NMI Holdings, Inc.
For the period ended Jun 30, 2026. Filed Jul 31, 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 Jul 31, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| (Mark One) | ||
|---|---|---|
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
| For the quarterly period ended | June 30, 2026 | |
OR
| ☐ | 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 001-36174
NMI Holdings, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 45-4914248 | |||
|---|---|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
| 2100 Powell Street | Emeryville | , | CA | 94608 |
| (Address of principal executive offices) | (Zip Code) | |||
(855)530-6642
(Registrant's telephone number, including area code)
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, par value $0.01 | NMIH | Nasdaq |
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 | ☐ | ||
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 common stock, $0.01 par value per share, of the registrant outstanding on July 27, 2026 was 75,217,851 shares.
TABLE OF CONTENTS
| Cautionary Note Regarding Forward-Looking Statements | 4 | |
|---|---|---|
| PART I | 6 | |
| Item 1. | Financial Statements | 6 |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 28 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 52 |
| Item 4. | Controls and Procedures | 53 |
| PART II | 54 | |
| Item 1. | Legal Proceedings | 54 |
| Item 1A. | Risk Factors | 54 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 54 |
| Item 5. | Other Information | 55 |
| Item 6. | Exhibits | 56 |
| Signatures | 59 |
Glossary of Abbreviations and Acronyms
The following list defines various abbreviations and acronyms used throughout this report and in our Annual Report on Form 10-K for the year ended December 31, 2025.
| ASU | Accounting Standards Update |
|---|---|
| BPMI | Borrower-paid mortgage insurance |
| CEO | Chief executive officer |
| CODM | Chief operating decision maker |
| DTI | Debt-to-income |
| EPS | Earnings per share |
| Fannie Mae | Federal National Mortgage Association |
| FASB | Financial Accounting Standards Board |
| FHFA | Federal Housing Finance Agency |
| FICO | Fair Isaac Corporation |
| Freddie Mac | Federal Home Loan Mortgage Corporation |
| GAAP | Generally accepted accounting principles in the U.S. |
| GSEs | Government-Sponsored Enterprises (Fannie Mae and Freddie Mac) |
| IBNR | Incurred but not reported |
| IIF | Insurance-in-force |
| ILN | Insurance-linked notes |
| IRC | Internal revenue code |
| IT | Information technology |
| LTV | Loan-to-value |
| LPMI | Lender-paid mortgage insurance |
| MI | Mortgage insurance |
| NAIC | National Association of Insurance Commissioners |
| NIW | New insurance written |
| NMIC | National Mortgage Insurance Corporation, a subsidiary of NMI Holdings, Inc. |
| NMIH | NMI Holdings, Inc. |
| NMIS | National Mortgage Insurance Services, Inc., a subsidiary of NMI Holdings, Inc. |
| PMIERs | Private mortgage insurer eligibility requirements |
| QSR | Quota share reinsurance |
| Rate card | A fixed schedule of mortgage insurance premium rates applied uniformly across defined loan categories |
| Rate GPS® | Our proprietary risk-based pricing platform |
| Re One | National Mortgage Reinsurance Inc. One |
| RIF | Risk-in-force |
| RSU | Restricted stock units |
| RTC | Risk-to-capital |
| SAP | Statutory accounting principles |
| SEC | United States Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |
| Wisconsin OCI | The Wisconsin Office of the Commissioner of Insurance |
| XOL | Excess-of-loss |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.