— Fourth quarter net income of $148 million, or $0.98 per diluted share —

— Full year net income of $604 million, or $3.92 per diluted share —

— Full year return on equity of 13.4% —

— Book value per share growth of 9% year-over-year to $31.33 —

— Primary mortgage insurance in force increased to an all-time high of $275.1 billion —

— $675 million in ordinary dividends paid from Radian Guaranty to holding company during the year —

— Returned $376 million of capital to stockholders through dividends and share repurchases during the year, including $111 million in the fourth quarter —

Radian Group Inc. (NYSE:RDN) today reported net income for the quarter ended December 31, 2024, of $148 million, or $0.98 per diluted share. This compares with net income for the quarter ended December 31, 2023, of $143 million, or $0.91 per diluted share.

Net income for the full year 2024 was $604 million, or $3.92 per diluted share. This compares with net income for the full year 2023 of $603 million, or $3.77 per diluted share.

Adjusted pretax operating income for the quarter ended December 31, 2024, was $209 million, compared to $192 million for the quarter ended December 31, 2023. Adjusted diluted net operating income per share for the quarter ended December 31, 2024, was $1.09, compared to $0.96 for the quarter ended December 31, 2023.

Adjusted pretax operating income for the full year 2024 was $803 million, compared to $786 million for the full year 2023. Adjusted diluted net operating income per share for the full year 2024 was $4.11, compared to $3.88 for the full year 2023.


Key Financial Highlights	Quarter Ended			Year Ended
($ in millions, except per-share amounts)	December 31, 2024	September 30, 2024	December 31, 2023	December 31, 2024	December 31, 2023

Total revenues	$316	$334	$329	$1,290	$1,241
Net income	$148	$152	$143	$604	$603
Diluted net income per share	$0.98	$0.99	$0.91	$3.92	$3.77
Consolidated pretax income	$189	$195	$180	$771	$767
Adjusted pretax operating income ⁽¹⁾	$209	$199	$192	$803	$786
Adjusted diluted net operating income per share ⁽¹⁾	$1.09	$1.03	$0.96	$4.11	$3.88
Return on equity	12.7%	13.2%	13.4%	13.4%	14.5%
Adjusted net operating return on equity ⁽¹⁾	14.2%	13.7%	14.2%	14.1%	14.9%
New Insurance Written (NIW) - mortgage insurance	$13,186	$13,493	$10,629	$51,984	$52,670
Net premiums earned - mortgage insurance	$235	$235	$230	$939	$909
New defaults	13,967	13,708	12,452	50,535	44,007

	As of
($ in millions, except per-share amounts)	December 31, 2024	September 30, 2024	December 31, 2023

Book value per share	$31.33	$31.37	$28.71
Accumulated other comprehensive income (loss) value per share	$(2.37)	$(1.56)	$(2.16)
PMIERs Available Assets	$6,039	$5,984	$5,890
PMIERs excess Available Assets	$2,158	$2,122	$2,260
Available holding company liquidity ⁽²⁾	$885	$844	$992
Total investments	$6,345	$6,497	$6,086
Residential mortgage loans held for sale, at fair value ⁽³⁾	$520	$530	$33
Primary mortgage insurance in force	$275,126	$274,721	$269,979
Percentage of primary loans in default	2.44%	2.25%	2.20%
Mortgage insurance loss reserves	$354	$357	$365

(1)	Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are non-GAAP financial measures. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G.
(2)	Represents Radian Group's available liquidity without considering available capacity under its undrawn $275 million unsecured revolving credit facility.
(3)	Included in total investments on our consolidated balance sheets.

Book value per share at December 31, 2024, was $31.33, compared to $31.37 at September 30, 2024, and $28.71 at December 31, 2023. This represents a 9% growth in book value per share at December 31, 2024, as compared to December 31, 2023, and includes accumulated other comprehensive income (loss) of $(2.37) per share as of December 31, 2024, and $(2.16) per share as of December 31, 2023. 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.

