Radian Group director reports routine phantom stock accrual

Rhea-AI Filing Summary

Radian Group Inc. (RDN) – Form 4 insider filing

Non-Executive Chairman Howard B. Culang reported the automatic accrual of 520.812 dividend-equivalent rights on previously granted phantom stock units on 17 June 2025. Following this routine, non-cash transaction, Culang now directly holds 12,067.136 phantom stock units. These units will convert into common stock when he retires from the Board; no open-market purchase or sale of RDN shares occurred and no cash exchanged.

Insights

Financial Analyst

Routine dividend-equivalent accrual, neutral for share value

The filing records a non-cash acquisition of 520.812 dividend-equivalent rights tied to pre-existing phantom stock units. Such credits simply maintain the economic equivalence of board compensation with common share dividends and do not reflect a buy or sell decision. Culang's total phantom holdings rise to 12,067.136 units, which convert to stock upon board retirement. Because the transaction does not affect share count today, involves no cash outlay, and signals neither bullish nor bearish sentiment, it is operationally and valuation-wise immaterial for investors.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider CULANG HOWARD BERNARD

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Dividend Equivalent Rights	520.812	$0.00	$0.00

Holdings After Transaction: Dividend Equivalent Rights — 12,067.136 shares (Direct)

Footnotes (2)

1. F1. 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. F2. Not Applicable

FAQ

What did Radian Group's Form 4 filed on 18 Jun 2025 disclose?

Director Howard B. Culang accrued 520.812 dividend-equivalent rights tied to phantom stock units; no shares were bought or sold for cash.

How many phantom stock units does Howard Culang now own in RDN?

After the transaction, he directly holds 12,067.136 phantom stock units.

Was there any open-market purchase or sale of RDN common shares?

No. The Form 4 reflects a non-cash, automatic accrual of dividend equivalents, not a market transaction.

When will the phantom stock units be settled into RDN common shares?

The units convert to stock upon Culang’s retirement from the Board of Directors.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 06/18/2025 - 07:02 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
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hours per response:			0.5

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)
06/17/2025

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	06/17/2025		A		520.812		(1)	(1)	Common Stock	520.812	(2)	12,067.136	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	06/18/2025
	** 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.
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