What changed in this filing

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Item 1. Financial Statements

2026-07-31 compared with 2026-05-01 · 156 added, 148 removed, 564 unchanged (35% of the section changed)

8 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Assets (In Thousands, except for share data)

22 unchanged sentences

Common stock - $ 0.01 par value;

88,951,544 shares issued and 76,149,574 shares outstanding as of March 31, 2026 and 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 ( 250,000,000 shares authorized)

88,995,839 shares issued and 75,367,346 shares outstanding as of June 30, 2026 and 88,371,465 shares issued and 76,285,242 shares outstanding as of December 31, 2025 ( 250,000,000 shares authorized)

Additional paid-in capital 1,012,534 1,016,772

Treasury stock, at cost:

12,801,970 and 12,086,223 common shares as of March 31, 2026 and December 31, 2025, respectively

13,628,493 and 12,086,223 common shares as of June 30, 2026 and December 31, 2025, respectively

( 411,207 ) ( 351,772 )

6 unchanged sentences

C ONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

For the three months ended March 31,

For the three months ended June 30, For the six months ended June 30,

2026 2025 2026 2025

(In Thousands, except for per share data)

1 unchanged sentence

Net investment income 30,331 24,949 58,935 48,635

Net realized investment (losses) gains ( 147 ) 24

Net realized investment losses ( 229 ) ( 400 ) ( 376 ) ( 376 )

Other revenues 265 164 477 334

16 unchanged sentences

Other comprehensive (loss) income, net of tax:

Unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $( 5,959 ) and $ 8,186 for the quarters ended March 31, 2026 and 2025, respectively

Unrealized (losses) gains in accumulated other comprehensive loss, net of tax (benefit) expense of $( 1,686 ) and $ 5,570 for the three months ended June 30, 2026 and 2025, and $( 7,645 ) and $ 13,756 for the six months ended June 30, 2026 and 2025, respectively

( 6,345 ) 20,955 ( 28,761 ) 51,750

Reclassification adjustment for realized losses (gains) included in net income, net of tax (benefit) expense of $( 90 ) and $ 5 for the quarters ended March 31, 2026 and 2025, respectively

Reclassification adjustment for realized losses included in net income, net of tax benefit of $ 48 and $ 84 for the three months ended June 30, 2026 and 2025, and $ 138 and $ 79 for the six months ended June 30, 2026 and 2025, respectively

181 316 520 297

Other comprehensive (loss) income, net of tax ( 6,164 ) 21,271 ( 28,241 ) 52,047

2 unchanged sentences

NMI HOLDINGS, INC.

C ONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

Common Stock Additional

11 unchanged sentences

Balances, March 31, 2026 76,149 $ 890 $ 1,007,682 $ ( 379,495 ) $ ( 68,160 ) $ 2,071,515 $ 2,632,432

Common stock:

shares issued under stock plans, net of shares withheld for employee taxes 44 * ( 454 ) — — — ( 454 )

Repurchase of common stock ( 826 ) — — ( 31,712 ) — — ( 31,712 )

Share-based compensation expense — — 5,306 — — — 5,306

Change in unrealized investment gains/losses, net of tax benefit of $ 1,638

— — — — ( 6,164 ) — ( 6,164 )

Net income — — — — — 105,788 105,788

Balances, June 30, 2026 75,367 $ 890 $ 1,012,534 $ ( 411,207 ) $ ( 74,324 ) $ 2,177,303 $ 2,705,196

* During the three months ended June 30, 2026, we issued 44,295 common shares with a par value of $ 0.01 in connection with the exercise of options and vesting of restricted stock units granted under our stock plans, which is not identifiable in this schedule due to rounding.

NMI HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

Common Stock Additional

11 unchanged sentences

Balances, March 31, 2025 78,301 $ 883 $ 1,001,545 $ ( 272,647 ) $ ( 94,028 ) $ 1,685,818 $ 2,321,571

Common stock:

shares issued under stock plans, net of shares withheld for employee taxes 44 1 ( 444 ) — — — ( 443 )

Repurchase of common stock ( 628 ) — — ( 23,400 ) — — ( 23,400 )

Share-based compensation expense — — 4,957 — — — 4,957

Change in unrealized investment gains/losses, net of tax expense of $ 5,654

— — — — 21,271 — 21,271

Net income — — — — — 96,151 96,151

Balances, June 30, 2025 77,717 $ 884 $ 1,006,058 $ ( 296,047 ) $ ( 72,757 ) $ 1,781,969 $ 2,420,107

See accompanying notes to condensed consolidated financial statements (unaudited).

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the three months ended March 31,

For the six months ended June 30,

Cash flows from operating activities (In Thousands)

1 unchanged sentence

Adjustments to reconcile net income to net cash provided by operating activities:

Net realized investment losses (gains) 147 ( 24 )

Net realized investment losses 376 376

Depreciation and amortization 4,956 5,726

15 unchanged sentences

Cash flows from investing activities

Purchase of short-term investments ( 88,548 ) ( 91,711 )

Purchase of fixed-maturity investments, available-for-sale ( 504,331 ) ( 253,319 )

14 unchanged sentences

Interest paid $ 12,750 $ 18,700

Income taxes refunded 32 —

Income taxes paid 14,164 22,811

See accompanying notes to condensed consolidated financial statements (unaudited).

30 unchanged sentences

The standard will take effect for all public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

Early adoption is permitted.

We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements.

13 unchanged sentences

Cost Gross Unrealized Fair

As of March 31, 2026 (In Thousands)

As of June 30, 2026 (In Thousands)

Treasury securities and obligations of U.S.