"We reported another successful year for Radian in 2024, increasing book value per share by 9% year-over-year, generating net income of $604 million, and delivering a return on equity of 13.4%. Our primary mortgage insurance in force, which is the main driver of future earnings for our company, reached a record level of $275 billion dollars," said Radian's Chief Executive Officer, Rick Thornberry. "Our results continue to reflect the economic value of our high-quality mortgage insurance portfolio, the strength and quality of our investment portfolio, our strong capital and liquidity positions, our ongoing strategic focus on managing expenses, and our commitment to helping our customers transform risk into opportunity – while also returning value to our stockholders. We look forward to the opportunities ahead in 2025."

FOURTH QUARTER AND FULL YEAR HIGHLIGHTS

NIW was $13.2 billion in the fourth quarter of 2024, compared to $13.5 billion in the third quarter of 2024, and $10.6 billion in the fourth quarter of 2023. NIW was $52.0 billion for the full year 2024, compared to $52.7 billion for the prior year.
- Purchase NIW decreased 5% in the fourth quarter of 2024 compared to the third quarter of 2024 and decreased 8% compared to the fourth quarter of 2023.
- Refinances accounted for 10% of total NIW in the fourth quarter of 2024, compared to 4% in the third quarter of 2024, and 1% in the fourth quarter of 2023.
Total primary mortgage insurance in force of $275.1 billion as of December 31, 2024, compared to $274.7 billion as of September 30, 2024, and $270.0 billion as of December 31, 2023.
- Persistency, which is the percentage of mortgage insurance that remains in force after a twelve-month period, was 84% for the twelve months ended December 31, 2024, compared to 84% for the twelve months ended September 30, 2024, and 84% for the twelve months ended December 31, 2023.
- Annualized persistency for the three months ended December 31, 2024, was 83%, compared to 84% for the three months ended September 30, 2024, and 86% for the three months ended December 31, 2023.
Net mortgage insurance premiums earned were $235 million for the fourth quarter of 2024, compared to $235 million for the third quarter of 2024, and $230 million for the fourth quarter of 2023.
- Mortgage insurance in force portfolio premium yield was 38.0 basis points in the fourth quarter of 2024. This compares to 38.2 basis points in the third quarter of 2024 and 38.1 basis points in the fourth quarter of 2023.
- Total net mortgage insurance premium yield, which includes the impact of ceded premiums earned and accrued profit commission, was 34.2 basis points in the fourth quarter of 2024. This compares to 34.4 basis points in the third quarter of 2024, and 34.2 basis points in the fourth quarter of 2023.
- Details regarding premiums earned may be found in Exhibit D.
The mortgage insurance provision for losses was a de minimis amount in the fourth quarter of 2024, compared to a provision of $6 million in the third quarter of 2024 and a provision of $5 million in the fourth quarter of 2023.
- Favorable reserve development on prior period defaults was $56 million in the fourth quarter of 2024, compared to $51 million in the third quarter of 2024 and $49 million in the fourth quarter of 2023.
- The number of primary delinquent loans was 24,055 as of December 31, 2024, compared to 22,350 as of September 30, 2024, and 22,021 as of December 31, 2023. This increase in delinquent loans is consistent with seasonal credit trends and the natural seasoning of the insured portfolio and reflects the growth in the company's total primary mortgage insurance in force in recent years.
- The loss ratio in the fourth quarter of 2024 was 0%, compared to 3% in the third quarter of 2024, and 2% in the fourth quarter of 2023.
- Total mortgage insurance claims paid were $5 million in the fourth quarter of 2024, compared to $3 million in the third quarter of 2024 and $3 million in the fourth quarter of 2023. For the full year 2024, total net claims paid, which includes the impact of settlements and commutations, were $17 million, compared to $14 million for the full year 2023.
- Additional details regarding mortgage insurance provision for losses may be found in Exhibit D.
Other operating expenses were $88 million in the fourth quarter of 2024, compared to $86 million in the third quarter of 2024, and $95 million in the fourth quarter of 2023. Other operating expenses were $348 million for the full year 2024, compared to $348 million for the full year 2023.
- Other operating expenses in the fourth quarter of 2024 included $13 million of impairment expenses related to internal-use software and lease-related assets.
- Additional details regarding other operating expenses may be found in Exhibit D.

