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

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

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

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

— Adjusted net operating return on equity of 14.7% —

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

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

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

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

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

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

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

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

N/A – Not applicable
(1)		Includes Inigo results from the date of acquisition, February 2, 2026.
(2)		Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are on a continuing operations basis and are non-GAAP financial measures on a consolidated basis. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G.
(3)		See Exhibit E for additional segment information.
(4)		Calculated as the sum of each segment's reported provision for losses and operating expenses (which consist of amortization of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. See Exhibit E for additional details on the key ratios by segment.
(5)		Represents Radian Group's available liquidity without considering available capacity under its unsecured revolving credit facility.

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

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

FIRST QUARTER RESULTS OF OPERATIONS

Mortgage

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

Primary Insurance in Force of $282 billion, an increase of 3% year-over-year
- New Insurance Written of $13.5 billion, an increase of 42% year-over-year
- Annualized persistency for the three months ended March 31, 2026, of 81.3%
Net premiums earned grew to $238 million, with a stable in-force portfolio premium yield of 37.9 basis points
Provision for losses of $24 million, which includes favorable reserve development on prior period defaults of $36 million
Mortgage segment combined ratio of 30.2%, including an expense ratio of 20.0%
See Exhibit E for additional segment information

Specialty

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

Total gross premiums written of $162 million
- Insurance gross premiums written of $82 million
- Reinsurance gross premiums written of $80 million
Net premiums earned of $164 million
Provision for losses of $86 million, which includes favorable reserve development on prior year loss reserves of $13 million
Specialty segment combined ratio of 85.3%
See Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo's financial results for the month ended January 31, 2026, prior to the acquisition.

CAPITAL AND LIQUIDITY UPDATE

Radian Group

In January 2026, Radian Group drew $200 million on its unsecured revolving credit facility. The company repaid $50 million of this borrowing during the first quarter and expects to repay this borrowing in full during 2026.
On February 2, 2026, Radian Group completed its strategic acquisition of Inigo Limited ("Inigo"), a Lloyd's of London ("Lloyd's") specialty insurer. Radian funded the acquisition from Radian Group's available liquidity sources.
During the first quarter of 2026, the company repurchased 1.5 million shares of Radian Group common stock at a total cost of $50 million. In addition, in April the company repurchased 1.9 million shares of Radian Group common stock at a total cost of $65 million.
- The Company has fully utilized the authority under its $900 million share repurchase authorization that was scheduled to expire on June 30, 2026. As a result, future repurchases will be made pursuant to the $750 million authorization approved by Radian Group's board of directors in May 2025, which is scheduled to expire in December 2027. Following the April share repurchases, purchase authority of up to $748 million remained available under this authorization.
Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the first quarter of 2026.
Radian Group's available liquidity was $391 million as of March 31, 2026. In addition, Radian Group maintained $350 million of undrawn capacity under its unsecured revolving credit facility as of March 31, 2026.

Radian Guaranty

Radian Guaranty paid an ordinary dividend to Radian Group of $140 million in the first quarter of 2026.
Radian Guaranty expects to pay over $600 million in ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department.
At March 31, 2026, Radian Guaranty's Available Assets under PMIERs totaled $5.4 billion, resulting in PMIERs excess Available Assets of $1.6 billion.

STRATEGIC UPDATE

Discontinued Operations

As an update to the divestiture plan previously announced in 2025, during the first quarter of 2026 Radian made the decision to wind down its Mortgage Conduit business following an evaluation of divestment opportunities. The Company is currently engaged in ongoing discussions with prospective buyers for its Title and Real Estate Services businesses, and continues to expect to complete its divestiture plans for these businesses by the end of the third quarter of 2026.
During the first quarter of 2026, Radian Group received $46 million in distributions from its businesses held for sale. These distributions reduced the net carrying value of the assets and liabilities held for sale related to these businesses to $61 million as of March 31, 2026, including the impact of estimated costs related to the sales.
Additional details regarding discontinued operations may be found in Exhibit D.

CONFERENCE CALL

Radian will discuss first quarter 2026 financial results in a conference call tomorrow, Thursday, May 7, 2026, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company's website at www.radian.com/for-investors/investor-events or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.