23 unchanged sentences

(1) 100 % of our U.S.

agency mortgage-backed securities at March 31, 2026 and December 31, 2025 are guaranteed by Ginnie Mae which has the full faith and credit of the U.S.

agency mortgage-backed securities at June 30, 2026 and December 31, 2025 were guaranteed by Ginnie Mae, which has the full faith and credit of the U.S.

federal government.

* Amounts not identifiable due to rounding.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following table presents a breakdown of the fair value of our corporate debt securities by issuer industry group as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

The following table presents a breakdown of the fair value of our corporate debt securities by issuer industry group as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

Financial 41 % 39 %

Consumer 27 28

Utilities 10 11

Industrial 10 9

Utilities 9 11

Technology 6 6

2 unchanged sentences

Total 100 % 100 %

As of both March 31, 2026 and December 31, 2025, approximately $ 5.4 million of our cash and investments were held in the form of U.S.

As of both June 30, 2026 and December 31, 2025, approximately $ 5.4 million of our cash and investments were held in the form of U.S.

Treasury securities on deposit with various state insurance departments to satisfy regulatory requirements.

We periodically recognize unsettled trade receivables or payables in connection with our investing activity.

Unsettled trade receivables represent funds due but not yet received for the sale or maturity of investments at period end.

Unsettled trade payables represent funds due but not yet paid for investments purchased at period end.

“Accounts Payable and Accrued Expenses” on our condensed consolidated balance sheets included $ 17.3 million of unsettled trade payables related to the purchase of certain investment securities at March 31, 2026.

No unsettled trade receivables were outstanding at March 31, 2026.

No unsettled trade payables were outstanding at December 31, 2025.

Unsettled trade receivables were immaterial at December 31, 2025.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Scheduled Maturities

The amortized cost and fair value of available-for-sale securities as of March 31, 2026 and December 31, 2025, by contractual maturity, are shown below.

The amortized cost and fair value of available-for-sale securities as of June 30, 2026 and December 31, 2025, by contractual maturity, are shown below.

Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

1 unchanged sentence

agency mortgage-backed securities and other asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.

As of March 31, 2026 Amortized

As of June 30, 2026 Amortized

(In Thousands)

18 unchanged sentences

Aging of Unrealized Losses

As of March 31, 2026, the investment portfolio had gross unrealized losses of $ 97.1 million, of which $ 87.3 million were associated with securities that had been in an unrealized loss position for a period of twelve months or longer.

As of June 30, 2026, the investment portfolio had gross unrealized losses of $ 99.1 million, of which $ 85.3 million were associated with securities that had been in an unrealized loss position for a period of twelve months or longer.

As of December 31, 2025, the investment portfolio had gross unrealized losses of $ 86.3 million, of which $ 84.3 million were associated with securities that had been in an unrealized loss position for a period of twelve months or longer.

For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Less Than Twelve Months Twelve Months or Greater Total

# of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses # of Securities Fair Value Unrealized Losses

As of March 31, 2026 ($ In Thousands)

As of June 30, 2026 ($ In Thousands)

Treasury securities and obligations of U.S.

7 unchanged sentences

Total 172 $ 1,090,829 $ ( 13,851 ) 358 $ 1,187,825 $ ( 85,255 ) 530 $ 2,278,654 $ ( 99,106 )

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Less Than Twelve Months Twelve Months or Greater Total

10 unchanged sentences

Total 34 $ 333,331 $ ( 1,984 ) 395 $ 1,351,427 $ ( 84,292 ) 429 $ 1,684,758 $ ( 86,276 )

* Amounts not identifiable due to rounding.

Allowance for Credit Losses

As of March 31, 2026 and December 31, 2025, we did not recognize an allowance for credit loss for any security in the investment portfolio and we did not record any provision for credit loss for investment securities during the three months ended March 31, 2026 or 2025.

We evaluated the securities in an unrealized loss position as of March 31, 2026, assessing their credit ratings as well as any adverse conditions specifically related to the security.

Based upon our assessment of the amount and timing of cash flows to be collected over the remaining life of each instrument, we believe the unrealized losses as of March 31, 2026 are not indicative of the ultimate collectability of the current amortized cost of the securities.

Rather, the unrealized losses on securities held as of March 31, 2026 were primarily driven by fluctuations in interest rates, and to a lesser extent, movements in credit spreads following the purchase of those securities.

As of June 30, 2026 and December 31, 2025, we did not recognize an allowance for credit loss for any security in the investment portfolio and we did not record any provision for credit loss for investment securities during the three or six months ended June 30, 2026 or 2025.

We evaluated the securities in an unrealized loss position as of June 30, 2026, assessing their credit ratings as well as any adverse conditions specifically related to the security.

Based upon our assessment of the amount and timing of cash flows to be collected over the remaining life of each instrument, we believe the unrealized losses as of June 30, 2026 are not indicative of the ultimate collectability of the current amortized cost of the securities.

Rather, the unrealized losses on securities held as of June 30, 2026 were primarily driven by fluctuations in interest rates, and to a lesser extent, movements in credit spreads following the purchase of those securities.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Net Investment Income

The following table presents the components of net investment income:

For the three months ended March 31,

For the three months ended June 30, For the six months ended June 30,

2026 2025 2026 2025

(In Thousands)

3 unchanged sentences

Net investment income $ 30,331 $ 24,949 $ 58,935 $ 48,635

(1) Includes interest income recognized on cash and cash equivalents of $ 0.9 million during both the three months ended March 31, 2026 and 2025.

The following table presents the components of net realized investment (losses) gains:

For the three months ended March 31,

(1) Includes interest income recognized on cash and cash equivalents of $ 0.8 million and $ 1.7 million during the three and six months ended June 30, 2026, respectively, and $ 1.1 million and $ 2.0 million during the three and six months ended June 30, 2025, respectively.

