.
Three Months Ended
March 31,
(In thousands)20242023
Mortgage Insurance
Allocated corporate operating expenses (a)
$34,509 $34,829 
Direct depreciation expense1,923 2,124 
(a)Includes immaterial allocated depreciation expense for the three months ended March 31, 2024 and 2023.
(2)Excludes certain net gains (losses), if any, on investments and other financial instruments that are attributable to specific operating segments and therefore included in adjusted pretax operating income (loss).
(3)The non-operating loss for the three months ended March 31, 2024, primarily relates to a loss on extinguishment of debt. See Note 12 for more information.
Revenues
The reconciliation of revenues for our reportable segment to consolidated revenues is as follows.
Reconciliation of reportable segment revenues to total revenues
Three Months Ended
March 31,
(In thousands)20242023
Mortgage Insurance revenues$285,023 $279,366 
Reconciling items
All Other (1)
34,406 25,076 
Net gains (losses) on investments and other financial instruments107 5,505 
Elimination of inter-segment revenues(118)(95)
Total revenues$319,418 $309,852 
(1)Includes immaterial inter-segment revenues for the three months ended March 31, 2024 and 2023.
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
The table below, which represents total services revenue in our condensed consolidated statements of operations for the periods indicated, provides the disaggregation of services revenue by revenue type.
Services revenue
Three Months Ended
March 31,
(In thousands)20242023
Mortgage Insurance
Contract underwriting services$210 $336 
All Other
Real Estate Services
Valuation4,475 2,881 
Single family rental2,360 2,435 
Asset management technology platform1,200 1,166 
Real estate owned asset management1,149 912 
Other real estate services9 1 
Title2,573 2,554 
Real Estate Technology612 699 
Total services revenue $12,588 $10,984 
Revenue recognized related to services made available to customers and billed is reflected in accounts and notes receivable. Accounts and notes receivable include $7 million and $5 million as of March 31, 2024, and December 31, 2023, respectively, related to services revenue contracts. See Note 2 of Notes to Consolidated Financial Statements in our 2023 Form 10-K for information regarding our accounting policies and the services we offer.
5. Fair Value of Financial Instruments
For discussion of our valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 5 of Notes to Consolidated Financial Statements in our 2023 Form 10-K.
The following tables include a list of assets and liabilities that are measured at fair value by hierarchy level as of the dates indicated.
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
Assets and liabilities carried at fair value by hierarchy level
March 31, 2024
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$128,295 $9,563 $ $137,858 
State and municipal obligations 156,765  156,765 
Corporate bonds and notes 2,503,736  2,503,736 
RMBS 1,049,473  1,049,473 
CMBS 523,580  523,580 
CLO 471,610  471,610 
Other ABS 318,601  318,601 
Mortgage insurance-linked notes (1)
 47,402  47,402 
Total fixed-maturities available for sale128,295 5,080,730  5,209,025 
Trading securities
State and municipal obligations 68,457  68,457 
Corporate bonds and notes 24,335  24,335 
RMBS 5,665  5,665 
CMBS 4,799  4,799 
Total trading securities 103,256  103,256 
Equity securities148,297 4,608 2,500 155,405 
Mortgage loans held for sale (2)
 147,034  147,034 
Other invested assets (3) (4)
  7,196 7,196 
Short-term investments
State and municipal obligations 2,600  2,600 
Money market instruments434,652   434,652 
Corporate bonds and notes 119,715  119,715 
Other ABS 9,500  9,500 
Other investments (5)
 137,078  137,078 
Total short-term investments434,652 268,893  703,545 
Total investments at fair value (4)
711,244 5,604,521 9,696 6,325,461 
Other
Derivative assets (6)
 954  954 
Mortgage servicing rights  345 345 
Loaned securities (7)
Corporate bonds and notes 106,237  106,237 
Equity securities13,600   13,600 
Total assets at fair value (4)
$724,844 $5,711,712 $10,041 $6,446,597 
Liabilities
Derivative liabilities (6)
$ $397 $865 $1,262 
Total liabilities at fair value$ $397 $865 $1,262 
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.
(2)See Note 7 for more information about our mortgage loans held for sale.
(3)Consists primarily of interests in private debt and equity investments.
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(4)Does not include other invested assets of $2 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(5)Comprises short-term certificates of deposit and commercial paper.
(6)Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets on our condensed consolidated balance sheets. See Note 8 for more information.
(7)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets on our condensed consolidated balance sheets. See Note 6 for more information on our securities lending agreements.
