During the first quarter of 2026, the share-based compensation activity primarily relates to time-vesting RSU awards granted to eligible Inigo employees as replacement incentive awards for awards that lapsed in connection with the acquisition. The time-vesting RSU awards granted generally align with the vesting conditions of the replaced awards, and vest in June 2028.

See Note 17 of Notes to Consolidated Financial Statements in our 2025 Form 10-K for additional information regarding the Company’s share-based and other compensation programs.

Information with regard to RSUs to be settled in stock is as follows.


Rollforward of RSUs


	Performance-Based					Time-Vested

	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value

Outstanding, December 31, 2025 (1)		2,495,801		$	24.61		1,334,770		$	23.94
Granted (2)		—			—		426,803			32.90
Performance adjustment (3)		—			—		—			—
Vested (4)		(2,991	)		21.18		(154,784	)		26.81
Forfeited		(52,715	)		29.56		(21,153	)		33.19
Outstanding, March 31, 2026 (1) (5)		2,440,095		$	24.40		1,585,636		$	25.95

(1)

Outstanding RSUs represent shares that have not yet been issued because not all conditions necessary to earn the right to benefit from the instruments have been satisfied. For performance-based awards, the final number of RSUs distributed depends on: (i) the cumulative growth in Radian’s book value per share adjusted for certain defined items over the respective three-year performance period and, for the performance-based RSUs granted starting in 2023, a modifier based on a comparison of our total shareholder return to the total shareholder return of certain of our peers and (ii) with the exception of certain retirement-eligible employees, continued service through the vesting date, which could result in changes to the number of vested RSUs.

(2)

For performance-based RSUs, amount represents the number of target shares at grant date.

(3)

For performance-based RSUs, amount represents the difference between the number of shares vested at settlement, which can range from 0 to 200% of target depending on results over the applicable performance periods and the number of target shares at the grant date.

(4)

Represents amounts vested during the period, including the impact of performance adjustments for performance-based awards.

(5)

Includes 176 thousand performance-based shares and 116 thousand time-vested shares granted to employees in our Mortgage Conduit, Title and Real Estate businesses, which are presented as discontinued operations.