MGIC Investment Corp 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember 31, 2025☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ______Commission file number1-10816 MGIC Investment Corporation(Exact name of registrant as specified in its charter) Wisconsin39-1486475(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)250 E. Kilbourn AvenueMilwaukee, Wisconsin53202(Address of principal executive offices)(Zip Code)(414)347-6480(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internalcontrol over financial reporting under section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that preparedor issued its audit report.☒ If the securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements the required a recovery analysis of incentive-based compensationreceived by any of the registrant's executive officers during the relevant recovery period pursuant §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES☐NO☒ State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which thecommon equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recentlycompleted second fiscal quarter. : Approximately $6.3 billion* * Solely for purposes of computing such value and without thereby admitting that such persons are affiliates of the Registrant, shares held by directorsand executive officers of the Registrant are deemed to be held by affiliates of the Registrant. Shares held are those shares beneficially owned forpurposes of Rule 13d-3 under the Securities Exchange Act of 1934 but excluding shares subject to stock options. Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of February20, 2026,there were 214,953,360 shares of common stock of the registrant, par value $1.00 per share, outstanding. The following documents have been incorporated by reference in this Form 10-K, as indicated: Part and Item Number of Form 10-K Into Which Incorporated* Document Items 10 through 14 of Part III Table of Contents Glossary of terms and acronyms / AARMsAdjustable rate mortgages CRT Credit risk transfer. The transfer of a portion of mortgage creditrisk to the private sector through different forms of transactionsand structures. ABSAsset-backed securities / DDACDeferred insurance policy acquisition costs Annual Persistency The percentage of our insurance remaining in force from oneyear prior. Debt-to-income ("DTI") ratio The ratio, expressed as a percentage, of a borrower's total debtpayments to gross income.