Capital Stock

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Capital Stock

14. Capital Stock

Shares of Common Stock

The following table shows the changes in common stock outstanding for each of the periods indicated.

Common stock outstanding
	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2025			2024			2025			2024
Common stock outstanding at beginning of period		141,220			151,509			147,569			153,179
Shares repurchased under share repurchase programs		(6,957	)		(1,574	)		(13,417	)		(3,344	)
Issuance of common stock under incentive and benefit plans, net of shares withheld for employee taxes		1,132			1,213			1,243			1,313
Common stock outstanding at end of period		135,395			151,148			135,395			151,148

Share Repurchase Activity

From time to time, Radian Group’s board of directors approves and authorizes the Company to repurchase Radian Group common stock in the open market or in privately negotiated transactions, based on market and business conditions, stock price and other factors. Radian generally executes its share repurchases pursuant to trading plans under Rule 10b5-1 of the Exchange Act, which permits the Company to purchase shares when it may otherwise be precluded from doing so.

As of June 30, 2025, Radian had two outstanding share repurchase authorizations in effect. Under the first authorization, which commenced in January 2023 and is scheduled to expire in June 2026, the Company is authorized to repurchase shares up to $900 million, excluding commissions. During the three and six months ended June 30, 2025, the Company purchased 7.0 million and 13.4 million shares at an average price of $32.05 and $32.06 per share, including commissions, respectively, pursuant to this share repurchase authorization. As of June 30, 2025, purchase authority of up to $113 million remained available under this authorization.

In May 2025, Radian Group’s board of directors authorized the Company to purchase shares up to an additional $750 million, excluding commissions. Under this second authorization, the full amount remained available as of June 30, 2025. Use of this authorization will commence once the first authorization is exhausted or expires, whichever occurs earlier, and is scheduled to expire in December 2027.

The Inflation Reduction Act of 2022 imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. Unless otherwise noted, all dollar amounts presented in this report related to our share repurchases and our share repurchase authorizations exclude such excise taxes, to the extent applicable.

Dividends and Dividend Equivalents

In February 2025, Radian Group’s board of directors authorized an increase in the Company’s quarterly dividend from $0.245 to $0.255 per share, beginning with the dividend declared and paid in the first quarter of 2025.

The following table presents the amount of dividends declared and paid, on a per share basis, for each quarter and annual period as indicated.

Dividends declared and paid
	2025		2024
Quarter ended
March 31	$	0.255	$	0.245
June 30		0.255		0.245
September 30	N/A			0.245
December 31	N/A			0.245
Total annual dividends per share declared and paid	$	0.510	$	0.980

N/A – Not applicable

Dividend equivalents are accrued on RSUs when dividends are declared on the Company’s common stock and are typically paid upon vesting of the shares. See Note 17 of Notes to Consolidated Financial Statements in our 2024 Form 10-K for information about our dividend equivalents on RSU awards.

Share-Based and Other Compensation Programs

During the second quarter of 2025, 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. The vesting of the performance-based RSUs granted to certain executive and non-executive officers is based upon: (i) the cumulative growth in Radian’s book value per share over a three-year performance period, adjusted for certain defined items, and as modified 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. Performance-based RSUs granted to executive officers are subject to a one-year post-vesting holding period.

The time-vested RSU awards granted to certain executive and non-executive officers in the second quarter of 2025 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 2024 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 for the period indicated 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, 2024 (1)	2,639,190	$22.57	1,589,396	$20.75
Granted (2)	492,170	30.96	387,072	33.17
Performance adjustment (3)	549,540	—	—	—
Vested (4)	(1,158,485)	20.19	(604,393)	21.95
Forfeited	(11,216)	29.34	(7,747)	26.88
Outstanding, June 30, 2025 (1)	2,511,199	$24.61	1,364,328	$23.71

(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)For both performance-based and time-based RSUs, amount represents the number of shares vested during the period, including the impact of performance adjustments for performance-based awards.