The following table presents the components of net realized investment losses:

For the three months ended June 30, For the six months ended June 30,

2026 2025 2026 2025

(In Thousands)

1 unchanged sentence

Gross realized investment losses ( 951 ) ( 400 ) ( 2,144 ) ( 400 )

Net realized investment (losses) gains

$ ( 147 ) $ 24

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Net realized investment losses $ ( 229 ) $ ( 400 ) $ ( 376 ) $ ( 376 )

Fair Value of Financial Instruments

17 unchanged sentences

One price is provided per security based on observable market data.

To ensure securities are appropriately classified in the fair value hierarchy, we review the pricing techniques and methodologies of the independent pricing sources and believe that their policies adequately consider market activity, either based on specific transactions for the issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

issue valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded.

A variety of inputs are utilized by the independent pricing sources including benchmark yields, reported trades, non-binding broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including data published in market research publications.

5 unchanged sentences

We have not made any adjustments to the prices obtained from the independent pricing sources.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following tables present our financial instruments that are measured at fair value on a recurring basis by hierarchy level:

7 unchanged sentences

(Level 3) Fair Value

As of March 31, 2026 (In Thousands)

As of June 30, 2026 (In Thousands)

Treasury securities and obligations of U.S.

25 unchanged sentences

Total assets $ 437,584 $ 2,743,376 $ — $ 3,180,960

There were no transfers between Level 2 and Level 3 of the fair value hierarchy during the three months ended March 31, 2026 or the year ended December 31, 2025.

There were no transfers between Level 2 and Level 3 of the fair value hierarchy during the six months ended June 30, 2026 or the year ended December 31, 2025.

Financial Instruments Not Measured at Fair Value

On May 21, 2024, we issued $ 425 million aggregate principal amount of senior unsecured notes that mature on August 15, 2029 (the 2024 Notes).

At March 31, 2026, the 2024 Notes were carried at an amortized cost of $ 417.5 million, net of unamortized debt issuance costs and an original issue discount totaling $ 7.5 million, and had a fair value of $ 436.2 million as assessed under our Level 2 hierarchy.

At June 30, 2026, the 2024 Notes were carried at an amortized cost of $ 418.0 million, net of unamortized debt issuance costs and an original issue discount totaling $ 7.0 million, and had a fair value of $ 434.0 million as assessed under our Level 2 hierarchy.

At December 31, 2025, the 2024 Notes were carried at an amortized cost of $ 417.0 million, net of unamortized debt issuance costs and an original issue discount totaling $ 8.0 million, and had a fair value of $ 441.3 million.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Senior Unsecured Notes

At March 31, 2026, we had $ 425 million aggregate principal amount of senior unsecured notes outstanding.

At June 30, 2026, we had $ 425 million aggregate principal amount of senior unsecured notes outstanding.

The 2024 Notes were issued pursuant to an indenture, dated May 21, 2024, and bear interest at a rate of 6.00 %, payable semi-annually on February 15 and August 15.

1 unchanged sentence

We may elect to redeem the 2024 Notes in whole or in part at any time prior to July 15, 2029 at a price equal to the greater of (1) the aggregate principal balance outstanding plus the present value of all future interest payments due through July 15, 2029, and (2) the aggregate principal balance due plus any accrued and unpaid interest.

We may elect to redeem the 2024 Notes in whole or in part at any time on or after July 15, 2029 at a price equal to 100 %

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest thereon .

We may elect to redeem the 2024 Notes in whole or in part at any time on or after July 15, 2029 at a price equal to 100 % of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest thereon .

In connection with the 2024 Notes offering, we recorded capitalized debt issuance costs and an original issue discount of $ 10.9 million.

1 unchanged sentence

The effective interest rate on the 2024 Notes is 6.583 %.

At March 31, 2026 and December 31, 2025, $ 7.5 million and $ 8.0 million, respectively, of unamortized debt issuance costs and original issue discount remained.

At March 31, 2026 and December 31, 2025, $ 3.3 million and $ 9.6 million, respectively, of accrued and unpaid interest on the 2024 Notes was included in “Accounts Payable and Accrued Expenses” on our condensed consolidated balance sheets.

At June 30, 2026 and December 31, 2025, $ 7.0 million and $ 8.0 million, respectively, of unamortized debt issuance costs and original issue discount remained.

At both June 30, 2026 and December 31, 2025, $ 9.6 million of accrued and unpaid interest on the 2024 Notes was included in “Accounts Payable and Accrued Expenses” on our condensed consolidated balance sheets.

Revolving Credit Facility

2 unchanged sentences

Borrowings under the 2024 Revolving Credit Facility may be used for general corporate purposes, including to support growth, new business production and operations, and accrue interest at a variable rate equal to, at our discretion, (i) a Base Rate (as defined in the 2024 Revolving Credit Facility) subject to a floor of 1.00 % per annum plus a margin of 0.375 % to 1.875 % per annum, or (ii) the Adjusted Term Secured Overnight Financing Rate (SOFR, as defined in the 2024 Revolving Credit Facility) plus a margin of 1.375 % to 2.875 % per annum, with the margin in each of (i) or (ii) based on our applicable corporate credit rating at the time.

As of March 31, 2026 and December 31, 2025, no amounts were drawn under the 2024 Revolving Credit Facility.

As of June 30, 2026 and December 31, 2025, no amounts were drawn under the 2024 Revolving Credit Facility.

Under the 2024 Revolving Credit Facility, we are required to pay a quarterly commitment fee on the average daily undrawn amount of 0.175 % to 0.525 %, based on the applicable corporate credit rating at the time.

