[Form 4] Radian Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Radian Group Inc. (RDN) Form 4: Howard Bernard Culang, a director serving as Non-Executive Chairman, reported a transaction dated 09/09/2025 receiving 510.42 shares as dividend equivalent rights on previously awarded phantom stock units. The dividend equivalents were recorded at a price of $0 and will be settled proportionately with the underlying phantom stock awards and converted to stock upon retirement from the Board. Following this reported transaction, Mr. Culang beneficially owns 12,577.556 shares directly. The filing was signed under power of attorney by Elizabeth Diffley on 09/11/2025.

Positive

• Director alignment with shareholders: Dividend equivalents are being converted to stock, which ties director compensation to equity performance.
• Transparent disclosure: The Form 4 clearly states transaction date, amount (510.42 shares), and post-transaction direct ownership (12,577.556 shares).

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received dividend equivalent shares from phantom awards; settlement occurs on retirement, indicating typical non-cash compensation alignment.

The Form 4 shows a routine compensation-related issuance: dividend equivalent rights accrued on phantom stock units were recorded and converted to 510.42 shares at a $0 price. The filing explicitly states these dividend equivalents will be settled proportionately with the underlying awards and in stock upon the director's retirement. This mechanism is commonly used to align long-term director incentives with shareholder outcomes without immediate cash outflow. No additional cash consideration or sales are reported, and the report lists direct beneficial ownership after the transaction.

Securities Analyst

TL;DR: The transaction is an internal compensation accounting event with limited immediate market impact based on disclosed details.

The entry records 510.42 shares credited as dividend equivalents on phantom stock units, with a recorded price of $0 and direct ownership totaling 12,577.556 shares after the transaction. The Form 4 provides transaction date and settlement mechanics but does not indicate any sale, purchase for value, or change in voting control. From a securities perspective, this is a disclosure of issuance related to director compensation rather than a market transaction that would directly alter float or signal active trading by the insider.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CULANG HOWARD BERNARD

(Last) (First) (Middle)

RADIAN GROUP INC.

550 E. SWEDESFORD ROAD, #350

(Street)

WAYNE PA 19087

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RADIAN GROUP INC [ RDN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Non-Exec Chairman of the Board

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Dividend Equivalent Rights	$0	09/09/2025		A		510.42		(1)	(1)	Common Stock	510.42	(2)	12,577.556	D

Explanation of Responses:

1. Dividend equivalents accrued on previously awarded Phantom Stock Units. Dividend equivalent rights accrued on phantom stock units will be settled proportionately with the previously granted awards to which they relate. Awards will be settled in stock upon retirement from the Board of Directors.

2. Not Applicable

	Elizabeth Diffley /s/, Elizabeth Diffley, (POA) Atty-in-fact	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Howard Bernard Culang report on the RDN Form 4?

He reported receipt of 510.42 shares as dividend equivalent rights on phantom stock units dated 09/09/2025, increasing his direct holdings to 12,577.556 shares.

What is the price reported for the shares received on the Form 4?

The shares were recorded with a transaction price of $0 as they represent dividend equivalents on phantom stock units.

How and when will the dividend equivalents be settled?

The filing states dividend equivalent rights accrued on phantom stock units will be settled proportionately with the related awards and will be settled in stock upon retirement from the Board.

Who signed the Form 4 and when was it filed?

The Form 4 was signed under power of attorney by Elizabeth Diffley on 09/11/2025.

Does the Form 4 show any sales or purchases for value by the reporting person?

No. The Form 4 reports receipt of dividend equivalent shares; it does not show any sale or purchase transactions for value by the reporting person.