UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☑

Filed by a Party other than the Registrant ☐

Check the appropriate box:

Radian Group Inc.

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

April 2, 2026

Dear Stockholder:

You are cordially invited to attend the 2026 Annual Meeting of Stockholders of Radian Group Inc. (the “Annual Meeting”), which will be held exclusively in virtual format via live audio webcast at 9:00 a.m. Eastern Daylight Time on May 21, 2026. The accompanying Notice of 2026 Annual Meeting of Stockholders and 2026 Proxy Statement describe the items to be considered and acted upon by the stockholders at the Annual Meeting. There is no physical location for the Annual Meeting.

For our Annual Meeting, we have elected to use the internet as the primary means of providing our proxy materials to stockholders. Stockholders of record on the record date will receive a Notice of Internet Availability of Proxy Materials (the “Notice”) with instructions for accessing the proxy materials. The Notice also provides information on how to vote, how to attend the Annual Meeting, and how stockholders who wish to request paper copies of our proxy materials, including a proxy card, may obtain them free of charge.

Regardless of whether you plan to attend the virtual Annual Meeting, we hope you will vote as soon as possible. Stockholders of record can vote their shares by using the internet. If you received your materials by mail, you also may vote your shares by telephone or by marking your votes on the enclosed proxy card, signing and dating it, and mailing it in the enclosed envelope. If you attend the virtual Annual Meeting, you may revoke your proxy, if you wish, and vote your shares during the meeting electronically via the internet. Because the representation of stockholders at the Annual Meeting is very important, we thank you in advance for your participation.

Sincerely,

Elizabeth A. Diffley

Senior Corporate Counsel and Corporate Secretary

NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS

Instead of paper copies of this notice of meeting, our 2026 Proxy Statement and our 2025 Annual Report to Stockholders, many stockholders received a Notice of Internet Availability of Proxy Materials (the “Notice”), which Notice was mailed to stockholders beginning on or about April 2, 2026. The Notice provides instructions on how to access these documents over the internet and information on how stockholders who wish to request paper copies of these proxy materials, including a proxy card, may obtain them free of charge. Electronic delivery enables us to more cost effectively provide you with the information you need while reducing the environmental impact of printing and mailing paper copies.

We have determined that it is in the best interest of Radian and its stockholders to hold the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) virtually via live audio webcast. To attend the Annual Meeting or to examine a list of stockholders, go to https://meetnow.global/MKZWLC7 at the meeting date and time described above and in the accompanying 2026 Proxy Statement. There is no physical location for the Annual Meeting.

Regardless of whether you plan to attend Radian’s virtual Annual Meeting, we hope you will vote as soon as possible. For instructions about voting, please see “How Shares May Be Voted by Registered Stockholders” and “How Shares May Be Voted if Held in ‘Street Name’” beginning on page 2 of the 2026 Proxy Statement.

By Order of the Board of Directors,

Elizabeth A. Diffley

Senior Corporate Counsel and Corporate Secretary

Wayne, Pennsylvania

April 2, 2026

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY 21, 2026:

Our 2026 Proxy Statement and 2025 Annual Report to Stockholders are available at
www.radian.com/StockholderReports.

TABLE OF CONTENTS

Website References

Websites referred to in the proxy materials, including this Proxy Statement, are provided for reference only and are not incorporated by reference into this Proxy Statement.

Forward-Looking Statements

This Proxy Statement includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “pursue,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance, results of operations and financial condition, are made on the basis of management’s current views and assumptions with respect to future events and are not a guarantee of future performance. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include those associated with our acquisition of Inigo (as defined herein) and with our plans to divest or otherwise exit our mortgage conduit, title and real estate businesses. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions section and the Risk Factors detailed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date of this Proxy Statement. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

RADIAN GROUP INC.

550 East Swedesford Road, Suite 350

Wayne, Pennsylvania 19087

www.radian.com

PROXY STATEMENT
FOR 2026 ANNUAL MEETING OF STOCKHOLDERS

The board of directors (the “Board”) of Radian Group Inc. (“Radian” or the “Company”) is furnishing this Proxy Statement to solicit proxies from the Company’s stockholders for use at Radian’s 2026 Annual Meeting of Stockholders (the “Annual Meeting”). For our Annual Meeting, we have elected to use the internet as the primary means of providing our proxy materials to stockholders. Stockholders of record on the record date will receive a Notice of Internet Availability of Proxy Materials (the “Notice”) with instructions for accessing the proxy materials. The Notice also provides information on how to vote, how to attend the meeting, and how stockholders who wish to request paper copies of our proxy materials, including a proxy card, may obtain them free of charge. This Proxy Statement and our 2025 Annual Report to Stockholders (the “Proxy Materials”) are first being released, and the Notice is being mailed, to stockholders beginning on or about April 2, 2026, to furnish information relating to the business to be transacted at the Annual Meeting. If you would like to receive a printed copy of the Proxy Materials, please follow the instructions included in the Notice. Upon request, we will promptly mail you paper copies of these materials free of charge.

Our Proxy Materials are also available at www.investorvote.com/RDN and at www.radian.com/StockholderReports.

We have determined that it is in the best interest of Radian and its stockholders to hold the Annual Meeting “virtually” via live audio webcast. The virtual Annual Meeting affords our stockholders the same rights and opportunities as an in-person meeting, while allowing them to attend the meeting regardless of their geographic location or other circumstances that could limit their ability to attend an in-person meeting. You will be able to attend the Annual Meeting online, and subject to the eligibility requirements below, you will be able to vote your shares electronically and submit your questions during the meeting by visiting https://meetnow.global/MKZWLC7 at the meeting date and time described below. There is no physical location for the Annual Meeting.

Information About Voting

Who May Vote

Only stockholders of record on the close of business on March 23, 2026, the record date for the Annual Meeting, may vote at the Annual Meeting. On the record date, 134,826,669 shares of our common stock were outstanding and entitled to vote at the Annual Meeting. For each share of common stock you held on the record date, you will be entitled to one vote on each matter submitted to a vote of stockholders. There is no cumulative voting.

What Shares May Be Voted

You may vote all shares of our common stock owned by you as of the close of business on the record date.

These shares include:

How Shares May Be Voted by Registered Stockholders

If you are a Registered Stockholder, as described above, you may submit a proxy to vote your shares before the Annual Meeting, as follows:

In addition to the above alternatives, you may vote your shares at the Annual Meeting if you attend online. See “How to Participate in the Virtual Annual Meeting” below.