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

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

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

NON-GAAP FINANCIAL MEASURES

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

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

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

ABOUT RADIAN

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

FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)

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

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations ⁽¹⁾
Exhibit A

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

Diluted net income per share
Net income from continuing operations	$	0.93		$	1.15		$	1.11		$	1.11		$	1.03
Income (loss) from discontinued operations, net of tax		(0.04	)		(0.03	)		(0.08	)		(0.09	)		(0.05	)
Diluted net income per share	$	0.89		$	1.12		$	1.03		$	1.02		$	0.98

(1)		See Exhibit D for additional details.
(2)		Includes Inigo results from the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries
Net Income Per Share
Exhibit B

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

(In thousands, except per-share amounts)	2026			2025
(In thousands, except per-share amounts)	Qtr 1 ⁽¹⁾			Qtr 4			Qtr 3			Qtr 2			Qtr 1
Net income from continuing operations	$	129,466		$	158,802		$	152,802		$	154,485		$	152,090
Income (loss) from discontinued operations, net of tax		(5,373	)		(3,959	)		(11,359	)		(12,689	)		(7,532	)
Net income—basic and diluted	$	124,093		$	154,843		$	141,443		$	141,796		$	144,558

Average common shares outstanding—basic		137,004			137,032			137,003			137,376			145,618
Dilutive effect of share-based compensation arrangements ⁽²⁾		1,481			1,218			923			984			2,109
Adjusted average common shares outstanding—diluted		138,485			138,250			137,926			138,360			147,727

Net income per share
Basic
Net income from continuing operations	$	0.94		$	1.16		$	1.12		$	1.12		$	1.04
Income (loss) from discontinued operations, net of tax		(0.04	)		(0.03	)		(0.08	)		(0.09	)		(0.05	)
Basic net income per share	$	0.90		$	1.13		$	1.04		$	1.03		$	0.99

Diluted
Net income from continuing operations	$	0.93		$	1.15		$	1.11		$	1.11		$	1.03
Income (loss) from discontinued operations, net of tax		(0.04	)		(0.03	)		(0.08	)		(0.09	)		(0.05	)
Diluted net income per share	$	0.89		$	1.12		$	1.03		$	1.02		$	0.98

(1)		Includes Inigo results from the date of acquisition, February 2, 2026.
(2)		The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Shares of common stock equivalents

—

Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit C

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

Holding company debt-to-capital ratio ⁽¹⁾		20.2	%		18.3	%		18.7	%		19.2	%		18.9	%

(1)

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

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 1 of 4)

Net Premiums Earned

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

(1)		Includes profit commission under our Mortgage segment's QSR Program.
(2)		Includes Inigo results from the date of acquisition, February 2, 2026.

Net Investment Income

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

(1)		Includes Inigo results from the date of acquisition, February 2, 2026.
(2)		Primarily includes investment management expenses, as well as the net impact from our securities lending activities.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 2 of 4)

Provision for Losses

	2026			2025
(In thousands)	Qtr 1			Qtr 4			Qtr 3			Qtr 2			Qtr 1
Mortgage
Current period ⁽¹⁾	$	59,839		$	57,047		$	52,963		$	47,912		$	53,740
Prior period ⁽²⁾		(35,563	)		(35,459	)		(35,077	)		(35,958	)		(38,400	)
Provision for losses - Mortgage		24,276			21,588			17,886			11,954			15,340

Specialty ⁽³⁾
Current period⁽⁴⁾		98,846		N/A			N/A			N/A			N/A
Prior period ⁽⁵⁾		(12,578	)	N/A			N/A			N/A			N/A
Provision for losses - Specialty		86,268		N/A			N/A			N/A			N/A

VOBA - reserves amortization ⁽⁶⁾		(2,611	)	N/A			N/A			N/A			N/A

Total provision for losses	$	107,933		$	21,588		$	17,886		$	11,954		$	15,340

(1)		Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.
(2)		Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.
(3)		Includes Inigo results from the date of acquisition, February 2, 2026.
(4)		Related to provision for losses and loss adjustment expenses for insured events occurring during the current accident period, including estimates for both reported claims and incurred but not reported claims.
(5)		Related to changes in estimates of losses and loss adjustment expenses related to prior accident years.
(6)		Represents positive amortization of the VOBA intangible asset attributable to reserves for the period since the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 3 of 4)

Amortization of deferred policy acquisition costs and VOBA

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

(1)

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

Other Operating Expenses

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

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

Interest Expense

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

(1)

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

Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Detail
Exhibit D (page 4 of 4)

Discontinued Operations

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

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 1 of 3)

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

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

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

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

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

(1)		Includes Inigo results from the date of acquisition, February 2, 2026.
(2)		Net investment income for the Mortgage segment and interest expense for the Corporate category each include $10 million related to interest on an intercompany loan issued by Radian Guaranty to Radian Group in connection with the Inigo acquisition, which is eliminated in consolidation.

	Three Months Ended March 31, 2025
(In thousands)	Mortgage		Specialty	Corporate		Inter- segment		Total
Net premiums written	$	230,250	N/A	$	—	$	—	$	230,250
(Increase) decrease in unearned premiums		3,794	N/A		—		—		3,794
Net premiums earned		234,044	N/A		—		—

Radian Announces First Quarter 2026 Financial Results