24 unchanged sentences
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria .
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedules listed in the accompanying index appearing under Part IV, Item 15 – Exhibits and Financial Statement Schedules and our report dated February 14, 2024 expressed an unqualified opinion thereon.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and schedules listed in the accompanying index appearing under Part IV, Item 15 – Exhibits and Financial Statement Schedules and our report dated February 12, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
−Removed: The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying “Item 9A, Controls and Procedures.” Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.
+Added: The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying “Item 9A, Controls and Procedures”.
+Added: Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S.
82 unchanged sentences
Form of NMI Holdings, Inc.
−Removed: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (For Independent Directors)
+Added: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (For Independent Directors) (incorporated herein by reference to Exhibit 10.12 to our Form 10-K, filed on February 15, 2024)
Form of NMI Holdings, Inc.
9 unchanged sentences
Form of NMI Holdings, Inc.
−Removed: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (For Executives )
+Added: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (For Executives) (incorporated herein by reference to Exhibit 10.18 to our Form 10-K, filed on February 14, 2025)
Form of NMI Holdings, Inc.
−Removed: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (For Employees)
+Added: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (For Employees) (incorporated herein by reference to Exhibit 10.19 to our Form 10-K, filed on February 14, 2025)
Form of NMI Holdings, Inc.
−Removed: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Performance Based)
+Added: Amended and Restated 2014 Omnibus Incentive Plan Restricted Stock Unit Award Agreement (Performance Based) (incorporated herein by reference to Exhibit 10.20 to our Form 10-K, filed on February 14, 2025)
Form of Indemnification Agreement between NMI Holdings, Inc.
1 unchanged sentence
NMI Holdings, Inc.
−Removed: Severance Benefit Plan (incorporated herein by reference to Exhibit 10.1 to our Form 8-K, filed on February 17, 2016)
+Added: Severance Benefit Plan (incorporated herein by reference to Exhibit 10.22 to our Form 10-Q, filed on November 5, 2025)
NMI Holdings, Inc.
−Removed: Amended and Restated Change in Control Severance Benefit Plan (incorporated herein by reference to Exhibit 10.30 to our Form 10-Q, filed on October 30, 2018)
+Added: Amended and Restated Change in Control Severance Benefit Plan (incorporated herein by reference to Exhibit 10.23 to our Form 10-Q, filed on November 5, 2025)
Offer Letter by and between NMI Holdings, Inc.
6 unchanged sentences
Offer Letter by and between NMI Holdings, Inc.
−Removed: and Ravi Mallela, dated December 20, 2021 (incorporated herein by reference to Exhibit 10.1 to our Form 8-K, filed on December 21, 2021)
+Added: and Aurora Swithenbank, dated March 1, 2024 (incorporated herein by reference to Exhibit 10.1 to our Form 8-K, filed on March 4, 2024)
+Added: Separation Agreement by and between NMI Holdings, Inc.
+Added: and Ravi Mallela, dated March 1, 2024 (incorporated herein by reference to Exhibit 10.2 to our Form 8-K, filed on March 4, 2024)
Commitment Letter dated July 12, 2013 for Bulk Fannie Mae-Paid Loss-on-Sale Mortgage Insurance on the Portfolio of approximately $5.46 billion Purchased by Fannie Mae and Identified by Fannie Mae as Deal No.
69 unchanged sentences
Asset-backed securities 72,774 70,125 70,125
+Added: agency mortgage-backed securities
+Added: 42,109 42,071 42,071
Total bonds 3,103,569 3,050,404 3,050,404
7 unchanged sentences
(In Thousands, except for share data)
−Removed: Fixed maturities, available-for-sale, at fair value (amortized cost of $ 92,878 and $ 49,520 as of December 31, 2024 and December 31, 2023, respectively)
+Added: Fixed maturities, available-for-sale, at fair value (amortized cost of $ 105,096 and $ 92,878 )
$ 104,303 $ 91,283
32 unchanged sentences
Net realized investment gains (losses)
−Removed: 33 ( 31 ) ( 13 )
Total revenues 4,782 5,175 3,889
Other operating expenses 7,240 7,468 7,828
−Removed: Gain from change in fair value of warrant liability — — ( 1,113 )
Total expenses 7,240 7,468 7,828
3 unchanged sentences
Net income $ 388,926 $ 360,106 $ 322,110
−Removed: Other comprehensive income (loss), net of tax:
−Removed: Unrealized gains (losses) in accumulated other comprehensive loss, net of tax expense (benefit) of $ 133 , $ 312 , and $( 748 ) for each of the years in the three-year period ended December 31, 2024, respectively
+Added: Other comprehensive income, net of tax:
+Added: Unrealized gains in accumulated other comprehensive loss, net of tax expense of $ 167 , $ 133 , and $ 312 for each of the years in the three-year period ended December 31, 2025, respectively
630 499 1,173
Reclassification adjustment for realized losses included in net income, net of tax benefit of $ 0 , $ 0 and $ 7 for each of the years in the three-year period ended December 31, 2025, respectively
−Removed: Equity in other comprehensive income (loss) of subsidiaries
+Added: Equity in other comprehensive income of subsidiaries
78,091 14,614 63,208
−Removed: Other comprehensive income (loss), net of tax
+Added: Other comprehensive income, net of tax
78,721 15,113 64,406
9 unchanged sentences
Adjustments to reconcile net income to net cash provided by operating activities:
−Removed: Net realized investment (gains) losses
−Removed: Gain from change in fair value of warrant liability — — ( 1,113 )
+Added: Net realized investment losses (gains)
Depreciation and amortization ( 2,469 ) ( 2,505 ) ( 890 )
7 unchanged sentences
Receivable from affiliates 573 ( 2,128 ) ( 8,108 )
−Removed: ( 1,070 ) ( 57 ) 518
+Added: Other assets ( 985 ) ( 1,070 ) ( 57 )
Accounts payable and accrued expenses ( 10,900 ) 8,764 2,605
5 unchanged sentences
Proceeds from maturities of short-term investments 146,700 88,700 100,607
−Removed: 88,700 100,607 86,995
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale 18,281 1,959 30,538
2 unchanged sentences
Net cash (used in) provided by investing activities ( 5,270 ) ( 53,107 ) 43,446
−Removed: ( 53,107 ) 43,446 ( 2,917 )
Cash flows from financing activities
Proceeds from issuance of common stock related to employee equity plans 2,875 4,290 10,549
−Removed: Proceeds from issuance of common stock related to warrant exercises — — 518
Taxes paid related to net share settlement of equity awards ( 10,980 ) ( 10,219 ) ( 9,356 )
4 unchanged sentences
Net cash used in financing activities ( 113,204 ) ( 96,699 ) ( 90,420 )
−Removed: ( 96,699 ) ( 90,420 ) ( 55,828 )
Net (decrease) increase in cash, cash equivalents and restricted cash ( 14,573 ) ( 25,498 ) 61,434
−Removed: ( 25,498 ) 61,434 ( 16,241 )
Cash, cash equivalents and restricted cash, beginning of period 40,876 66,374 4,940
34 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.