You may revoke your proxy at any time before your shares are voted at the Annual Meeting, as follows:

How Shares May Be Voted if Held in “Street Name”

If you hold your shares in “street name,” meaning your shares are held by a Nominee, you will have received voting instructions from that Nominee containing instructions that you must follow in order for your shares to be voted. If you hold your shares in “street name,” you should review and follow the voting instructions provided by your Nominee, including any instructions relating to revoking voting instructions. If your shares are held in “street name” and you wish to vote at the Annual Meeting online, you must obtain a legal proxy from your Nominee.

Your vote is important to Radian. Whether you are a Registered Stockholder or your shares are held by a Nominee, we encourage you to submit your proxy or voting instructions, as described above, even if you plan to attend the Annual Meeting online. You can always change your vote or revoke your proxy or voting instructions before the meeting or vote online at the meeting, as described above.

How to Participate in the Virtual Annual Meeting

The Annual Meeting will be a completely virtual meeting of stockholders and will be conducted exclusively by live audio webcast. No physical meeting will be held. You will only be able to attend the Annual Meeting online, and, subject to the eligibility requirements below, you will be able to participate by voting and submitting questions, by visiting https://meetnow.global/MKZWLC7.

The virtual Annual Meeting will begin promptly at 9:00 a.m., Eastern Daylight Time, on May 21, 2026. We encourage you to access the Annual Meeting before the start time to leave ample time for check-in and to ensure that you can hear streaming audio. The virtual Annual Meeting will be accessible on desktop and laptop computers, as well as tablets and smartphones.

Participation by Registered Stockholders

To participate in the Annual Meeting, you must have been a stockholder of the Company as of the close of business on the record date, or you must hold a valid proxy for the Annual Meeting. If you are a stockholder of record, you will need to review the information included on your Notice or proxy card, including the 15-digit control number provided in the shaded bar and log in using that control number.

Participation if Shares Held in “Street Name”

If you hold your shares through a Nominee, you must register in advance to attend the Annual Meeting.

To register, you must obtain a legal proxy, executed in your favor, from the Nominee and submit proof of your legal proxy reflecting the number of shares of Radian common stock you held as of the record date, along with your name and email address to Computershare (contact information below). Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Daylight Time, on May 11, 2026. You will receive a confirmation of your registration by email after Computershare receives your registration materials.

Requests for registration should be sent to the following:

Submitting Questions

Stockholders who are eligible and log in to the Annual Meeting following the instructions above will have the ability to submit questions in writing during the Annual Meeting via the meeting portal at https://meetnow.global/MKZWLC7.

Troubleshooting Technical Difficulties

If you experience any technical difficulties accessing the Annual Meeting or during the Annual Meeting, please call 888-724-2416 for assistance. We will have technicians ready to assist you with any technical difficulties you may have beginning 15 minutes before the start of the Annual Meeting.

Where to Find Voting Results

We will announce the preliminary voting results at the conclusion of the Annual Meeting, if practicable, and we will publish the voting results in a Current Report on Form 8-K that will be filed with the United States Securities and Exchange Commission (the “SEC”) within four business days after the conclusion of the Annual Meeting.

Quorum and Votes Required for Approval

A quorum of our stockholders is necessary for us to conduct the business of the Annual Meeting. This means that holders of at least a majority of the shares entitled to vote must be present at the meeting, either live at the virtual meeting or represented by proxy. Your shares are counted as present at the Annual Meeting if you attend and vote during the Annual Meeting online or if you properly submit a proxy or follow the voting instructions provided by your Nominee, as applicable.

The following table summarizes the vote required for approval of each item of business to be transacted at the Annual Meeting. In addition, the table shows the effect on the outcome of the vote of: (i) abstentions; (ii) uninstructed shares held by a Nominee (which result in “broker non-votes” when a beneficial owner of shares held in “street name” does not provide voting instructions and, as a result, the Nominee is prohibited from voting those shares on certain proposals); and (iii) signed but unmarked (i.e., unvoted) proxy cards.

This year’s election of directors is an uncontested election of directors, meaning that there are not more director nominees than the number of directors to be elected at the meeting. As described in the table above, in an uncontested election, our directors are elected by majority voting (Proposal 1). Under the majority voting standard, a director is elected only if the number of shares voted “For” that director exceeds the number of shares voted “Against” that director. In accordance with our By-Laws, each of our incumbent directors submits a conditional resignation in advance of the Annual Meeting that will become effective if the number of shares voted “For” that director does not exceed the number of shares voted “Against” that director and the Board accepts the director’s resignation. An incumbent director who fails to receive a majority of the votes cast may voluntarily retire from the Board before the resignation becomes effective. If a sitting director fails to receive a majority of the votes cast, our Board will determine within 90 days of the Annual Meeting whether to accept the resignation of such director, unless the director retires during this 90-day period. If a nominee fails to receive a majority of the votes cast and the Board accepts the director’s resignation or the director retires, there would be a vacancy created on the Board. Our Board would then have the option under our By-Laws to appoint someone to fill the vacancy, leave the seat vacant or reduce the size of the Board.

Proposal 1 – Election of Directors

Our Amended and Restated Certificate of Incorporation and our By-Laws provide for the annual election of directors, with the number of directors determined by our Board. Upon election, each of our directors serves for a one-year term and until the director’s successor has been duly elected and qualified, or until the director’s earlier removal or resignation. Our Board currently consists of Howard B. Culang (Non-executive Chairman), Fawad Ahmad, Brad L. Conner, Debra Hess, Anne Leyden, Seraina Macia, Brian D. Montgomery, Lisa Mumford, Jed Rhoads, Gregory V. Serio, Noel J. Spiegel and Richard G. Thornberry.

Upon completion of Mr. Serio’s current term at the Annual Meeting, he will be retiring from the Board, and therefore, will not be standing for re-election at the Annual Meeting. The Board has approved a reduction in the size of the Board from 12 to 11 members, which will be effective upon Mr. Serio’s retirement. Upon the recommendation of the Governance Committee of our Board, the Board has nominated each of our incumbent directors for re-election other than Mr. Serio. Proxies cannot be voted for a greater number of persons than 11, which is the number of nominees named in this Proxy Statement. All directors and nominees (other than our Chief Executive Officer (“CEO”), Mr. Thornberry) are independent under applicable independence rules of the SEC and the New York Stock Exchange (the “NYSE”), and all nominees have consented to be named in this Proxy Statement and to serve if elected. If, at the time of the Annual Meeting, any nominee is not available for election, proxies may be voted for another person nominated by the Board, the Board seat may become vacant or the size of the Board may be reduced.

