NMIHMEDIUM SIGNALFINANCIAL10-K

NMIH shows strong balance sheet growth with total assets up 14.7% and stockholders equity up 16.9%, but interest expense surged 299.7% and cash position declined significantly by 59.8%.

The dramatic increase in interest expense suggests either significant new debt issuance or rising rates on variable debt, which could pressure future profitability. The substantial cash decline paired with asset growth indicates the company may be deploying capital for growth or debt service, requiring monitoring of liquidity management.

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

NMIH demonstrates overall financial expansion with total assets growing 14.7% to $3.8B and stockholders equity strengthening 16.9% to $2.6B, indicating solid capital accumulation in the mortgage insurance business. However, the 299.7% spike in interest expense to $32.2M and the sharp 59.8% decline in cash to $19.2M suggest increased leverage and potential liquidity pressure. The balanced growth in assets and equity alongside moderate liability increases signals healthy business expansion, but the interest expense surge and cash reduction warrant close monitoring of debt management and cash flow generation.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+299.7%
$8.1M→$32.2M

Interest expense surged 299.7% — significant debt increase or rising rates materially impacting earnings.

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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