NI Holdings, Inc.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended June 30,2026
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission file number 001-37973
NI HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
| North Dakota | 81-2683619 |
|---|---|
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |
| 1101 First Avenue North Fargo, North Dakota | 58102 |
| (Address of principal executive offices) | (Zip Code) |
(701) 298-4200
Registrant’s telephone number, including area code
Not applicable
Former name, former address, and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value per share | NODK | Nasdaq Capital Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
i
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes No☒
The number of shares of Registrant’s common stock outstanding on July 31, 2026 was 20,404,723. No preferred shares are issued or outstanding.
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TABLE OF CONTENTS
| FORWARD-LOOKING STATEMENTS | 2 |
|---|---|
| Part I. - FINANCIAL INFORMATION | 3 |
| Item 1. - Financial Statements | 3 |
| Consolidated Balance Sheets – June 30, 2026 (Unaudited) and December 31, 2025 | 3 |
| Consolidated Statements of Operations (Unaudited) – Three Months and Six Months Ended June 30, 2026 and 2025 | 4 |
| Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three Months and Six Months Ended June 30, 2026 and 2025 | 5 |
| Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three Months and Six Months Ended June 30, 2026 and 2025 | 6 |
| Consolidated Statements of Cash Flows (Unaudited) – Six Months Ended June 30, 2026 and 2025 | 8 |
| Notes to Unaudited Consolidated Financial Statements | 9 |
| Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of Operations | 31 |
| Item 3. - Quantitative and Qualitative Disclosures about Market Risk | 39 |
| Item 4. - Controls and Procedures | 39 |
| Part II. - OTHER INFORMATION | 40 |
| Item 1. - Legal Proceedings | 40 |
| Item 1A. - Risk Factors | 40 |
| Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds | 41 |
| Item 3. - Defaults upon Senior Securities | 41 |
| Item 4. - Mine Safety Disclosures | 41 |
| Item 5. - Other Information | 42 |
| Item 6. - Exhibits | 42 |
| Signatures | 43 |
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CERTAIN IMPORTANT INFORMATION
Unless the context otherwise requires, as used in this Quarterly Report on Form 10-Q (“Form 10-Q”):
| · | “NI Holdings,” “the Company,” “we,” “us,” and “our” refer to NI Holdings, Inc., together with Nodak Insurance Company and its subsidiaries, and Direct Auto Insurance Company, for periods discussed after completion of the conversion; |
| · | the “Nodak conversion” refers to the series of transactions consummated on March 13, 2017, by which Nodak Mutual Insurance Company converted from a mutual insurance company to a stock insurance company, as Nodak Insurance Company, and became a wholly-owned subsidiary of NI Holdings, an intermediate stock holding company formed on the date of conversion; |
| · | “Nodak Mutual Group” refers to Nodak Mutual Group, Inc., which is the majority shareholder of NI Holdings; |
| · | “Nodak Mutual Insurance Company” is the predecessor company to Nodak Insurance Company prior to the conversion; |
| · | “Nodak Insurance” refers to Nodak Insurance Company or Nodak Mutual Insurance Company interchangeably; |
| · | “Battle Creek” refers to Battle Creek Insurance Company. Battle Creek is a wholly-owned subsidiary of Nodak Insurance; |
| · | “Direct Auto” refers to Direct Auto Insurance Company. Direct Auto is a wholly-owned subsidiary of NI Holdings; |
| · | “American West” refers to American West Insurance Company. American West is a wholly-owned subsidiary of Nodak Insurance; |
| · | “Primero” refers to Primero Insurance Company. Primero is an indirect, wholly-owned subsidiary of Nodak Insurance; and |
| · | “Nodak Agency” refers to Nodak Agency, Inc. Nodak Agency is a wholly-owned subsidiary of Nodak Insurance. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.