Board Composition and Succession Planning

The Board considers Board succession planning a top priority. Board succession planning is a standing agenda item for the Governance Committee of the Board, and the full Board regularly engages on this topic to ensure Board composition is appropriately aligned with the Company’s needs. In recent years, the Governance Committee has engaged the services of an independent advisor to bring independent, objective perspective and advice on best practices regarding Board succession planning.

Each year, the Governance Committee seeks to nominate a Board that will be most effective in overseeing the affairs of the Company and in supporting the development and execution of the Company’s strategic plan. In 2025, following a comprehensive strategic review, the Company announced it had entered into a definitive agreement to acquire Inigo Limited (“Inigo”), a Lloyd’s of London (“Lloyd’s”) specialty insurer, as part of the Company’s planned strategic transformation to a global multi-line specialty insurer. The acquisition was completed on February 2, 2026. Also, following this strategic review, in September 2025, the Company announced the planned divestiture of our mortgage conduit, title and real estate services businesses.

The acquisition of Inigo advances our strategic focus to grow and diversify. With the acquisition, Radian is expanding from a leading U.S. private mortgage insurer into a global multi-line specialty insurer with a diverse portfolio of private mortgage insurance, specialty insurance and reinsurance lines.

Our Board’s focus on succession planning is evident from the significant changes in our Board composition in recent years. Over the past five years, our Board has appointed five independent directors to the Board based on skill sets identified by the Board during its succession planning discussions and through searches conducted with the support of a third-party search firm. During this period and into early 2026, the Board appointed the following directors: Brian D. Montgomery (2021) (who rejoined the Board in 2021 after stepping down in 2018 upon his appointment to serve as the Federal Housing Administration (“FHA”) Commissioner in the Department of Housing and Urban Development (“HUD”)), Fawad Ahmad (2023), Anne Leyden (2023), Jed Rhoads (2025) and Seraina Macia (2026).

In 2026, the Governance Committee recommended Seraina Macia as a director following a search, conducted with the support of a third-party search firm that helped identify and vet candidates, focused on identifying a candidate with C-suite level experience in financial services and prior experience serving on a public company board. As a result of this search and based on the recommendation of the Governance Committee, the Board appointed Ms. Macia as a director in February 2026. With the recent appointments of Jed Rhoads and Seraina Macia, the Board gained members with expertise in global specialty insurance markets, which is expected to be particularly useful in overseeing our expansion into new markets and lines of business with our recent acquisition of Inigo.

Succession planning also requires the Governance Committee and Board to proactively plan for director departures from the Board, and over the past five years, three long-serving directors have retired from our Board and a fourth director, Gregory V. Serio, announced his intention in January 2026, not to stand for re-election at the Annual Meeting and to retire from the Board at the conclusion of his current term in May 2026. The following diagram highlights the Board’s commitment to Board refreshment and succession planning:

Overview of Board Composition

The Board recognizes that directors with diverse perspectives, backgrounds and experiences can help to generate a comprehensive discussion of issues from multiple perspectives, which contributes to effective decision making and oversight of our businesses. Accordingly, the Governance Committee regularly evaluates our Board’s composition to ensure it includes naturally varying perspectives and experiences that are positively contributing to the development and execution of our strategic plan in the best interest of our stockholders. The Board considers diversity in a broad sense to mean differences of background, education, professional experience and skills, race, ethnicity, gender, age and tenure with Radian. When considering candidates for nomination as new directors, the Board first identifies the skill sets it seeks to bring to the Board as well as other potential characteristics that would benefit the composition of the Board. The Governance Committee then conducts a search that prioritizes the desired skill sets, while also ensuring that the pool of candidates the committee evaluates includes qualified persons who reflect a broad range of experiences and backgrounds, including underrepresented areas of race, ethnicity and gender.

All of our directors have extensive senior leadership skills and business knowledge. The table below identifies our directors’ key skills, expertise and experience for those areas considered most relevant to the Board’s oversight over our Company and strategy:

Our Board believes a balance of different ages and tenures is a critical component of our Board composition, allowing for both new perspectives and continuity. A mix of age and tenure helps further ensure that our Board oversight is well-rounded, with varying perspectives to address the complexity of matters that the Company frequently must navigate in today’s ever evolving markets and operating environment. The Governance Committee believes that a balance of director age and tenures best enables the Board to effectively oversee our businesses and support the execution of the financial and strategic objectives that are critical to driving long-term value for our stockholders during various economic and operating environments.

Biographical Information for Director Nominees

Biographical information for each of the director nominees is provided below along with a discussion of each nominee’s specific experience, qualifications, attributes or skills that have led the Board to conclude that each director should be nominated for election or re-election.

Additional Information Regarding Directors

For additional information regarding our Board, its standing committees, and our standards for corporate governance and director independence, refer to the sections entitled “Corporate Governance and Board Matters” and “Compensation of Executive Officers and Directors—Director Compensation” below.

Corporate Governance and Board Matters

Corporate Governance Highlights

As further discussed below, we maintain the following strong governance practices:

Board of Directors and its Standing Committees

Our Board holds regularly scheduled quarterly meetings and a regularly scheduled annual strategic planning session. In addition, the Board holds special meetings as and when necessary. During 2025, a year of strategic and transformational decisions, our Board held its customary four regularly scheduled quarterly meetings, as well as thirteen special meetings. Our independent directors meet in one or more executive sessions in connection with each regularly scheduled Board meeting and frequently meet in executive session in connection with special meetings of the Board. Each director participated in at least 75% of the meetings of the Board and the committees on which the director served during 2025.

In 2025, the Company completed a comprehensive strategic review, which led to a decision to acquire Inigo, a Lloyd’s specialty insurer. This acquisition advances our strategic focus to grow and diversify and expands our business from a leading U.S. private mortgage insurer into a global multi-line specialty insurer. Also, following the strategic review, we announced our planned divestiture of our mortgage conduit, title and real estate services businesses. These decisions reflect the Company’s go-forward growth strategy centered on its core expertise in risk management and insurance, while allowing for opportunities to deploy capital in businesses aligned with that expertise and vision. The Inigo acquisition closed in February 2026, and we expect that by the end of the third quarter of 2026, our plan to divest or otherwise exit our mortgage conduit, title and real estate businesses will be completed. The Board provided active oversight and strategic guidance related to these matters, receiving regular briefings, providing valuable insights, and participating in the evaluation of the strategic, financial and risk considerations. This process required numerous additional Board meetings throughout the year, culminating in the Board’s approval of these actions.