CAPITAL AND LIQUIDITY UPDATE

Radian Group

During the fourth quarter of 2024, the company repurchased 2.2 million shares of Radian Group common stock at a total cost of $75 million. For the full year 2024, the company repurchased 7.0 million shares of Radian Group common stock at a total cost of $224 million. As of December 31, 2024, purchase authority of up to $543 million remained available under the existing program.
Radian Group paid a dividend on its common stock in the amount of $0.245 per share, totaling $36 million, in the fourth quarter of 2024. For the full year 2024, the company paid total dividends of $152 million.
As of December 31, 2024, Radian Group maintained $885 million of available liquidity. Total holding company liquidity, including the company's undrawn $275 million unsecured revolving credit facility, was $1.2 billion as of December 31, 2024.

Radian Guaranty

Radian Guaranty paid an ordinary dividend to Radian Group of $190 million in the fourth quarter of 2024, bringing total dividends paid during 2024 to $675 million.
At December 31, 2024, Radian Guaranty's Available Assets under PMIERs totaled $6.0 billion, resulting in PMIERs excess Available Assets of $2.2 billion.

RECENT EVENTS

On January 16, 2025, Fitch Ratings ("Fitch") upgraded the insurance financial strength (IFS) rating of Radian Guaranty to A from A-. In the same rating action, Fitch also upgraded the senior unsecured debt rating of Radian Group Inc. to BBB from BBB-. The outlook for the ratings is stable.

CONFERENCE CALL

Radian will discuss fourth quarter 2024 financial results in a conference call tomorrow, Thursday, February 6, 2025, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company's website at https://radian.com/who-we-are/for-investors/webcasts 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 https://radian.com/who-we-are/for-investors/webcasts.

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 (non-GAAP measures) 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. On a consolidated basis, 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 consolidated pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for those investments and other financial instruments attributable to our Mortgage Conduit business; (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. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss) attributable to common stockholders, net of taxes computed using the company's statutory 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 statutory 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 consolidated GAAP measures.

ABOUT RADIAN

Radian Group Inc. (NYSE:RDN) is a catalyst for homeownership that transforms risk into opportunity through services and technologies that empower housing and capital market participants to act with confidence. The Radian family of companies is shaping the future of mortgage and real estate services through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. Visit www.radian.com to see how we're creating possibilities for a place to call home.

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:		Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit H:		Mortgage Insurance Supplemental Information - New Insurance Written
Exhibit I:		Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations ⁽¹⁾

Exhibit A (page 1 of 2)

	2024											2023
(In thousands, except per-share amounts)	Qtr 4			Qtr 3		Qtr 2			Qtr 1			Qtr 4
Revenues
Net premiums earned	$	238,562		$	239,133	$	237,731		$	235,857		$	232,649
Services revenue		12,250			12,167		13,265			12,588			12,419
Net investment income		71,310			78,396		73,766			69,221			68,824
Net gains (losses) on investments and other financial instruments		(8,291	)		2,174		(4,487	)		490			13,447
Income (loss) on consolidated VIEs		(467	)		465		—			—			—
Other income		2,497			1,522		872			1,262			1,305
Total revenues		315,861			333,857		321,147			319,418			328,644
Expenses
Provision for losses		(624	)		6,889		(1,745	)		(7,034	)		4,170
Policy acquisition costs		7,276			6,724		6,522			6,794			6,147
Cost of services		9,867			9,542		9,535			9,327			8,950
Other operating expenses		87,703			85,919		91,648			82,636			95,218
Interest expense		22,513			29,391		27,064			29,046			23,169
Impairment of goodwill		—			—		—			—			9,802
Amortization of other acquired intangible assets		—			—		—			—			1,371
Total expenses		126,735			138,465		133,024			120,769			148,827
Pretax income		189,126			195,392		188,123			198,649			179,817
Income tax provision		40,835			43,500		36,220			46,295			37,124
Net income	$	148,291		$	151,892	$	151,903		$	152,354		$	142,693
Diluted net income per share	$	0.98		$	0.99	$	0.98		$	0.98		$	0.91

(1)	See Exhibit D for additional details.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations ⁽¹⁾

Exhibit A (page 2 of 2)

