As discussed in Note 1, in September 2025 Radian Group’s board of directors approved a plan to divest our Mortgage Conduit, Title and Real Estate Services businesses.

After the announcement of the divestiture plan in September 2025, Radian conducted a comprehensive search for a buyer for our Mortgage Conduit business, and in early March 2026, having not found a suitable buyer, concluded that it would begin an orderly wind-down of the business. As of March 3, 2026, Radian Mortgage Capital stopped taking new loan purchase commitments. As of June 30, 2026, all of the mortgage loans of our Mortgage Conduit business had been sold and the wind-down of our Mortgage Conduit business was substantially complete.

In August 2026, the Company completed the sale of its Real Estate Services business and entered into a definitive agreement to sell its Title business. The pending sale of the Title business is subject to customary closing conditions, including required regulatory approvals, and is expected to be completed during the fourth quarter of 2026.

We have reclassified the assets and liabilities associated with these businesses as held for sale and reflected their results as discontinued operations in the Company’s condensed consolidated financial statements, effective beginning with the quarter ended September 30, 2025. To conform to the current presentation, we have reflected the results of these businesses as discontinued operations for all prior periods presented in our condensed consolidated financial statements. No general corporate overhead or interest expense was allocated to discontinued operations. The Company does not expect the aggregate value realized upon disposition of these businesses to be materially different from their carrying value; accordingly, no impairment has been recognized.


Assets and liabilities held for sale

(In thousands)	June 30, 2026		December 31, 2025
Assets held for sale
Investments
Fixed maturities available for sale—at fair value	$	6,545	$	6,489
Residential mortgage loans held for sale—at fair value (1)		—		340,734
Short-term investments—at fair value		23,173		57,791
Total investments		29,718		405,014
Cash		1,552		20,597
Restricted cash		—		86
Accrued investment income		225		3,068
Premiums and other receivables		5,252		5,412
Reinsurance recoverables		529		2,743
Other assets		27,219		37,348
Total assets held for sale	$	64,495	$	474,268

Liabilities held for sale
Liabilities
Reserve for losses and LAE	$	4,888	$	6,874
Short-term borrowings (1)		—		324,226
Other liabilities		24,806		32,718
Total liabilities held for sale	$	29,694	$	363,818

(1)

Radian Mortgage Capital entered into Master Repurchase Agreements that were used to finance the acquisition of residential mortgage loans and related mortgage loan assets. During the three months ended June 30, 2026, all outstanding borrowings under these agreements were repaid and the agreements were terminated as part of the wind-down of our Mortgage Conduit business.

The income (loss) from discontinued operations, net of tax, consisted of the following components for the periods indicated.


Income (loss) from discontinued operations, net of tax

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2026			2025			2026			2025
Revenues
Net premiums earned	$	5,069		$	3,995		$	10,106		$	6,629
Services revenue		13,332			10,882			26,988			22,825
Net investment income		1,516			11,097			6,607			18,661
Net gains (losses) on financial instruments and foreign exchange		(129	)		(6,703	)		1,280			(5,425	)
Income (loss) on consolidated VIEs		—			185			—			613
Other income (loss)		485			(3	)		2,170			(571	)
Total revenues		20,273			19,453			47,151			42,732

Expenses
Provision for losses		144			143			353			(30	)
Cost of services		9,506			8,412			19,658			17,085
Other operating expenses		12,873			20,225			33,028			39,264
Interest expense		1,003			8,446			4,616			14,456
Total expenses		23,526			37,226			57,655			70,775

Pretax income (loss) from discontinued operations		(3,253	)		(17,773	)		(10,504	)		(28,043	)
Income tax provision (benefit)		(939	)		(5,084	)		(2,817	)		(7,822	)
Income (loss) from discontinued operations, net of tax	$	(2,314	)	$	(12,689	)	$	(7,687	)	$	(20,221	)