Our Non-executive Chairman of the Board presides over all meetings of the Board, including executive sessions of the independent members of the Board. Our policy is that all of our director nominees are expected to attend our annual meeting, and all of our director nominees who were serving as directors last year attended the 2025 annual meeting. As discussed below under “Director Independence,” all of our directors, except our CEO, Mr. Thornberry, satisfy the requirements for independent directors under the NYSE listing standards and SEC rules.

Directors are expected to devote the time, effort and attention required to serve effectively on the Board. The Company’s Guidelines of Corporate Governance limit directors to serve on no more than two boards of publicly traded companies in addition to the Company’s Board. For the Company’s CEO, the limit is no more than one board of a publicly traded company in addition to the Company’s Board. Finally, a director who is a member of the Audit Committee may not serve on the audit committees of more than two publicly traded companies in addition to the Company’s Audit Committee.

Board Standing Committees

The Board currently has five standing committees and also forms special committees from time-to-time, as necessary. The current composition of the Board’s standing committees is as follows:

In addition to the key responsibilities of the standing committees described above, see “Board and Board Committee Roles in Risk Oversight” for more information about the work of these committees.

Board Leadership Structure

Our Non-executive Chairman of the Board and CEO are separate positions. We believe that separating these positions enhances the independent oversight of the Company and the effective functioning of the Board, as well as the Board’s monitoring and objective evaluation of the CEO’s performance. In addition, by separating these positions, the Board is able to remain fully engaged and objective in providing perspective with respect to the Company’s strategy and effectively evaluating the implementation of this strategy.

Our Non-executive Chairman of the Board is independent of management and, as provided in our Guidelines of Corporate Governance, is responsible for the management, development and effective performance of the Board and for serving in an advisory capacity to the CEO and to other members of management on all matters concerning the interests of the Board. The Non-executive Chairman of the Board sets the agenda for Board meetings and presides over meetings of the Board.

The CEO is responsible for the strategic direction and day-to-day leadership and performance of the Company. As described in our Guidelines of Corporate Governance, the responsibilities of the CEO include:

Board and Board Committee Roles in Risk Oversight

Our Board is actively involved in the oversight of Material Risks. The Board seeks to understand and oversee the most critical risks relating to our business and to ensure there is an effective governance process in place for reviewing the systems and processes management has developed to manage and mitigate Material Risks, including those that could arise in the future. The Board has formed a standing committee, the Risk Committee, for the primary purpose of overseeing the Company’s management of Material Risks. In carrying out this responsibility, the Risk Committee’s primary role is coordination, working with the Board and other committees to ensure the effective oversight over Material Risks.

In conducting its risk oversight responsibilities, the Risk Committee oversees the Company’s ERM function, including by:

The Risk Committee uses the information derived from its oversight over ERM to allocate and coordinate oversight responsibilities over Material Risks among the Board and its committees as follows:

The committee chairs provide regular reports to the full Board regarding their committee’s risk oversight responsibilities as discussed above. The Board conducts its risk oversight responsibility in the areas discussed above through these reports, as well as through regular discussions and reports from management regarding other Material Risks not otherwise allocated to the committees, including risks associated with AI as discussed below. Finally, the full Board also

considers current and potential future strategic risks facing the Company, as part of its annual strategic planning session with management.

To assist the Board in its oversight of the use of AI, we have established a management committee, the Artificial Intelligence Governance Committee (the “AI Governance Committee”), that is responsible for implementing our Artificial Intelligence Governance Policy (the “AI Policy”) and for establishing, overseeing and enforcing our AI governance framework, including assisting executive management in fulfilling its oversight responsibilities regarding the Company’s use of AI. Our AI Policy provides for a risk-based governance framework for our use and management of AI and is designed to comply with applicable laws, regulations, ethical standards, our business objectives and values, and our Code of Conduct and Ethics. The AI Policy also allows for responsible innovation and realization of the benefits of AI in line with our business objectives. Among other things, the AI Governance Committee: sets standards for AI evaluation, approval, lifecycle management, and ethical use; measures and reports on AI use; and promotes AI awareness and education among stakeholders. The AI Governance Committee meets regularly to review proposed AI initiatives and to evaluate, among other things, data privacy and security concerns. The Board regularly receives updates on our AI development, including AI governance, from members of executive management, as well as educational and market updates from outside experts.

CEO and Management Succession Planning

Our CHCM Committee reviews the quality and depth of officers throughout Radian, as well as our talent development and succession practices and programs. These include leadership programs, mentorship initiatives and cross-functional training experiences to ensure that our leadership bench is deep and well prepared to meet the opportunities of an ever-evolving business landscape.

Consistent with its charter, the CHCM Committee reviews long-term and interim succession planning for the CEO and other senior officers. As part of this process, the CHCM Committee meets regularly with the CEO and Chief People and Operating Officer (“CP&OO”) to review the Company’s top and emerging talent and their development plans. In addition, to further increase Board visibility to the Company’s top talent, the Board and management regularly pursue opportunities to facilitate interactions among the Board and these individuals inside and outside the boardroom.

Director Independence

Our Guidelines of Corporate Governance provide that a substantial majority of our Board must consist of independent directors, as independence is determined under the NYSE’s listing standards and applicable SEC rules. Our Board has determined that all of the members of the Board, except our CEO, Richard G. Thornberry, are “independent” under current NYSE listing standards and SEC rules. In determining that each of our non-executive directors is independent, the Board considered whether there were any related person transactions (within the meaning of our related person transaction policy) or other facts and circumstances that might impair the independence of each director, as further discussed below. The Board concluded that no material direct or indirect relationship exists between the Company and any of its non-executive directors, other than those compensatory matters that are a direct consequence of serving on our Board and which are detailed below in “Compensation of Executive Officers and Directors—Director Compensation.”

In concluding that each of our non-executive directors is independent, the Governance Committee and the Board considered that certain director nominees hold board positions with other entities that are either Radian customers, potential Radian customers or otherwise involved in related businesses or activities. Specifically, the Governance Committee and the Board considered the following relationships.

