Radian Group (NYSE: RDN) executive details common stock and RSU holdings

Q: What does the Radian Group (RDN) Form 3 filing by Stephen Keleher show?

The Form 3 shows direct holdings by Stephen Keleher in 23,510 shares of common stock and multiple tranches of performance-based and time-based restricted stock units . It establishes his initial reported ownership position as a senior executive of Radian Group Inc.

Q: How many Radian Group (RDN) common shares does Stephen Keleher hold?

Stephen Keleher directly holds 23,510 shares of Radian Group common stock . This figure reflects his reported ownership after the transactions listed in the Form 3 and is separate from his additional holdings in performance-based and time-based restricted stock units tied to future vesting.

Q: What performance-based RSUs are reported in the RDN Form 3 filing?

The filing reports performance-based RSUs with target awards of 8,260 , 6,710 and 6,810 units. Each RSU equals one share of common stock. Vesting ranges from zero up to award-specific maximums, based on long-term book value per share growth and relative total stockholder return performance.

Q: When do Radian Group performance-based RSUs reported by Keleher vest?

The performance-based RSUs vest on May 15, 2026 , May 15, 2027 and May 15, 2028 . Payouts can range between zero and defined upper share limits, depending on cumulative growth in “LTI Book Value per Share” and relative total stockholder return versus a designated peer group.

Q: What time-based RSU awards are included in the Radian Group (RDN) Form 3?

The Form 3 lists time-based RSUs with reported outstanding amounts of 1,837 , 2,980 and 4,540 units. These awards were granted in May 2023 , May 2024 and May 2025 , and each vests in three equal annual installments starting May 15 of the respective grant year.

Q: How is each RSU described in the Radian Group (RDN) Form 3 footnotes?

The footnotes state that each restricted stock unit represents a contingent right to receive one share of Radian Group common stock . For performance-based RSUs, the number of shares ultimately earned can be up to 200% of the target award , depending on specified performance metrics.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Radian Group Inc. executive Stephen Keleher filed an initial ownership report detailing his holdings in common stock and restricted stock units (RSUs). He directly holds 23,510 shares of common stock.

He also holds performance-based RSUs with reported target awards of 8,260, 6,710 and 6,810 units, and time-based RSUs of 1,837, 2,980 and 4,540 units. Each RSU represents a contingent right to receive one share of common stock. Performance-based RSUs may pay out between zero and stated upper ranges based on long-term book value per share growth and relative total stockholder return, with vesting dates in May 2026, May 2027 and May 2028. Time-based RSU awards were granted in May 2023, May 2024 and May 2025 and vest in three equal annual installments starting on May 15 of the respective grant year.

Insider Trade Summary

7 transactions reported

Mixed 7 txns

Insider Keleher Stephen

Role Sr. EVP, Co-Head of MI

Type	Security	Shares	Price	Value
holding	Restricted Stock Units - Performance Award	--	--	--
holding	Restricted Stock Units - Performance Award	--	--	--
holding	Restricted Stock Units - Performance Award	--	--	--
holding	Restricted Stock Units - Time-based Award	--	--	--
holding	Restricted Stock Units - Time-based Award	--	--	--
holding	Restricted Stock Units - Time-based Award	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units - Performance Award — 8,260 shares (Direct); Restricted Stock Units - Time-based Award — 1,837 shares (Direct); Common Stock — 23,510 shares (Direct)

Footnotes (1)

N/A Each RSU represents a contingent right to receive one share of common stock. The number of reported performance-based RSUs represents the target award, with grantees having the potential to earn a number of shares up to 200% of the target award. Vesting of the performance-based RSUs occurs on May 15, 2026 (between 0 and 16,520 shares) based on the Company's cumulative growth in "LTI Book Value per Share" and Radian's total stockholder return (TSR) as compared to the average TSR of a designated peer group, in each case over a three-year performance period. Vesting of the performance-based RSUs occurs on May 15, 2027 (between 0 and 13,420 shares) based on the Company's cumulative growth in "LTI Book Value per Share" and Radian's total stockholder return (TSR) as compared to the average TSR of a designated peer group, in each case over a three-year performance period. Vesting of the performance-based RSUs occurs on May 15, 2028 (between 0 and 13,620 shares) based on the Company's cumulative growth in "LTI Book Value per Share" and Radian's total stockholder return (TSR) as compared to the average TSR of a designated peer group, in each case over a three-year performance period. The award was granted on May 17, 2023 and the award vests proportionately on the first, second and third anniversary of May 15, 2023. Shares reported outstanding are unvested and reflect the remaining one-third of the shares granted. The award was granted on May 22, 2024 and the award vests proportionately on the first, second and third anniversary of May 15, 2024. Shares reported outstanding are unvested and reflect the remaining two-thirds of the shares granted. The award was granted on May 21, 2025 and the award vests proportionately on the first, second and third anniversary of May 15, 2025.