Assets and liabilities carried at fair value by hierarchy level
December 31, 2023
(In thousands)Level ILevel IILevel IIITotal
Investments
Fixed-maturities available for sale
U.S. government and agency securities$124,734 $9,859 $ $134,593 
State and municipal obligations 142,785  142,785 
Corporate bonds and notes 2,511,905  2,511,905 
RMBS 1,014,071  1,014,071 
CMBS 558,383  558,383 
CLO 487,849  487,849 
Other ABS 284,559  284,559 
Foreign government and agency securities 5,087  5,087 
Mortgage insurance-linked notes (1)
 48,996  48,996 
Total fixed-maturities available for sale124,734 5,063,494  5,188,228 
Trading securities
State and municipal obligations 70,844  70,844 
Corporate bonds and notes 24,913  24,913 
RMBS 5,930  5,930 
CMBS 4,736  4,736 
Total trading securities 106,423  106,423 
Equity securities81,170 5,387 2,500 89,057 
Mortgage loans held for sale (2)
 32,755  32,755 
Other invested assets (3) (4)
  7,196 7,196 
Short-term investments
State and municipal obligations 2,700  2,700 
Money market instruments368,433   368,433 
Corporate bonds and notes 150,930  150,930 
CMBS 1,347  1,347 
Other ABS 1,158  1,158 
Other investments (5)
 135,998  135,998 
Total short-term investments368,433 292,133  660,566 
Total investments at fair value (4)
574,337 5,500,192 9,696 6,084,225 
Other
Derivative assets (6)
 1,912 1 1,913 
Loaned securities (7)
U.S. government and agency securities9,803   9,803 
Corporate bonds and notes 117,992  117,992 
Equity securities75,898   75,898 
Total assets at fair value (4)
$660,038 $5,620,096 $9,697 $6,289,831 
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
Assets and liabilities carried at fair value by hierarchy level
December 31, 2023
(In thousands)Level ILevel IILevel IIITotal
Liabilities
Derivative liabilities (6)
$ $817 $692 $1,509 
Total liabilities at fair value$ $817 $692 $1,509 
(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 for more information.
(2)We elected the fair value option for our mortgage loans held for sale to mitigate income statement volatility and allow for consistent treatment of both loans and any associated hedges or derivatives. See Note 7 for more information about our mortgage loans held for sale.
(3)Consists primarily of interests in private debt and equity investments.
(4)Does not include other invested assets of $1 million that are primarily invested in limited partnership investments valued using the net asset value as a practical expedient.
(5)Comprises short-term certificates of deposit and commercial paper.
(6)Level III derivative assets and liabilities consist of embedded derivatives related to our XOL Program, which are classified as other assets and liabilities in our consolidated balance sheets. See Note 8 for more information.
(7)Securities loaned to third-party borrowers under securities lending agreements are classified as other assets in our consolidated balance sheets. See Note 6 for more information.
Activity related to Level III assets and liabilities (including realized and unrealized gains and losses, purchases, sales, issuances, settlements and transfers) was immaterial for the three months ended March 31, 2024 and 2023.
Other Fair Value Disclosure
The carrying value and estimated fair value of other selected assets and liabilities not carried at fair value on our condensed consolidated balance sheets were as follows as of the dates indicated.
Financial instruments not carried at fair value
March 31, 2024December 31, 2023
(In thousands)Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
Company-owned life insurance$108,226 $108,226 $106,417 $106,417 
Senior notes1,512,860 1,520,523 1,417,781 1,406,118 
Secured borrowings
FHLB advances$79,281 $79,303 $95,277 $95,348 
Mortgage loan financing facilities128,320 128,320 24,199 24,199 
Total secured borrowings$207,601 $207,623 $119,476 $119,547 
The fair value of our company-owned life insurance is estimated based on the cash surrender value less applicable surrender charges. These assets are categorized in Level II of the fair value hierarchy. See Note 9 for further information on our company-owned life insurance.
The fair value of our senior notes is estimated based on quoted market prices. The fair value of our secured borrowings is estimated based on current market rates and contractual cash flows including, for FHLB advances, any fees that may be required to be paid to the FHLB. These liabilities are categorized in Level II of the fair value hierarchy. See Note 12 for further information about our senior notes and secured borrowings.
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Radian Group Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
6. Investments
Available for Sale Securities
Our available for sale securities within our investment portfolio consisted of the following as of the dates indicated.
Available for sale securities
March 31, 2024
(In thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Fixed-maturities available for sale
U.S. government and agency securities$167,869 $ $(30,011)$137,858 
State and municipal obligations172,084 218 (15,537)156,765 
Corporate bonds and notes2,886,238 7,042 (283,575)2,609,705 
RMBS1,138,990