With regard to each of the foregoing relationships, the Governance Committee determined that the dual board positions did not impair the director’s independence based on, among other factors, the current size of the relevant customer relationships, that the customer relationships are arms-length transactions on customary terms and the director’s lack of oversight and compensation benefits related to the business relationships. Based on the recommendation of the Governance Committee, the Board considered these relationships and concluded, in each case, that it did not impair the applicable director’s independence.

Consideration of Director Nominees

Director Qualifications

Our Governance Committee recommends candidates for nomination to our Board based on a number of factors, including the following minimum criteria:

Identifying and Evaluating Director Nominees

In evaluating candidates for the Board, the Governance Committee and the Board seek to foster a board that collectively possesses the qualifications and characteristics to most effectively oversee the Company’s businesses and to support our strategic focus. The Board’s director search process has, in recent years, been guided by initially identifying the desired skill sets to best oversee the Company’s businesses and strategic plan in light of existing and emerging risks and opportunities. The Governance Committee then conducts a search that prioritizes the desired skill sets, while also ensuring that the pool of candidates it evaluates includes qualified persons who reflect a broad range of experiences and backgrounds, including underrepresented areas of race, ethnicity and gender. See “Proposal 1 – Election of Directors” for additional information.

When seeking and evaluating candidates for the Board, the Governance Committee considers qualified candidates identified by members of the Governance Committee, by other members of the Board, by senior management, by stockholders (if their recommendations of candidates are submitted in accordance with the procedures described below) and by national search firms. In all cases, the Governance Committee will facilitate several interviews of a candidate if the committee believes the candidate to be suitable after an initial evaluation, and will perform a

comprehensive background investigation on the candidate. The Governance Committee also may discuss a candidate at multiple meetings and provide the candidate with the opportunity to meet with members of senior management and the full Board.

Stockholder Nominations and Recommendations

Our By-Laws describe the procedures for stockholders to follow for nominating candidates to our Board. For our 2027 annual meeting of stockholders, stockholders may nominate a candidate for election to our Board by sending written notice to our Corporate Secretary at our principal office, which must be received on or before February 20, 2027, but no earlier than January 21, 2027 (except that if the date of the 2027 annual meeting of stockholders is more than 30 days before or more than 60 days after the anniversary date of the Annual Meeting, notice by the stockholder must be received between the close of business on the 120th day and 90th day before the date of the 2027 annual meeting or, if the first public announcement of the date of the 2027 annual meeting is less than 100 days before the date of the meeting, then the notice by the stockholder must be received by the 10th day after the public announcement).

The notice to our Corporate Secretary must contain or be accompanied by the information required by Section 4.13 of our By-Laws, which includes, among other things: (i) the name, age, principal occupation, and business and residence address of each person nominated; (ii) the class and number of shares of our capital stock which are directly or indirectly beneficially owned by each person nominated; (iii) the name and record address of the stockholder making the nomination and the beneficial owner, if any, on whose behalf the nomination is made; (iv) the class and number of shares of our capital stock owned directly or indirectly by the stockholder making the nomination or the beneficial owner, if any, on whose behalf the nomination is made; (v) a description of any direct or indirect compensation or other material monetary agreements, arrangements or understandings, or any other material relationships (including any familial relationships) between the stockholder giving notice (or the beneficial owner) and the nominee or any respective affiliates, associates or others with whom they are acting; and (vi) a representation regarding whether the nominating stockholder or beneficial owner, if any, or any of their respective affiliates, associates or others with whom they are acting intend to solicit proxies in support of director nominees other than the Company’s nominees in accordance with Rule 14a-19 promulgated under the Exchange Act (“Rule 14a-19”), as well as certain other information. A copy of the full text of the relevant By-Law provisions, which includes the complete list of the information that must be submitted to nominate a director, may be obtained upon written request directed to our Corporate Secretary at our principal office. A copy of our By-Laws is also posted on the Corporate Governance section of our website (www.radian.com).

To comply with the SEC’s universal proxy rules, stockholders intending to solicit proxies in support of director nominees other than the Company’s nominees must provide in their notice of nomination the information required by Rule 14a-19 during the period prescribed by our By-Laws as set forth above.

In addition to a stockholder’s ability to nominate candidates to serve on our Board as described above, stockholders also may recommend candidates to the Governance Committee for its consideration. The Governance Committee is pleased to consider recommendations from stockholders regarding director nominee candidates that are received in writing and accompanied by sufficient information to enable the Governance Committee to assess the candidate’s qualifications, along with confirmation of the candidate’s consent to serve as a director if elected. Such recommendations should be sent to our Corporate Secretary at our principal office. Any recommendation received from a stockholder after January 1st of any year is not assured of being considered for nomination in that year.

Board, Standing Committee and Individual Director Performance Evaluations

The Board recognizes that a constructive board evaluation is an important component of good governance practices and promotes board effectiveness and accountability. In accordance with our Guidelines of Corporate Governance, the

Governance Committee facilitates an annual assessment of each director’s board performance (including the Non-executive Chairman), as well as the performance of the Board as a whole and the performance of each of the Board’s standing committees. The Governance Committee facilitates this process for the Board by conducting it internally, and on occasion, may engage an independent governance consultant to conduct the process and to provide a third party perspective on performance, effectiveness, and board dynamics, as well as board succession planning.

Individual Director Performance

For individual director assessments, each director conducts a self-assessment, comparing their performance to the expectations set forth in our Guidelines of Corporate Governance. Our Non-executive Chairman also performs an assessment of each director’s performance compared to these expectations and meets with each director to discuss their performance, taking into consideration the director’s self-assessment, with the primary goal of identifying opportunities for improvement and growth and interest in leadership roles, as well as to identify whether they have sufficient time to dedicate to Board responsibilities. Each member of the Board completes a review of the Non-executive Chairman’s performance against the expectations set forth in the Guidelines of Corporate Governance, and the Governance Committee Chair meets with the Non-executive Chairman to provide the directors’ feedback, taking into consideration the Non-executive Chairman’s self-assessment. The results of the director evaluation process are reported by the Non-executive Chairman (by the Governance Committee Chair for the Non-executive Chairman’s evaluation) to the Governance Committee for consideration by the Governance Committee as part of its determination as to whether to recommend each director’s nomination for reelection to our Board.

