RADIAN GROUP INC

There have been no material changes to our risk factors from those previously disclosed in our 2024 Form 10-K. However, the primary and secondary impacts of recent executive orders and other executive actions by the current presidential administration, including tariffs and trade policies, have impacted the global economy, disrupted global supply chains, created significant uncertainty and volatility in financial markets, and increased the risk of recession and elevated unemployment levels. In addition, recent reductions in staffing as well as changes in leadership at several government agencies, including the FHFA and FHA, and the GSEs, may increase the likelihood of potentially significant changes in federal housing policies and disruption in the housing finance system and could result in changes to the business practices of the GSEs. Accordingly, the recent actions of the current presidential administration and their impact on, among other things, the macroeconomic environment and regulatory policies could exacerbate the other risks and uncertainties set forth in “Item 1A. Risk Factors” in our 2024 10-K and could negatively impact our businesses and financial results.