NMIHMEDIUM SIGNALFINANCIAL10-K

NMIH shows solid balance sheet expansion with growing equity and assets, though cash reserves declined substantially from prior year levels.

The company demonstrates healthy capital accumulation with stockholders' equity growing to $2.6B and total assets expanding to $3.8B, indicating strong operational performance and capital retention. However, the substantial decline in cash equivalents to $19.2M may signal either strategic capital deployment or reduced liquidity buffers that warrants monitoring.

Comparing 2026-02-12 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

NMIH's balance sheet reflects overall growth momentum with total assets expanding meaningfully to $3.8B and stockholders' equity increasing solidly to $2.6B, suggesting robust capital generation. The company's cash position declined notably to $19.2M from $47.7M, while total liabilities grew modestly to $1.2B. The overall financial picture signals a growing mortgage insurance franchise with strong capital accumulation, though the reduced cash reserves represent a shift in liquidity positioning that investors should track.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-59.8%
$47.7M→$19.2M

Cash declined 59.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
+16.9%
$2.2B→$2.6B

Equity base grew 16.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+14.7%
$3.3B→$3.8B

Asset base grew 14.7% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+10.3%
$1.1B→$1.2B

Liabilities increased 10.3% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-12
PRIOR — 2025-02-14
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A.
Form 10-K Summary 122 Signatures 123 Index to Financial Statement Schedules 124 2 Glossary of Abbreviations and Acronyms The following list defines various abbreviations and acronyms used throughout this report.
Federal Trade Commission GAAP Generally accepted accounting principles in the U.S.
GCC Group capital calculation GLBA The Gramm-Leach-Bliley Act of 1999 GSAM Goldman Sachs Asset Management GSEs Government-Sponsored Enterprises (Fannie Mae and Freddie Mac) HOPA Homeowners Protection Act of 1998 HUD U.S.
Department of Housing and Urban Development IBNR Incurred but not reported IIF Insurance-in-force ILN Insurance-linked notes IRA The Inflation Reduction Act 3 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 NIST National Institute of Standards and Technology NIW New insurance written NMIC National Mortgage Insurance Corporation, a subsidiary of NMI Holdings, Inc.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.
These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believe," "can," "could," "may," "predict," "assume," "potential," "should," "will," "estimate," "perceive," "plan," "project," "continuing," "ongoing," "expect," "intend" or words of similar meaning and include, but are not limited to, statements regarding the outlook for our future business and financial performance.
Unless expressly indicated or the context requires otherwise, the terms "we," "our," "us," "Company" and "NMI" in this document refer to NMI Holdings, Inc., a Delaware corporation, and its wholly-owned subsidiaries on a consolidated basis.
Business General We provide mortgage insurance (referred to as mortgage insurance or MI) through our wholly-owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc One (Re One).
NMIC and Re One are domiciled in Wisconsin and principally regulated by the Wisconsin Office of the Commissioner of Insurance (Wisconsin OCI).
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