Board and Standing Committee Performance

For the full Board and each of its standing committees, the Board and the committees conduct an annual self-assessment compared to the expectations set forth in our Guidelines of Corporate Governance. Each Board committee reviews their self-assessment to identify areas for potential improvement, and the results of all assessments (i.e., each committee and the full Board assessments) are reviewed by the Governance Committee and discussed with the full Board. For 2025, the annual Board evaluation focused on the following areas:

The Board is committed to continuous improvement in fulfilling its oversight role. The Board and committee self-assessment evaluations, as well as the individual director assessments, provide the primary basis for the development by the Governance Committee, upon the recommendation of the Non-executive Board Chairman, of the Board’s improvement and development priorities. The evaluation process also informs Board committee assignments and board and committee leadership succession planning. Taking into consideration the information and feedback derived from the 2025 evaluations, the Board continues to be focused on improvement in the following areas:

Engagement and Outreach

We value regular communication with our stockholders and other stakeholders to gather their perspectives and feedback. As part of our commitment to engage with our investors, in the ordinary course, management frequently meets with stockholders to discuss strategy, financial performance, capital allocation, governance and board oversight, corporate responsibility initiatives, our executive compensation program and any other matters of significance to them.

Through our annual stockholder engagement process conducted each fall, we endeavor to learn about our stockholders’ voting considerations, influences and processes, as well as their perspectives and priorities with respect to executive compensation, human capital management and how our programs are designed to support our strategy and corporate purpose. In 2025, we extended invitations to 67% of the Company’s stockholder base to engage on topics related to governance, executive compensation and corporate responsibility. The key themes discussed during our 2025 annual engagement included: financial and business overview; strategy and the Inigo acquisition; Board composition, succession and alignment with strategy; Board evaluation process/continuous improvement; corporate governance practices; and our executive compensation program, including alignment of variable pay with stockholders’ interests, and the feedback we received was generally positive.

Management shares information learned through our engagement process with the CHCM Committee and with the Governance Committee, as relevant, and our Board committees regularly report on these matters to the full Board. In addition, our Board receives quarterly reports summarizing our investor relations and stockholder engagement activities and the feedback received. We continually consider potential enhancements to our corporate governance, executive

compensation and disclosure practices, including incorporating the valuable feedback received through our stockholder engagement program. We believe our stockholders are generally appreciative of our focus on board succession planning, our compensation practices and our related disclosure.

Compensation and Human Capital Management Committee Interlocks and Insider Participation

Ms. Leyden (Chair) and Messrs. Ahmad, Conner and Spiegel currently serve on the CHCM Committee and served on this committee during 2025. In addition, former director Ms. Lisa Hess served as a member of the CHCM Committee until her retirement from the Board in May 2025. No director who served on the CHCM Committee during 2025: (i) has ever been an officer or employee of Radian or any of its subsidiaries or (ii) had any relationship with Radian or its subsidiaries during 2025 that would require disclosure under Item 404 of the SEC’s Regulation S-K.

During 2025, none of our executive officers served as a director or member of the compensation committee (or other Board committee performing equivalent functions or, in the absence of any such committee, the entire board) of any other entity, one of whose executive officers is or has been a director of Radian or a member of the CHCM Committee.

Policies and Procedures for Approval of Related Party Transactions

Our Board has adopted a written policy regarding related person transactions. This policy establishes procedures by which the Governance Committee must review certain transactions that could present a conflict of interest based on the interests of the Company and a related party in such transaction. The policy applies to any transaction, other than certain excluded transactions (e.g., compensation arrangements with executive officers or directors that have been approved by the CHCM Committee), in which: (i) Radian or any of its subsidiaries was or is to be a participant and (ii) any related person had or will have a direct or indirect material interest. For purposes of this policy, a related person is any of our directors or nominees for director, any of our executive officers, any stockholder known to us to own in excess of 5% of our common stock (“5% Stockholders”), and any immediate family member of one of our directors, nominees for director, executive officers or 5% Stockholders. Under the policy, in order for a related person transaction to proceed, it must be reviewed and approved or ratified by our Governance Committee. Our Governance Committee is also responsible for providing ongoing oversight of any related person transaction.

The policy regarding related person transactions provides that the Governance Committee may approve or ratify a related person transaction (including, if applicable, as modified) only upon affirmatively concluding that the transaction: (i) is on terms no less favorable to the Company than those that could be obtained in arm’s length dealings with an unrelated third-party; (ii) is consistent with the applicable independence rules of the SEC and NYSE; and (iii) does not create or otherwise give the impression of a conflict of interest that could result in harm to the Company. If the Governance Committee determines that an existing related person transaction has failed to meet this standard for ratification, the transaction must be unwound promptly unless the Governance Committee further determines that: (i) the transaction was entered into in good faith (i.e., in the absence of fraud and not with the intention of circumventing the pre-approval requirements of our related person transactions policy) and (ii) the risks to the Company of unwinding the transaction outweigh the risks associated with not unwinding the transaction.

See “Corporate Governance and Board Matters—Director Independence.”

There are no related person transactions to disclose regarding the Company’s directors or executive officers. In the ordinary course of business, affiliates of BlackRock, Inc., a holder of greater than 5% of the Company’s common stock,

provide the Company and its affiliates with investment management services for their investment portfolios. During 2025, Radian paid affiliates of BlackRock, Inc. approximately $1,900,000. In 2025, Inigo (which Radian acquired on February 2, 2026) incurred approximately £1,196,728 of fees for services from BlackRock, Inc. of which £736,016 was paid in 2025 and £460,712 will be paid in 2026 (totaling approximately $1,610,000 applying the exchange rate of $1.3448 = £1 at December 31, 2025). Investment management services from affiliates of BlackRock, Inc. are expected to continue in 2026. These investment management services are unrelated to BlackRock, Inc.’s common stock ownership, and the Governance Committee reviewed and ratified these arrangements in accordance with the Company’s related person transaction policy. For information on BlackRock, Inc.’s ownership of our common stock, see “Beneficial Ownership of Common Stock – Security Ownership of Certain Stockholders.”

Anti-Hedging Policy and Anti-Pledging Policy

Radian’s Insider Trading Policy prohibits all Radian employees, temporary or contract workers and Board members, while employed by or providing services to Radian, from engaging in any form of hedging or monetization transaction that allows a covered person to continue to own Radian securities without taking on the full risks and rewards of such ownership; and from the pledging of Radian securities that could result in a forced sale when a person may possess material nonpublic information. This general prohibition specifically includes: (i) short sales of Radian securities; (ii) buying or selling puts or calls of Radian securities; and (iii) pledging Radian securities as collateral for a loan or holding Radian securities in a margin account. The Insider Trading Policy is available in the Corporate Governance section of our website (www.radian.com).

