UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed, Radian Mortgage Capital LLC (“RMC”), a subsidiary of Radian Group Inc. (the “Company”) is a party to the Uncommitted Master Repurchase Agreement, dated as of January 29, 2024 (assigned by Flagstar Bank N.A. to JPMorgan Chase Bank, National Association (“JPMorgan”), as administrative agent, effective as of July 22, 2024) to finance the acquisition of mortgage loans and related mortgage loan assets (the “JP Morgan MRA”). RMC uses the financing facility to finance its acquisition of residential mortgage loans from correspondent lenders, which are held by RMC for direct sale to mortgage investors or distribution in the capital markets through securitization. Also, as previously disclosed, in connection with the JP Morgan MRA, on January 29, 2024, the Company entered into a Guaranty Agreement in favor of JPMorgan (the “Parent Guaranty”) to guaranty the obligations of RMC under the JP Morgan MRA.
Since January 2024, RMC, the Company and JPMorgan have amended the JP Morgan MRA to increase the maximum borrowing amount, which is currently $300 million, and to extend the termination date of the JP Morgan MRA to December 12, 2025.
On June 5, 2025, RMC, the Company and JPMorgan entered into Amendment No. 2 to the JP Morgan MRA (“Amendment No. 2”) to allow RMC to request a temporary increase to the maximum borrowing amount at any time prior to the termination date of the JP Morgan MRA. Subsequently, on June 5, 2025, RMC requested a $100 million increase to the maximum borrowing amount to $400 million, which increase was approved through June 30, 2025. Amendment No. 2 includes a reaffirmation of the Company’s obligations under the Parent Guaranty. In all other respects the terms of the JP Morgan MRA, including the Parent Guaranty, remain unchanged.
The foregoing summary is qualified in its entirety by reference to the full text of Amendment No. 2, which is filed as Exhibit 10.1, to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 10.1 | Amendment No. 2 to Master Repurchase Agreement, dated as of June 5, 2025, entered into by and among JPMorgan Chase Bank, N.A., as administrative agent on behalf of one or more buyers from time to time and as assignee of Flagstar Bank, N.A., Radian Mortgage Capital LLC, as seller and Radian Group Inc., as guarantor | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RADIAN GROUP INC. | ||||||
| (Registrant) | ||||||
| Date: June 10, 2025 | ||||||
| By: | /s/ Liane Browne | |||||
| Liane Browne | ||||||
| Senior Vice President | ||||||