As of March 31, 2026, the applicable commitment fee was 0.175 %.

For the three months ended March 31, 2026 and 2025, we recorded $ 0.1 million of commitment fees in interest expense.

As of June 30, 2026, the applicable commitment fee was 0.175 %.

For the three and six months ended June 30, 2026, we recorded $ 0.1 million and $ 0.2 million, respectively, of commitment fees in interest expense.

We incurred debt issuance costs of $ 2.1 million in connection with the 2024 Revolving Credit Facility and had $ 0.6 million of unamortized debt issuance costs associated with the 2021 Revolving Credit Facility remaining at the time of its replacement.

Combined unamortized debt issuance costs are amortized through interest expense on a straight-line basis over the contractual life of the 2024 Revolving Credit Facility.

At March 31, 2026 and December 31, 2025, remaining unamortized deferred debt issuance costs of $ 1.7 million and $ 1.8 million, respectively, were recorded in “Other Assets” on our condensed consolidated balance sheets.

At June 30, 2026 and December 31, 2025, remaining unamortized deferred debt issuance costs of $ 1.5 million and $ 1.8 million, respectively, were recorded in “Other Assets” on our condensed consolidated balance sheets.

Under the 2024 Revolving Credit Facility we are subject to certain covenants, including a maximum debt-to-total capitalization ratio of 35 %, a minimum consolidated net worth requirement (as defined therein), and a requirement to maintain compliance with the financial standards prescribed by the private mortgage insurer eligibility requirements (PMIERs).

We were in compliance with all covenants at March 31, 2026.

We were in compliance with all covenants at June 30, 2026.

NMI HOLDINGS, INC.

3 unchanged sentences

The effect of our reinsurance agreements on premiums written and earned is as follows:

For the three months ended March 31,

For the three months ended June 30, For the six months ended June 30,

2026 2025 2026 2025

(In Thousands)

22 unchanged sentences

The following table presents the inception date, covered production period, ceding commission and profit commission for each outstanding QSR Transaction.

Current amounts are presented as of March 31, 2026.

Current amounts are presented as of June 30, 2026.

Inception Date

28 unchanged sentences

The following table shows amounts related to the QSR Transactions:

As of and for the three months ended

March 31, 2026 March 31, 2025

As of and for the three months ended June 30, As of and for the six months ended June 30,

2026 2025 2026 2025

(In Thousands)

2 unchanged sentences

Ceded claims and claim expenses (1)

3,127 3,253 8,017 3,776

Ceding commission earned 10,172 9,669 20,377 19,437

Profit commission 19,400 19,958 36,531 43,356

NMIC had aggregate reinsurance recoverables related to the QSR Transactions of $ 39.7 million and $ 38.6 million as of March 31, 2026 and December 31, 2025, respectively.

(1) Includes a $ 0.3 million termination fee for the three and six months ended June 30, 2025 incurred in connection with the amendment of certain QSR Transactions.

NMIC had aggregate reinsurance recoverables related to the QSR Transactions of $ 40.4 million and $ 38.6 million as of June 30, 2026 and December 31, 2025, respectively.

NMIC's reinsurance recoverable balance is supported by collateral trust accounts established and maintained by each reinsurer in accordance with the terms of the QSR Transactions and the PMIERs funding requirements for risk ceded to non-affiliated reinsurers.

2 unchanged sentences

We actively monitor the counterparty credit profiles of our reinsurers and each is required to partially collateralize its obligations under the terms of the QSR Transactions.

The allowance for credit loss established against our reinsurance recoverable was deemed immaterial as of March 31, 2026 and December 31, 2025.

Excess-of-loss Reinsurance

Traditional Reinsurance

NMIC is party to eight excess-of-loss reinsurance agreements with broad panels of third-party reinsurers – the 2022-1 XOL Transaction, effective April 1, 2022, the 2022-2 XOL Transaction, effective July 1, 2022, the 2022-3 XOL Transaction, effective October 1, 2022, the 2023-1 XOL Transaction, effective January 1, 2023, the 2023-2 XOL Transaction, effective July 1,

The allowance for credit loss established against our reinsurance recoverable was deemed immaterial as of June 30, 2026 and December 31, 2025.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2023, the 2024 XOL Transaction, effective January 1, 2024, the 2025 XOL Transaction, effective January 1, 2025, and the 2026-1 XOL Transaction, effective January 1, 2026 – which we refer to collectively as the XOL Transactions.

Excess-of-loss Reinsurance

Traditional Reinsurance

NMIC is party to nine excess-of-loss reinsurance agreements with broad panels of third-party reinsurers – the 2022-1 XOL Transaction, effective April 1, 2022, the 2022-2 XOL Transaction, effective July 1, 2022, the 2022-3 XOL Transaction, effective October 1, 2022, the 2023-1 XOL Transaction, effective January 1, 2023, the 2023-2 XOL Transaction, effective July 1, 2023, the 2024 XOL Transaction, effective January 1, 2024, the 2025 XOL Transaction, effective January 1, 2025, the 2026-1 XOL Transaction, effective January 1, 2026, and the 2026-2 XOL Transaction, effective April 1, 2026 – which we refer to collectively as the XOL Transactions.

Each XOL Transaction provides NMIC with aggregate excess-of-loss reinsurance coverage on a defined portfolio of mortgage insurance policies.

2 unchanged sentences

NMIC retains losses in excess of the outstanding reinsurance coverage amount.

Under the terms of the XOL Transactions, NMIC makes risk premium payments to its third-party reinsurance providers for the outstanding reinsurance coverage amount and ceded aggregate premiums earned of $ 11.0 million and $ 10.2 million during the three months ended March 31, 2026 and 2025, respectively.