Information on Our Website

In addition to our Amended and Restated Certificate of Incorporation and our By-Laws, the Corporate Governance section of our website (www.radian.com) includes the following corporate governance materials, any of which are also available in print and free of charge upon request.

Board Committee Charters

Each of the standing committees of our Board operates under a written charter adopted by the full Board upon the recommendation of the Governance Committee. Each committee considers the need for amendments or enhancements to its charter at least annually and more frequently as necessary.

Guidelines of Corporate Governance

In addition to our By-Laws, our Board has adopted Guidelines of Corporate Governance to manage its operations. Among other things, these guidelines delineate the qualifications for our directors and the relative responsibilities of our Board, its standing committees, our Non-executive Chairman, our CEO and our Corporate Secretary. The Governance Committee and Board consider the need for amendments or enhancements to our Guidelines of Corporate Governance at least annually and more frequently as necessary.

Code of Conduct and Ethics

Our Code of Conduct and Ethics (the “Code of Conduct”) is binding on all of our employees and directors, and includes a “code of ethics” applicable to our senior executive officers. Any material or substantive amendments to the Code of Conduct must be reviewed and approved by the Board.

Certain provisions of the Code of Conduct also apply to former employees and directors. We intend to post on our website any amendments to, or waivers of, any provision of the Code of Conduct that applies to our CEO, principal financial officer or principal accounting officer or that relates to any element of the SEC’s definition of a “code of ethics.”

Stockholder Communications

We encourage stockholders to freely communicate with management and our Board. In that regard, we have established an email address that enables stockholders to convey their concerns, questions and comments to the members of our Board. The address is: directors@radian.com. In addition, interested persons may write to the Non-executive Chairman at Radian Group Inc., 550 East Swedesford Road, Suite 350, Wayne, Pennsylvania 19087, or to Elizabeth A. Diffley, Senior Corporate Counsel and Corporate Secretary, at the same address. This contact information also is available on our website.

Annual Report and Proxy Statement

This Proxy Statement and our 2025 Annual Report to Stockholders are available at www.radian.com/StockholderReports.

Any updated or amended versions of the items listed above will be posted to our website promptly after adoption. The information contained on our website is not deemed to be incorporated by reference into this Proxy Statement.

Audit Committee Report

The functions of the Audit Committee are outlined in its charter posted on the Corporate Governance section of the Company’s website (www.radian.com) and, as more fully described in the Audit Committee’s charter, include general responsibilities within the categories of oversight, audit and financial reporting, compliance and risk. The Audit Committee is directly responsible for the appointment, retention, compensation and oversight of an independent registered public accounting firm to audit the Company’s financial statements each year. The committee is also assigned other responsibilities, including, without limitation, to: (i) monitor the independent registered public accounting firm’s independence; (ii) monitor the professional services provided by the independent registered public accounting firm, including pre-approving all audit and permissible non-audit services provided by the independent registered public accounting firm in accordance with federal law and the rules and regulations of the SEC; (iii) review audit results with the independent registered public accounting firm; (iv) review and discuss with management and the independent registered public accounting firm the Company’s financial statements and other financial disclosures in the Company’s filings with the SEC; (v) establish procedures for receiving, retaining and treating complaints regarding the Company’s accounting and internal accounting controls or other auditing matters; (vi) review with management, the independent registered public accounting firm and the Company’s internal audit department the Company’s accounting and reporting principles, practices and policies and the adequacy of the Company’s internal control over financial reporting; and (vii) provide oversight regarding certain significant risks or exposures facing the Company, including in particular, financial and accounting risk exposures, such as the risk of fraud, as well as legal and compliance risk exposures.

The Audit Committee discusses with the independent registered public accounting firm and the Company’s Chief Audit Executive the overall scope and plans for their respective audits and meets with them, with and without management present, to discuss their respective audits. Further, the Audit Committee meets in separate, executive sessions regularly with management, the independent registered public accounting firm and the Chief Audit Executive to discuss the adequacy and effectiveness of internal accounting and financial controls of the Company.

Before the 2025 Annual Report on Form 10-K was filed with the SEC, the Audit Committee reviewed and discussed with management the Company’s audited Consolidated Financial Statements for the year ended December 31, 2025, and the notes thereto and other financial information included in the report, including the section of the report entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The Audit Committee also discussed with PricewaterhouseCoopers LLP (“PwC”), the Company’s independent registered public accounting firm for 2025, the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the SEC including, among other things, matters related to the conduct of the audit of the Company’s financial statements as well as PwC’s identification and communication of Radian’s critical audit matter in PwC’s report included in the 2025 Annual Report on Form 10-K. The Audit Committee has received the written disclosures and the letter from PwC required by applicable requirements of the PCAOB regarding PwC’s communications with the Audit Committee concerning independence, and has discussed with PwC their independence from the Company.

Based on its reviews and discussions described in this report, the Audit Committee recommended to the Board that the Company’s audited financial statements be included in the 2025 Annual Report on Form 10-K for filing with the SEC.

Proposal 2 – Advisory Vote to Approve the Compensation of the Company’s Named Executive Officers

Pursuant to Section 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we are providing our stockholders with the opportunity to approve, on an advisory, non-binding basis, the compensation of our named executive officers (“NEOs”), as disclosed in the “Compensation of Executive Officers and Directors—Compensation Discussion and Analysis” section of this Proxy Statement (“CD&A”) and the accompanying tabular and narrative disclosures. This vote is intended to provide an overall assessment of our executive compensation program rather than focus on any specific item of compensation.

Our executive compensation program is designed under the direction of the CHCM Committee to attract, motivate and retain high quality executive officers and to align our pay-for-performance philosophy with our overall business and strategic objectives. This pay-for-performance philosophy is intended to incentivize long-term value creation to align our NEOs’ interests with those of our stockholders, while discouraging inappropriate actions, including unnecessary or excessive risk taking. We urge you to read the CD&A in its entirety for a discussion regarding our 2025 executive compensation program, including the CHCM Committee’s application of our pay-for-performance philosophy.

