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

During the second quarter of 2026, certain executive and non-executive officers were granted time-vested and performance-based RSUs to be settled in shares of Radian common stock. The maximum payout of performance-based RSUs at the end of the three-year performance period is 200% of a grantee’s target number of RSUs granted. Performance-based RSUs granted to executive officers are subject to a one-year post-vesting holding period. The table below provides additional details on vesting and other performance conditions associated with our RSUs.

The time-vested RSU awards granted in the second quarter of 2026 as part of our annual equity grant to certain executive and non-executive officers generally vest in pro rata installments on each of the first three anniversaries of the grant date. In addition, time-vested RSU awards, which are generally subject to one-year cliff vesting, were also granted to non-employee directors.

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)		867,710			36.45		1,139,011			35.05
Performance adjustment (3)		309,892			—	N/A			N/A
Vested (4)		(982,459	)		21.42		(560,867	)		25.78
Forfeited		(76,827	)		30.44		(35,673	)		33.18
Outstanding, June 30, 2026 (1) (5)		2,614,117		$	29.44		1,877,241		$	29.95

N/A – Not applicable

(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 our relative total shareholder return performance 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 117 thousand performance-based shares and 71 thousand time-vested shares granted to employees in our Mortgage Conduit, Title and Real Estate Services businesses, which are presented as discontinued operations.