Under the terms of the XOL Transactions, NMIC makes risk premium payments to its third-party reinsurance providers for the outstanding reinsurance coverage amount and ceded aggregate premiums earned of $ 11.2 million and $ 22.2 million during the three and six months ended June 30, 2026, respectively, and $ 10.4 million and $ 20.5 million during the three and six months ended June 30, 2025, respectively.

NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure under each agreement.

NMIC did not cede any incurred losses on covered policies under the XOL Transactions during the three months ended March 31, 2026 and 2025, as the aggregate first layer risk retention for each agreement was not exhausted during such periods.

NMIC did not cede any incurred losses on covered policies under the XOL Transactions during the three and six months ended June 30, 2026 and 2025, as the aggregate first layer risk retention for each agreement was not exhausted during such periods.

NMIC holds optional termination rights which provide it with the discretion to terminate each XOL Transaction on or after a specified date.

6 unchanged sentences

The following table presents the inception date, covered production period, initial and current reinsurance coverage amount, and initial and current first layer retained aggregate loss under each outstanding XOL Transaction.

Current amounts are presented as of March 31, 2026.

Current amounts are presented as of June 30, 2026.

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

($ values in thousands) Inception Date Covered Production Initial Reinsurance Coverage

15 unchanged sentences

98,359 98,359 183,282 183,282

2026-2 XOL (3)

April 1, 2026 10/1/2020 - 3/31/2021 148,109 140,691 17,042 17,042

(1) NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable XOL Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss.

(2) The initial reinsurance coverage, current reinsurance coverage, initial first layer retained loss and current first layer retained loss for the 2026-1 XOL Transaction will increase as incremental covered production is ceded under the transaction through December 31, 2026.

(3) The 2026-2 XOL Transaction provides excess-of-loss coverage for mortgage insurance policies previously covered under the reinsurance agreement with Oaktown Re VI Ltd.

NMIC has also entered into two additional excess-of-loss reinsurance treaties that will incept and provide coverage in future periods.

The 2026-2 XOL Transaction will incept on April 1, 2026 and provide $ 148 million of aggregate excess-of-loss coverage for mortgage insurance policies covered under the existing 2021-1 ILN Transaction, and the 2027 XOL Transaction will provide $ 125 million of aggregate excess-of-loss coverage for mortgage insurance policies to be written in 2027.

The 2026-3 XOL Transaction will incept on October 1, 2026 and provide $ 160 million of aggregate excess-of-loss coverage for mortgage insurance policies covered under the existing 2021-2 ILN Transaction, and the 2027 XOL Transaction will provide $ 125 million of aggregate excess-of-loss coverage for mortgage insurance policies to be written in 2027.

Insurance-Linked Notes

NMIC is a party to reinsurance agreements with Oaktown Re VI Ltd.

and Oaktown Re VII Ltd.

(special purpose reinsurance entities collectively referred to as the Oaktown Re Vehicles) effective April 27, 2021 and October 26, 2021,

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

respectively.

Each agreement provides NMIC with aggregate excess-of-loss reinsurance coverage on a defined portfolio of mortgage insurance policies.

Under each agreement, NMIC retains a first layer of aggregate loss exposure on covered policies and the respective Oaktown Re Vehicle then provides second layer loss protection up to a defined reinsurance coverage amount.

NMIC then retains losses in excess of the respective reinsurance coverage amounts.

NMIC makes risk premium payments to the Oaktown Re Vehicles for the applicable outstanding reinsurance coverage amount and pays an additional amount for anticipated operating expenses (capped at $ 250 thousand per year).

NMIC ceded aggregate premiums to the Oaktown Re Vehicles of $ 2.4 million and $ 3.3 million during the three months ended March 31, 2026 and 2025, respectively.

NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure under each excess-of-loss agreement.

NMIC did not cede any incurred losses on covered policies to the Oaktown Re Vehicles during the three months ended March 31, 2026 and 2025, as the aggregate first layer risk retention for each applicable agreement was not exhausted during such periods.

Under the terms of each excess-of-loss reinsurance agreement, the Oaktown Re Vehicles are required to fully collateralize their outstanding reinsurance coverage amount to NMIC with funds deposited into segregated reinsurance trusts.

NMIC is party to a reinsurance agreement with Oaktown Re VII Ltd.

(a special purpose reinsurance entity referred to as Oaktown Re) effective October 26, 2021 that provides aggregate excess-of-loss reinsurance coverage on a defined portfolio of mortgage insurance policies originated between April 1, 2021 and September 30, 2021.

Under the agreement, NMIC retains $ 146.2 million of first layer aggregate loss exposure on covered policies and Oaktown Re then provides second layer loss protection up to the outstanding reinsurance coverage amount.

NMIC then retains losses in excess of the reinsurance coverage amount.

The reinsurance coverage amount provided by Oaktown Re decreases from $ 363.6 million at inception over a 12.5 year period as the underlying insured mortgages are amortized or repaid, and/or the mortgage insurance coverage is canceled, and was $ 149.0 million as of June 30, 2026.

The outstanding reinsurance coverage amount stops amortizing if certain credit enhancement or delinquency thresholds, as defined in the agreement, are triggered.

NMIC makes risk premium payments to Oaktown Re for the applicable outstanding reinsurance coverage amount and pays an additional amount for anticipated operating expenses (capped at $ 250 thousand per year).

Under the terms of the excess-of-loss reinsurance agreement, Oaktown Re is required to fully collateralize its outstanding reinsurance coverage amount to NMIC with funds deposited into a segregated reinsurance trust.

Such trust funds are required to be invested in short-term U.S.

Treasury money market funds at all times.