Key features of our compensation program include:

The Company currently holds advisory votes on an annual basis. Although the vote on the compensation of our NEOs is advisory and non-binding, our Board values the opinions of our stockholders and will take into account the outcome of the vote when considering future executive compensation matters. We are asking our stockholders to indicate their support for the compensation of our NEOs by voting “FOR” this proposal and the following resolution:

“RESOLVED, that the Company’s stockholders approve, on an advisory basis, the compensation of the named executive officers, as disclosed in the Company’s Proxy Statement for the 2026 Annual Meeting of Stockholders pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, the 2025 Summary Compensation Table and the other related tables and disclosures.”

Proposal 3 – Approval of Radian Group Inc. 2026 Equity Compensation Plan

On February 11, 2026, our Board of Directors approved the Radian Group Inc. 2026 Equity Compensation Plan (the “Equity Plan”), subject to stockholder approval at the Annual Meeting. The Equity Plan will become effective on the date it is approved by our stockholders (the “Effective Date”).

The purpose of the Equity Plan is to promote the interests of the Company by providing employees, non-employee directors, independent contractors, consultants and advisors of the Company with appropriate incentives and aligning their long-term interests with those of our stockholders. The Equity Plan supports our commitment to aligning our global workforce and businesses to achieve common performance goals and serves as a valuable hiring and retention tool to attract, motivate and retain officers and other talent who we expect will contribute to our success. We believe that the Equity Plan is necessary to enable the Company to further these objectives by providing these individuals, in most cases as a core component of their compensation, an opportunity to acquire a direct proprietary interest in the future success of the Company. The Equity Plan will allow us to continue to incentivize these individuals to execute our strategic plan and grow and diversify our businesses with a primary overall objective of enhancing long-term value for stockholders. As a result, we believe the Equity Plan is critical to continue to closely align the interests of Equity Plan participants with those of our stockholders.

The terms of the Equity Plan will apply only to awards granted on or after the Effective Date, and awards granted prior to the Effective Date will continue to be governed by the applicable grant letters and the terms of our current equity compensation plan, the Radian Group Inc. 2021 Equity Compensation Plan, that was approved by our stockholders on May 12, 2021 (the “2021 Equity Plan”), as well as our other Prior Equity Plans (as described below), as applicable. The 2021 Equity Plan was a successor to the Radian Group Inc. Equity Compensation Plan, which was approved by our stockholders on May 10, 2017, as amended (the “2017 Equity Plan”), and amended and restated the Radian Group Inc. 2014 Equity Compensation Plan, which was a successor to the Radian Group Inc. Amended and Restated 2008 Equity Compensation Plan (the “2008 Equity Plan,” collectively with the 2021 Equity Plan, the 2017 Equity Plan and any other prior equity compensation plan of the Company, the “Prior Equity Plans”).

Determination of Shares to be Available for Issuance

Our Board believes that our executive compensation program, and particularly the granting of equity awards, allows us to align the interests of officers, directors, employees and other individuals who are selected to receive awards with the long-term interests of our stockholders. The Equity Plan is designed to enable us to formulate and implement a compensation program that will attract, motivate and retain officers and other employees who we expect will contribute

to our financial success. Our Board believes that awards granted pursuant to the Equity Plan are a vital component of our compensation program and, accordingly, that it is important that an appropriate number of shares be authorized for issuance under the Equity Plan. See “Compensation of Executive Officers and Directors—Compensation Discussion and Analysis—IV. Primary Components of Compensation—C. Long-Term Incentive Program.”

If this Proposal 3 is approved by our stockholders at the Annual Meeting, the maximum aggregate number of new shares that may be issued under the Equity Plan is 2,000,000 shares of common stock. In addition, (i) any shares of common stock that remain available for awards under the 2021 Equity Plan as of the Effective Date may be issued with respect to awards under the Equity Plan and (ii) any shares of common stock subject to outstanding awards under the 2021 Equity Plan as of the Effective Date that are payable in shares and that terminate, expire or are cancelled without having been exercised, vested, or settled in full, as applicable, on or after the Effective Date, may be issued with respect to awards under the Equity Plan. The aggregate number of shares that may be issued under the Equity Plan is subject to adjustments under the Equity Plan, as described in “Adjustment Provisions; Change of Control of Radian” below.

In determining the number of shares to reserve for issuance under the Equity Plan, we considered many factors, including our share availability under the 2021 Equity Plan, our historical grant levels or “burn rate,” and our projected burn rate under the Equity Plan, as well as the potential costs and benefits to our stockholders of the share request under the Equity Plan.

Dilution Analysis

The table below shows our potential dilution (often referred to as “overhang”) levels based on the shares of our common stock outstanding combined with our total equity awards outstanding, the shares currently available for grant under the 2021 Equity Plan and our proposal for 2,000,000 new shares of our common stock to be available for awards under the Equity Plan. The 2,000,000 new shares represent potential dilution of approximately 1.39% of the “Total Potential Overhang plus Shares of Common Stock Outstanding as of February 18, 2026,” as described in the table below. We believe that this number of shares of common stock under the Equity Plan represents a reasonable amount of potential equity dilution, which will allow us to continue granting equity awards in furtherance of the Company’s objectives and the goals of our equity compensation program, including our performance-based compensation practices.

Based on our current equity award practices, we estimate that the share reserve under the Equity Plan may be sufficient to provide us with an opportunity to grant equity awards under the Equity Plan for approximately two years, in amounts determined appropriate by the Compensation and Human Capital Management Committee of the Board (the “Committee”), which will administer the Equity Plan. This is only an estimate, and circumstances could cause the share reserve to be used more quickly or more slowly. These circumstances include, but are not limited to, the future price of shares of our common stock, the type of equity instruments we issue as long-term incentive compensation, any change to our compensation program involving a different percentage of equity-based compensation compared to cash-based compensation, payouts of performance-based awards in excess of target in the event of superior performance, hiring activity and promotions.

Burn Rate

The table below sets forth the following information regarding the awards granted under the 2021 Equity Plan: (a) the burn rate for each of the last three calendar years and (b) the average burn rate over the last three calendar years. The burn rate for each year has been calculated as follows:

Dividend equivalents under outstanding awards granted to employees and non-employee directors for each of the last three calendar years are not included in the burn rate calculation because they are paid in cash.

For completeness, we have also included in the table below a burn rate calculation based on the number of stock options granted, time-based RSUs granted and performance-based RSUs earned in the applicable year, divided by the weighted average number of shares of our common stock outstanding for the applicable year.