RADIAN GROUP INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Condensed Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net cash provided by (used in) operating activities (1) | $340,791 | $246,885 | $194,607 |
| Cash flows from investing activities | |||
| Proceeds from sales of: | |||
| Available for sale securities | 429,568 | 18,423 | 129,650 |
| Equity securities | 100,461 | 38,375 | 60,755 |
| Proceeds from redemptions of: | |||
| Available for sale securities | 270,942 | 320,026 | 168,639 |
| Trading securities | 295 | 23 | — |
| Purchases of: | |||
| Available for sale securities | (6,159) | (63,733) | (84,313) |
| Equity securities | (18,677) | (18,166) | (3,690) |
| Sales, redemptions and (purchases) of: | |||
| Short-term investments, net | (731,663) | 339,819 | (135,657) |
| Other assets, net | (4,210) | (158) | (10,664) |
| Capital distributions from subsidiaries (2) | 191,213 | 500 | 7,000 |
| Capital contributions to subsidiaries (3) | — | (84,000) | (49,750) |
| Net cash provided by (used in) investing activities | 231,770 | 551,109 | 81,970 |
| Cash flows from financing activities | |||
| Dividends and dividend equivalents paid | (145,615) | (151,961) | (145,908) |
| Issuance of senior notes | — | 616,745 | — |
| Redemption of senior notes | — | (977,079) | — |
| Issuance of common stock | 1,043 | 928 | 1,755 |
| Repurchases of common stock, including excise taxes paid | (431,909) | (225,059) | (133,314) |
| Proceeds from credit facility borrowings | 50,000 | — | — |
| Repayments of credit facility borrowings | (50,000) | — | — |
| Credit facility commitment fees paid | (4,005) | (812) | (904) |
| Proceeds (repayments) related to cash collateral for loaned securities, net | 12,048 | (57,174) | 2,122 |
| Net cash provided by (used in) financing activities | (568,438) | (794,412) | (276,249) |
| Increase (decrease) in cash and restricted cash | 4,123 | 3,582 | 328 |
| Cash and restricted cash, beginning of period | 5,782 | 2,200 | 1,872 |
| Cash and restricted cash, end of period | $9,905 | $5,782 | $2,200 |
(1)
Includes cash distributions received from subsidiaries of$252 million,$243 million and$184 million in 2025, 2024 and 2023, respectively. Excludes non-cash distributions received from subsidiaries of$343 million,$432 million and$216 million in 2025, 2024 and 2023, respectively.
(2)
Includes cash distributions received from subsidiaries held for sale of$27 million and$7 million in 2025 and 2023, respectively. There were no cash distributions received from subsidiaries held for sale during 2024.
(3)
Includes cash contributions provided to subsidiaries held for sale of$81 million and$50 million in 2024 and 2023, respectively. There were no cash contributions provided to subsidiaries held for sale during 2025.
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