	Years Ended December 31,
(In thousands, except per-share amounts)	2024			2023
Revenues
Net premiums earned	$	951,283		$	919,578
Services revenue		50,270			46,092
Net investment income		292,693			258,430
Net gains (losses) on investments and other financial instruments		(10,114	)		10,241
Income (loss) on consolidated VIEs		(2	)		—
Other income		6,153			6,247
Total revenues		1,290,283			1,240,588
Expenses
Provision for losses		(2,514	)		(42,526	)
Policy acquisition costs		27,316			24,578
Cost of services		38,271			38,491
Other operating expenses		347,906			347,578
Interest expense		108,014			89,695
Impairment of goodwill		—			9,802
Amortization of other acquired intangible assets		—			5,483
Total expenses		518,993			473,101
Pretax income		771,290			767,487
Income tax provision		166,850			164,368
Net income	$	604,440		$	603,119
Diluted net income per share	$	3.92		$	3.77

(1)	See Exhibit D for additional details.

Radian Group Inc. and Subsidiaries

Net Income Per Share

Exhibit B

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

	2024								2023
(In thousands, except per-share amounts)	Qtr 4		Qtr 3		Qtr 2		Qtr 1		Qtr 4
Net income—basic and diluted	$	148,291	$	151,892	$	151,903	$	152,354	$	142,693
Average common shares outstanding—basic		150,302		151,846		153,110		153,817		155,318
Dilutive effect of share-based compensation arrangements ⁽¹⁾		1,610		1,227		1,289		2,154		1,909
Adjusted average common shares outstanding—diluted		151,912		153,073		154,399		155,971		157,227
Basic net income per share	$	0.99	$	1.00	$	0.99	$	0.99	$	0.92
Diluted net income per share	$	0.98	$	0.99	$	0.98	$	0.98	$	0.91

(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.

2024

2023

(In thousands)

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Shares of common stock equivalents

—

	Years Ended December 31,
(In thousands, except per-share amounts)	2024		2023
Net income—basic and diluted	$	604,440	$	603,119
Average common shares outstanding—basic		152,465		158,140
Dilutive effect of share-based compensation arrangements ⁽¹⁾		1,726		1,993
Adjusted average common shares outstanding—diluted		154,191		160,133
Basic net income per share	$	3.96	$	3.81
Diluted net income per share	$	3.92	$	3.77

(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.

	Years Ended December 31,
(In thousands)	2024		2023
Shares of common stock equivalents		11		14

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit C

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
(In thousands, except per-share amounts)	2024			2024			2024			2024			2023
Assets
Investments	$	6,345,236		$	6,497,180		$	6,588,149		$	6,327,114		$	6,085,654
Cash		38,823			28,061			13,791			26,993			18,999
Restricted cash		2,649			2,014			1,993			1,832			1,066
Accrued investment income		49,053			49,707			47,607			46,334			45,783
Accounts and notes receivable		128,093			138,439			137,777			130,095			123,857
Reinsurance recoverable		36,433			34,015			31,064			28,151			25,909
Deferred policy acquisition costs		17,746			18,430			18,566			18,561			18,718
Property and equipment, net		27,637			41,892			56,360			60,521			63,822
Prepaid federal income taxes		921,080			870,336			837,736			750,320			750,320
Other assets		375,931			384,666			396,600			369,944			459,805
Consolidated VIE assets ⁽¹⁾		721,307			355,031			—			—			—
Total assets	$	8,663,988		$	8,419,771		$	8,129,643		$	7,759,865		$	7,593,933
Liabilities and stockholders' equity
Reserve for losses and loss adjustment expense	$	360,326		$	363,225		$	357,470		$	361,833		$	370,148
Unearned premiums		188,337			198,007			206,094			215,124			225,396
Senior notes		1,065,337			1,064,718			1,513,782			1,512,860			1,417,781
Secured borrowings		538,294			551,916			484,665			207,601			119,476
Net deferred tax liability		746,685			737,605			656,113			626,353			589,564
Other liabilities		431,556			457,155			429,200			396,362			473,763
Consolidated VIE liabilities⁽¹⁾		709,595			348,292			—			—			—
Total liabilities		4,040,130			3,720,918			3,647,324			3,320,133			3,196,128
Common stock		168			171			172			171			173
Treasury stock		(968,246	)		(967,717	)		(967,218	)		(946,202	)		(945,870	)
Additional paid-in capital		1,246,826			1,315,046			1,356,341			1,390,436			1,430,594
Retained earnings		4,695,348			4,584,453			4,470,335			4,357,823			4,243,759
Accumulated other comprehensive income (loss)		(350,238	)		(233,100	)		(377,311	)		(362,496	)		(330,851	)
Total stockholders' equity		4,623,858			4,698,853			4,482,319			4,439,732			4,397,805
Total liabilities and stockholders' equity	$	8,663,988		$	8,419,771		$	8,129,643		$	7,759,865		$	7,593,933
Shares outstanding		147,569			149,776			151,148			151,509			153,179
Book value per share	$	31.33		$	31.37		$	29.66		$	29.30		$	28.71