Understanding Insider Trading Forms →

02/23/2026 - 06:26 PM

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Keleher Stephen

(Last)

(First)

(Middle)

RADIAN GROUP INC., 550 E SWEDESFORD ROAD

#350

(Street)

WAYNE

19087

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/12/2026

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

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr. EVP, Co-Head of MI

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	23,510	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Stock Units - Performance Award	05/15/2026	⁽¹⁾	Common Stock	8,260⁽³⁾⁽⁴⁾	$0⁽²⁾	D
Restricted Stock Units - Performance Award	05/15/2027	⁽¹⁾	Common Stock	6,710⁽³⁾⁽⁵⁾	$0⁽²⁾	D
Restricted Stock Units - Performance Award	05/15/2028	⁽¹⁾	Common Stock	6,810⁽³⁾⁽⁶⁾	$0⁽²⁾	D
Restricted Stock Units - Time-based Award	05/15/2026	⁽¹⁾	Common Stock	1,837⁽⁷⁾	$0⁽²⁾	D
Restricted Stock Units - Time-based Award	05/15/2027	⁽¹⁾	Common Stock	2,980⁽⁸⁾	$0⁽²⁾	D
Restricted Stock Units - Time-based Award	05/15/2028	⁽¹⁾	Common Stock	4,540⁽⁹⁾	$0⁽²⁾	D

Explanation of Responses:

1. N/A

2. Each RSU represents a contingent right to receive one share of common stock.

3. The number of reported performance-based RSUs represents the target award, with grantees having the potential to earn a number of shares up to 200% of the target award.

4. Vesting of the performance-based RSUs occurs on May 15, 2026 (between 0 and 16,520 shares) based on the Company's cumulative growth in "LTI Book Value per Share" and Radian's total stockholder return (TSR) as compared to the average TSR of a designated peer group, in each case over a three-year performance period.

5. Vesting of the performance-based RSUs occurs on May 15, 2027 (between 0 and 13,420 shares) based on the Company's cumulative growth in "LTI Book Value per Share" and Radian's total stockholder return (TSR) as compared to the average TSR of a designated peer group, in each case over a three-year performance period.

6. Vesting of the performance-based RSUs occurs on May 15, 2028 (between 0 and 13,620 shares) based on the Company's cumulative growth in "LTI Book Value per Share" and Radian's total stockholder return (TSR) as compared to the average TSR of a designated peer group, in each case over a three-year performance period.

7. The award was granted on May 17, 2023 and the award vests proportionately on the first, second and third anniversary of May 15, 2023. Shares reported outstanding are unvested and reflect the remaining one-third of the shares granted.

8. The award was granted on May 22, 2024 and the award vests proportionately on the first, second and third anniversary of May 15, 2024. Shares reported outstanding are unvested and reflect the remaining two-thirds of the shares granted.

9. The award was granted on May 21, 2025 and the award vests proportionately on the first, second and third anniversary of May 15, 2025.

	Elizabeth Diffley /s/,Elizabeth Diffley, (POA) Atty-in-fact	02/23/2026
	** 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 5 (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.

Source: View Original Filing on SEC EDGAR

FAQ

What does the Radian Group (RDN) Form 3 filing by Stephen Keleher show?

The Form 3 shows direct holdings by Stephen Keleher in 23,510 shares of common stock and multiple tranches of performance-based and time-based restricted stock units. It establishes his initial reported ownership position as a senior executive of Radian Group Inc.

How many Radian Group (RDN) common shares does Stephen Keleher hold?

Stephen Keleher directly holds 23,510 shares of Radian Group common stock. This figure reflects his reported ownership after the transactions listed in the Form 3 and is separate from his additional holdings in performance-based and time-based restricted stock units tied to future vesting.

What performance-based RSUs are reported in the RDN Form 3 filing?

The filing reports performance-based RSUs with target awards of 8,260, 6,710 and 6,810 units. Each RSU equals one share of common stock. Vesting ranges from zero up to award-specific maximums, based on long-term book value per share growth and relative total stockholder return performance.

When do Radian Group performance-based RSUs reported by Keleher vest?

The performance-based RSUs vest on May 15, 2026, May 15, 2027 and May 15, 2028. Payouts can range between zero and defined upper share limits, depending on cumulative growth in “LTI Book Value per Share” and relative total stockholder return versus a designated peer group.

What time-based RSU awards are included in the Radian Group (RDN) Form 3?

The Form 3 lists time-based RSUs with reported outstanding amounts of 1,837, 2,980 and 4,540 units. These awards were granted in May 2023, May 2024 and May 2025, and each vests in three equal annual installments starting May 15 of the respective grant year.

How is each RSU described in the Radian Group (RDN) Form 3 footnotes?

The footnotes state that each restricted stock unit represents a contingent right to receive one share of Radian Group common stock. For performance-based RSUs, the number of shares ultimately earned can be up to 200% of the target award, depending on specified performance metrics.