Each Oaktown Re Vehicle financed its respective collateral requirement through the issuance of mortgage insurance-linked notes to unaffiliated investors.

Oaktown Re financed its collateral requirement through the issuance of mortgage insurance-linked notes to unaffiliated investors.

Such insurance-linked notes mature 12.5 years from the inception date of their associated reinsurance agreement.

We refer to NMIC’s reinsurance agreements with and the insurance-linked note issuances by Oaktown Re Vehicles individually as the 2021-1 ILN Transaction and 2021-2 ILN Transaction, and collectively as the ILN Transactions.

The respective reinsurance coverage amounts provided by the Oaktown Re Vehicles decrease over a 12.5 -year period as the underlying insured mortgages are amortized or repaid, and/or the mortgage insurance coverage is canceled.

As the reinsurance coverage decreases, a prescribed amount of collateral held in trust by the Oaktown Re Vehicles is distributed to ILN Transaction noteholders as amortization of the outstanding insurance-linked note principal balances.

The outstanding reinsurance coverage amounts stop amortizing, and the distribution of collateral assets to ILN Transaction noteholders and amortization of insurance-linked note principal is suspended if certain credit enhancement or delinquency thresholds, as defined in each agreement, are triggered (each, a Lock-Out Event).

NMIC holds optional termination rights under each ILN Transaction, including, among others, an optional call feature which provides NMIC the discretion to terminate the transaction on or after a prescribed date, and a clean-up call if the outstanding reinsurance coverage amount amortizes to 10 % or less of the reinsurance coverage amount at inception or if NMIC reasonably determines that changes to GSE or rating agency asset requirements would cause a material and adverse effect on the capital treatment afforded to NMIC under a given agreement.

In addition, there are certain events that trigger mandatory termination of an agreement, including NMIC’s failure to pay premiums or consent to reductions in a trust account to make principal payments to noteholders, among others.

Current amounts are presented as of March 31, 2026.

( $ values in thousands)

Inception Date Covered Production Initial Reinsurance Coverage Current Reinsurance Coverage Initial First Layer Retained Loss Current First Layer Retained Loss (1)

2021-1 ILN (4)

April 27, 2021 10/1/2020 – 3/31/2021 (2)

$ 367,238 $ 71,735 $ 163,708 $ 161,975

October 26, 2021 4/1/2021 – 9/30/2021 (3)

363,596 163,111 146,229 143,359

(1) NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure and cedes reserves for incurred claims and claim expenses to each applicable ILN Transaction and recognizes a reinsurance recoverable if such incurred claims and claim expenses exceed its current first layer retained loss.

(2) Approximately 1 % of the production covered by the 2021-1 ILN Transaction has coverage reporting dates between July 1, 2019 and September 30, 2020.

(3) Approximately 2 % of the production covered by the 2021-2 ILN Transaction has coverage reporting dates between July 1, 2019 and March 31, 2021.

As the reinsurance coverage decreases, a corresponding amount of collateral held in trust by Oaktown Re is distributed to noteholders as amortization of the outstanding insurance-linked note principal balance.

We refer to NMIC’s reinsurance agreement with and the insurance-linked note issued by Oaktown Re as the 2021-2 ILN Transaction.

NMIC applies claims paid on covered policies against its first layer aggregate retained loss exposure under the Oaktown Re excess-of-loss agreement.

NMIC did not cede any incurred losses on covered policies to Oaktown Re during the three and six months ended June 30, 2026 and 2025, as the aggregate first layer risk retention was not exhausted during such periods.

The first layer aggregate retained loss layer was $ 142.5 million as of June 30, 2026.

NMIC holds optional termination rights under the 2021-2 ILN Transaction, including, among others, an optional call feature which provides NMIC the discretion to terminate the transaction on or after a prescribed date, and a clean-up call if the outstanding reinsurance coverage amount amortizes to 10 % or less of the reinsurance coverage amount at inception or if NMIC

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

reasonably determines that changes to GSE or rating agency asset requirements would cause a material and adverse effect on the capital treatment afforded to NMIC under the agreement.

In addition, there are certain events that trigger mandatory termination of the agreement, including NMIC’s failure to pay premiums or consent to reductions in a trust account to make principal payments to noteholders, among others.

NMIC has previously been party to other insurance-linked note transactions that it has elected to terminate in accordance with their respective terms.

Effective April 27, 2026, NMIC exercised its optional call to terminate a reinsurance agreement with and the associated insurance-linked notes issued by Oaktown Re VI Ltd.

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were redeemed in full with a distribution of remaining collateral assets.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NMIC ceded aggregate premiums in connection with current and previously outstanding insurance-linked notes transactions of $ 1.5 million and $ 3.9 million during the three and six months ended June 30, 2026, respectively, and $ 3.2 million and $ 6.6 million during the three and six months ended June 30, 2025, respectively.

Reserves for Insurance Claims and Claim Expenses

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We also establish reserves for claim expenses, which represent the estimated cost of the claim administration process, including legal and other fees, as well as other general expenses of administering the claim settlement process.

As of March 31, 2026, we held gross reserves for insurance claims and claim expenses of $ 211.2 million.

During the three months ended March 31, 2026, we paid 170 claims totaling $ 10.8 million, including 164 claims covered under the QSR Transactions representing $ 2.1 million of ceded claims and claim expenses.

We had 8,044 loans in default in our primary insured portfolio as of March 31, 2026, which represented a 1.17 % default rate against 684,977 total policies in-force, and 7,661 loans in default in our primary insured portfolio as of December 31, 2025, which represented a 1.12 % default rate against 684,058 total policies in-force.

As of June 30, 2026, we held gross reserves for insurance claims and claim expenses of $ 214.6 million.