Holding company debt-to-capital ratio ⁽²⁾		18.7	%		18.5	%		25.2	%		25.4	%		24.4	%

(1)	Reflects the consolidation of Radian Mortgage Capital's private label securitizations, net of our retained interest in these transactions. We determined that we are the primary beneficiary of these securitization trusts, which are each considered to be a variable interest entity ("VIE"), thereby requiring us to consolidate the VIE.
(2)	Calculated as carrying value of senior notes, which were issued and are owed by our holding company, divided by carrying value of senior notes and stockholders' equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to secured borrowings.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 1 of 4)

Net Premiums Earned

	2024												2023
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4
Direct - Mortgage insurance
Premiums earned, excluding revenue from cancellations	$	261,017		$	261,726		$	259,342		$	258,593		$	256,632
Single Premium Policy cancellations		2,363			1,783			2,076			2,114			2,058
Total direct - Mortgage insurance		263,380			263,509			261,418			260,707			258,690
Ceded - Mortgage insurance
Premiums earned, excluding revenue from cancellations		(43,239	)		(41,894	)		(39,925	)		(38,997	)		(40,065	)
Single Premium Policy cancellations ⁽¹⁾		952			818			732			(112	)		(444	)
Profit commission - other ⁽²⁾		14,183			12,711			12,593			12,401			12,199
Total ceded premiums - Mortgage insurance		(28,104	)		(28,365	)		(26,600	)		(26,708	)		(28,310	)
Net premiums earned - Mortgage insurance		235,276			235,144			234,818			233,999			230,380
Net premiums earned - Title insurance		3,286			3,989			2,913			1,858			2,269
Net premiums earned	$	238,562		$	239,133		$	237,731		$	235,857		$	232,649

(1)	Includes the impact of related profit commissions.
(2)	The amounts represent the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations.

Services Revenue

	2024								2023
(In thousands)	Qtr 4		Qtr 3		Qtr 2		Qtr 1		Qtr 4
Mortgage Insurance
Contract underwriting services	$	261	$	244	$	309	$	210	$	202
All Other
Real estate services		7,733		7,876		8,777		9,193		8,888
Title		3,645		3,427		3,540		2,573		2,713
Real estate technology		611		620		639		612		616
Total services revenue	$	12,250	$	12,167	$	13,265	$	12,588	$	12,419

Net Investment Income

	2024												2023
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4
Fixed maturities	$	57,238		$	59,348		$	57,924		$	57,259		$	58,669
Equity securities		3,350			3,047			3,067			2,539			3,753
Mortgage loans held for sale		7,537			7,828			5,411			1,793			1,725
Short-term investments		4,478			9,686			8,614			8,958			5,871
Other ⁽¹⁾		(1,293	)		(1,513	)		(1,250	)		(1,328	)		(1,194	)
Net investment income	$	71,310		$	78,396		$	73,766		$	69,221		$	68,824

(1)	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

	2024												2023
(In thousands)	Qtr 4			Qtr 3			Qtr 2			Qtr 1			Qtr 4
Mortgage insurance
Current period defaults⁽¹⁾	$	55,795		$	57,032		$	47,918		$	53,688		$	53,981
Prior period defaults ⁽²⁾		(55,734	)		(50,686	)		(49,687	)		(60,574	)		(49,373	)
Total Mortgage insurance		61			6,346			(1,769	)		(6,886	)		4,608
Title insurance		(685	)		543			24			(148	)		(438	)
Total provision for losses	$	(624	)	$	6,889		$	(1,745	)	$	(7,034	)	$	4,170

(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.

Other Operating Expenses

2024

2023

(In thousands)

Radian Announces Fourth Quarter and Full Year 2024 Financial Results