A provider of private mortgage insurance, NMI Holdings backs home loans through its subsidiary National Mortgage Insurance Corporation (National MI), helping lenders sell high loan-to-value mortgages to Fannie Mae and Freddie Mac. Founded in 2012 by Bradley Shuster and Jay Sherwood in the wake of the 2008 financial crisis, the company's name simply stands for National Mortgage Insurance. Its proprietary Rate GPS pricing engine sets individualized premiums based on granular loan details rather than a one-size-fits-all rate.
NMI Holdings reports Q1 2026 net income of $99.3 million, or $1.28 per diluted share.
Total revenue was $183.5 million, up from $180.7 million in Q4 2025 and $173.2 million in Q1 2025.
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Net income for Q1 2026 was $99.3 million, or $1.28 per diluted share, compared to $94.2 million, or $1.20 per diluted share, in Q4 2025 and $102.6 million, or $1.28 per diluted share, in Q1 2025.
Net premiums earned were $154.8 million, compared to $152.5 million in Q4 2025 and $149.4 million in Q1 2025.
Primary insurance-in-force reached $222.3 billion at quarter end, up from $221.4 billion at the end of Q4 2025 and $211.3 billion at the end of Q1 2025.
Book value per share excluding net unrealized gains and losses was $35.46, up 3% from Q4 2025 and 15% from Q1 2025.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NMI Holdings appoints Renu Agrawal as independent director, effective February 12, 2026.
Ms. Agrawal will serve on the Company's Audit Committee and Risk Committee.
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The Board expanded to ten members and appointed Renu Agrawal as an independent director, effective February 12, 2026.
She will receive an annual cash retainer of $120,000 for 2026 (prorated) and an annual equity retainer of $170,000 in RSUs vesting after one year.
She will also receive an additional RSU grant with a fair value of $170,000, vesting in equal installments on the second and third anniversaries.
Ms. Agrawal is subject to the Company's stock ownership guidelines and will enter into the standard indemnification agreement.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
NMI Holdings reports Q4 2025 net income of $94.2 million, or $1.20 per diluted share.
Primary insurance-in-force reached $221.4 billion at quarter end, up from $218.4 billion at Q3 2025 and $210.2 billion at Q4 2024.
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Fourth quarter 2025 net income was $94.2 million, or $1.20 per diluted share, compared to $96.0 million, or $1.22 per diluted share, in Q3 2025 and $86.2 million, or $1.07 per diluted share, in Q4 2024.
Full year 2025 net income was $388.9 million, or $4.92 per diluted share, compared to $360.1 million, or $4.43 per diluted share, in 2024.
Total revenue for Q4 2025 was $180.7 million, up from $178.7 million in Q3 2025 and $166.5 million in Q4 2024.
Book value per share excluding net unrealized gains and losses was $34.58, up 4% from Q3 2025 and 16% from Q4 2024.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NMI Holdings reports Q3 2025 net income of $96.0 million, or $1.22 per diluted share.
Primary insurance-in-force reached $218.4 billion at quarter end, up from $214.7 billion at Q2 2025 and $207.5 billion at Q3 2024.
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Net income for Q3 2025 was $96.0 million, or $1.22 per diluted share, compared to $96.2 million ($1.21 per diluted share) in Q2 2025 and $92.8 million ($1.15 per diluted share) in Q3 2024.
Total revenue was $178.7 million, up from $173.8 million in Q2 2025 and $166.1 million in Q3 2024.
Net premiums earned were $151.3 million, compared to $149.1 million in Q2 2025 and $143.3 million in Q3 2024.
Book value per share excluding net unrealized gains and losses was $33.32, up 4% from Q2 2025 and 16% from Q3 2024.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NMI Holdings reports Q2 2025 net income of $96.2 million, or $1.21 per diluted share
Primary insurance-in-force reached $214.7 billion at quarter end, up from $211.3 billion at Q1 2025 and $203.5 billion at Q2 2024.
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Net income for Q2 2025 was $96.2 million, or $1.21 per diluted share, compared to $102.6 million ($1.28 per share) in Q1 2025 and $92.1 million ($1.13 per share) in Q2 2024.
Adjusted net income was $96.5 million, or $1.22 per diluted share, versus $102.5 million ($1.28) in Q1 2025 and $97.6 million ($1.20) in Q2 2024.
Total revenue was $173.8 million, up from $173.2 million in Q1 2025 and $162.1 million in Q2 2024; net premiums earned were $149.1 million.
Book value per share excluding net unrealized gains/losses was $32.08, up 4% from Q1 2025 and 16% year-over-year; annualized ROE was 16.2%.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NMI Holdings stockholders elect nine directors and approve executive compensation at 2025 annual meeting
All nine director nominees were elected, including Bradley M. Shuster, Adam S. Pollitzer, Michael Embler, John C. Erickson, Priya Huskins, Lynn S. McCreary, Michael Montgomery, Regina L. Muehlhauser, and Steven L. Scheid.
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NMI Holdings held its Annual Meeting of Stockholders on May 8, 2025, with 90.64% of outstanding shares present, establishing a quorum.
The advisory vote to approve executive compensation passed with 63,139,786 votes for, 4,384,014 against, and 30,576 abstentions.
Stockholders favored a one-year frequency for future advisory votes on executive compensation, with 62,998,733 votes for one year.
The ratification of BDO USA, LLP as independent registered public accounting firm for 2025 was approved with 70,247,364 votes for.
5.07 Submission of Matters to a Vote of Security Holders