During the six months ended June 30, 2026, we paid 353 claims totaling $ 23.7 million, including 340 claims covered under the QSR Transactions representing $ 4.5 million of ceded claims and claim expenses.

We had 8,020 loans in default in our primary insured portfolio as of June 30, 2026, which represented a 1.16 % default rate against 694,273 total policies in-force, and 7,661 loans in default in our primary insured portfolio as of December 31, 2025, which represented a 1.12 % default rate against 684,058 total policies in-force.

The size of the reserve we establish for each defaulted loan (and by extension our aggregate reserve for claims and claim expenses) reflects our best estimate of the future claim payment to be made for each individual loan in default.

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Our estimates of claims frequency and severity are not formulaic, rather they are broadly synthesized based on historical observed experience for similarly situated loans and assumptions about future macroeconomic factors.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following table provides a reconciliation of the beginning and ending gross reserve balances for insurance claims and claim expenses:

For the three months ended March 31,

For the six months ended June 30,

(In Thousands)

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Total claims and claim expenses incurred (4)

33,808 17,590

Less claims paid:

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For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year.

Amounts are presented net of reinsurance and included $ 34.8 million attributed to net case reserves and $ 11.7 million attributed to net IBNR reserves for the three months ended March 31, 2026 and $ 25.9 million attributed to net case reserves and $ 8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Amounts are presented net of reinsurance and included $ 61.4 million attributed to net case reserves and $ 11.8 million attributed to net IBNR reserves for the six months ended June 30, 2026 and $ 51.5 million attributed to net case reserves and $ 8.8 million attributed to net IBNR reserves for the six months ended June 30, 2025.

(3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year.

Amounts are presented net of reinsurance and included $ 15.2 million attributed to net case reserves and $ 10.8 million attributed to net IBNR reserves for the three months ended March 31, 2026 and $ 21.8 million attributed to net case reserves and $ 8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025.

Amounts are presented net of reinsurance and included $ 28.8 million attributed to net case reserves and $ 10.8 million attributed to net IBNR reserves for the six months ended June 30, 2026 and $ 34.9 million attributed to net case reserves and $ 8.1 million attributed to net IBNR reserves for the six months ended June 30, 2025.

(4) Excludes aggregate termination fees of $ 0.3 million for the six months ended June 30, 2025 incurred in connection with the amendment of certain QSR Transactions.

(5) Represents the settlement of reinsurance recoverables in conjunction with the termination or amendment of certain QSR Transactions.

The “claims incurred” section of the table above shows claims and claim expenses incurred on defaults occurring in current and prior years, including IBNR reserves, and is presented net of reinsurance.

The amount of claims incurred relating to current year defaults increased during the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in the total number of new delinquencies emerging during the period tied to the growth and natural seasoning of our portfolio, and an increase in the average case reserves established against newly defaulted loans.

Our provision for claims and claim expenses during both the three months ended March 31, 2026 and 2025 benefited from favorable development on prior year defaults.

We recognized $ 26.5 million and $ 30.1 million of favorable prior year development during the three months ended March 31, 2026 and 2025, respectively, primarily due to cure activity and ongoing analysis of recent loss development trends.

The amount of claims incurred relating to current year defaults increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an increase in the total number of new delinquencies emerging during the period tied to the growth and natural seasoning of our portfolio.

Our provision for claims and claim expenses during both the six months ended June 30, 2026 and 2025 benefited from favorable development on prior year defaults.

We recognized $ 40.6 million and $ 43.8 million of favorable prior year development during the six months ended June 30, 2026 and 2025, respectively, primarily due to cure activity and ongoing analysis of recent loss development trends.

We may increase or decrease our claim estimates and reserves as we learn additional information about individual defaulted loans, and continue to observe and analyze loss development trends in our portfolio.

Gross reserves of $ 153.0 million related to prior year defaults remained as of March 31, 2026.

Gross reserves of $ 122.6 million related to prior year defaults remained as of June 30, 2026.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Earnings per Share (EPS)

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The following table reconciles the net income and the weighted average shares of common stock outstanding used in the computations of basic and diluted EPS of common stock:

For the three months ended March 31,

For the three months ended June 30, For the six months ended June 30,

2026 2025 2026 2025

(In Thousands, except for per share data)

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The significant revenue and expense categories that are regularly reviewed by our CODM align with those presented on our condensed consolidated statements of operations and comprehensive income, and segment assets align with total assets as presented on our condensed consolidated balance sheets.

The accounting policies governing our Mortgage Insurance segment are

NMI HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

the same as those described in Item 8, “ Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 2 - Summary of Accounting Principles” of our 2025 10-K.

Investment income, also referred to as interest revenue, is reported within “ Net Investment Income ” on our condensed consolidated statements of operations and was $ 29.0 million and $ 24.0 million for the three months ended March 31, 2026 and 2025, respectively .

Amortization and depreciation expense for software, equipment, and leasehold improvements was $ 2.5 million and $ 2.9 million for the three months ended March 31, 2026 and 2025, respectively.

The accounting policies governing our Mortgage Insurance segment are the same as those described in Item 8, “ Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - Note 2 - Summary of Accounting Principles” of our 2025 10-K.

Investment income, also referred to as interest revenue, is reported within “ Net Investment Income ” on our condensed consolidated statements of operations and was $ 30.7 million and $ 59.6 million for the three and six months ended June 30, 2026, respectively, and $ 25.3 million and $ 49.3 million for the three and six months ended June 30, 2025, respectively .

Amortization and depreciation expense for software, equipment, and leasehold improvements was $ 2.5 million and $ 5.0 million for the three and six months ended June 30, 2026, respectively, and $ 2.8 million and $ 5.7 million for the three and six months ended June 30, 2025, respectively.

We are a U.S.

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federal and various state income tax returns, filed by NMIH on behalf of itself and its subsidiaries.

Our effective tax rate on pre-tax income was 20.5 % and 21.9 % for the three months ended March 31, 2026 and 2025, respectively.

Our effective tax rate on pre-tax income was 22.8 % and 21.7 % for the three and six months ended June 30, 2026, respectively, compared to 22.2 % and 22.1 % for the three and six months ended June 30, 2025, respectively.

Our provision for income taxes for interim reporting periods is established based on our estimated annual effective tax rate for a given year.

Our effective tax rate may fluctuate between interim periods due to the impact of discrete items not included in our estimated annual effective tax rate, including the tax effects associated with the vesting of RSUs and exercise of options.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

effective tax rate may fluctuate between interim periods due to the impact of discrete items not included in our estimated annual effective tax rate, including the tax effects associated with the vesting of RSUs and exercise of options.

Such items are treated on a discrete basis in the reporting period in which they occur.

As a mortgage guaranty insurance company, we are eligible to claim a tax deduction for our statutory contingency reserve balance, subject to certain limitations outlined under IRC Section 832(e), and only to the extent we acquire tax and loss bonds in an amount equal to the tax benefit derived from the claimed deduction, which is our intent.

As a result, our interim provision for income taxes for the three months ended March 31, 2026 and 2025 primarily represents a change in our net deferred tax liability.

As of March 31, 2026 and December 31, 2025, we held $ 400.3 million of tax and loss bonds in “Prepaid Federal Income Taxes” on our condensed consolidated balance sheets.

As a result, our interim provision for income taxes for the three and six months ended June 30, 2026 and 2025 primarily represents a change in our net deferred tax liability.

As of June 30, 2026 and December 31, 2025, we held $ 400.3 million of tax and loss bonds in “Prepaid Federal Income Taxes” on our condensed consolidated balance sheets.

Stockholders' Equity

During the three months ended March 31, 2026, we repurchased 0.7 million shares at an average price of $ 38.65 per share (excluding associated costs and applicable taxes).

As of March 31, 2026, we had $ 198.2 million of repurchase authorization remaining through December 31, 2027.

During the six months ended June 30, 2026, we repurchased 1.5 million shares at an average price of $ 38.29 per share (excluding associated fees and applicable taxes).

As of June 30, 2026, we had $ 166.8 million of repurchase authorization remaining through December 31, 2027.

The authorization provides us with the flexibility, based on market and business conditions, stock price and other factors, to repurchase stock through open market purchases, privately negotiated transactions, or other means, including pursuant to Rule 10b5-1 trading plans.

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Premiums receivable may be written off prior to 120 days in the ordinary course of business for non-credit events including, but not limited to, the modification or refinancing of an underlying insured loan.

We established a $ 1.4 million reserve for premium write-offs at both March 31, 2026 and December 31, 2025.

We established a $ 1.3 million and $ 1.4 million reserve for premium write-offs at June 30, 2026 and December 31, 2025, respectively.

We separately recognize an allowance for credit losses for premiums receivable based on credit losses expected to arise over the life of the receivable.

Due to the nature of our insurance policies (a necessary precondition for access to mortgage credit for covered borrowers) and the short duration of the related receivables, we do not typically experience credit losses against our premium receivables and the allowance for credit loss established on premium receivable was deemed immaterial at March 31, 2026 and December 31, 2025.

Regulatory Information

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The Wisconsin OCI recognizes only statutory accounting practices prescribed or permitted by the state of Wisconsin for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Wisconsin insurance laws.

NMIC and Re One generated combined statutory net income of $ 32.8 million and $ 36.8 million for the three months ended March 31, 2026 and 2025, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NMIC and Re One generated combined statutory net income of $ 44.0 million and $ 76.8 million for the three and six months ended June 30, 2026, respectively, compared to $ 30.5 million and $ 67.3 million for the three and six months ended June 30, 2025, respectively.

The Wisconsin OCI has imposed a prescribed accounting practice for the treatment of statutory contingency reserves that differs from the treatment promulgated by the NAIC.

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While such treatment impacts NMIC's statutory net income, it does not have an effect on NMIC's statutory capital position.

The following table presents NMIC's statutory surplus, contingency reserve, statutory capital and risk-to-capital (RTC) ratio as of March 31, 2026 and December 31, 2025.

March 31, 2026 December 31, 2025

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following table presents NMIC's statutory surplus, contingency reserve, statutory capital and risk-to-capital (RTC) ratio as of June 30, 2026 and December 31, 2025.

June 30, 2026 December 31, 2025

(In Thousands)

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(1) Represents the total of the statutory surplus and contingency reserve.

Re One had $ 2.1 million of statutory capital at both March 31, 2026 and December 31, 2025.

Re One had $ 2.1 million of statutory capital at both June 30, 2026 and December 31, 2025.

NMIH is not subject to any limitations on its ability to pay dividends except those generally applicable to corporations that are incorporated in Delaware.

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NMIC and Re One are subject to certain rules and regulations prescribed by jurisdictions in which they are authorized to operate and the GSEs that may restrict their ability to pay dividends to NMIH.

NMIC has the capacity to pay $ 101.0 million of aggregate ordinary dividends to NMIH during the twelve-month period ending December 31, 2026.

NMIC has the capacity to pay $ 101.0 million of aggregate ordinary dividends to NMIH during the twelve-month period ending December 31, 2026, and, on June 3, 2026, NMIC paid a $ 101.0 million ordinary course dividend to NMIH.

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.

What changed 10-Q

Item 1. Financial Statements