NMI Holdings第二季淨收入1.057億美元 按年升10% 每股盈利1.38美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q 
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedJune 30, 2026

OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______

 
Commission file number 001-36174 
NMI Holdings, Inc.
(Exact name of registrant as specified in its charter)

Delaware 45-4914248
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

2100 Powell StreetEmeryville,CA 94608
(Address of principal executive offices)(Zip Code)

(855) 530-6642 
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01
NMIHNasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The number of shares of common stock, $0.01 par value per share, of the registrant outstanding on July 27, 2026 was 75,217,851 shares.
1

TABLE OF CONTENTS
Cautionary Note Regarding Forward-Looking Statements
4

PART I 
6

Item 1.Financial Statements
6

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.Quantitative and Qualitative Disclosures About Market Risk
52

Item 4.Controls and Procedures
53

PART II
54

Item 1.Legal Proceedings
54

Item 1A.Risk Factors
54

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
54

Item 5.
Other Information
55

Item 6.Exhibits
56

Signatures
59

2

Glossary of Abbreviations and Acronyms
The following list defines various abbreviations and acronyms used throughout this report and in our Annual Report on Form 10-K for the year ended December 31, 2025.

ASU Accounting Standards Update

BPMIBorrower-paid mortgage insurance
CEOChief executive officer

CODMChief operating decision maker

DTIDebt-to-income

EPSEarnings per share

Fannie Mae Federal National Mortgage Association
FASBFinancial Accounting Standards Board

FHFAFederal Housing Finance Agency
FICOFair Isaac Corporation
Freddie MacFederal Home Loan Mortgage Corporation

GAAPGenerally accepted accounting principles in the U.S.

GSEsGovernment-Sponsored Enterprises (Fannie Mae and Freddie Mac)

IBNRIncurred but not reported
IIF Insurance-in-force
ILNInsurance-linked notes

IRCInternal revenue code
ITInformation technology
LTVLoan-to-value
LPMILender-paid mortgage insurance
MIMortgage insurance
NAICNational Association of Insurance Commissioners

NIWNew insurance written
NMICNational Mortgage Insurance Corporation, a subsidiary of NMI Holdings, Inc.
NMIHNMI Holdings, Inc.
NMISNational Mortgage Insurance Services, Inc., a subsidiary of NMI Holdings, Inc.

PMIERsPrivate mortgage insurer eligibility requirements

QSRQuota share reinsurance
Rate cardA fixed schedule of mortgage insurance premium rates applied uniformly across defined loan categories
Rate GPS®
Our proprietary risk-based pricing platform
Re OneNational Mortgage Reinsurance Inc. One

RIFRisk-in-force

RSURestricted stock units

RTCRisk-to-capital

SAP Statutory accounting principles
SECUnited States Securities and Exchange Commission
SOFRSecured Overnight Financing Rate

Wisconsin OCIThe Wisconsin Office of the Commissioner of Insurance
XOLExcess-of-loss

3

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
    This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. 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. All forward-looking statements are necessarily only estimates of future results, and actual results may differ materially from expectations. You are, therefore, cautioned not to place undue reliance on such statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this report. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy and financial needs. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements including, but not limited to:
•changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, international trade policies in areas such as tariffs or other trade restrictions, and their impacts on our business, operations and personnel;
•changes in the charters, business practices, policy, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first-time homebuyers or on very high-LTV mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (FHFA), such as the FHFA's priority to increase the accessibility to and affordability of homeownership for low- and moderate-income borrowers and underrepresented communities;
•our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (PMIERs) and other requirements imposed by the GSEs, which they may change at any time;
•retention of our existing certificates of authority in each state and the District of Columbia (D.C.) and our ability to remain a mortgage insurer in good standing in each state and D.C.;
•our future profitability, liquidity and capital resources;
•actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration (FHA), the U.S. Department of Agriculture's Rural Housing Service (USDA) and the U.S. Department of Veterans Affairs (VA) (collectively, government MIs), and potential market entry by new competitors or consolidation of existing competitors;
•adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”;
•U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations;
•legislative or regulatory changes to the GSEs' role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular;
•potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgments, settlements, fines or other relief that could require significant expenditures or have other negative effects on our business;
4

•our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators;
•lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance;
•our ability to implement our business strategy, including our ability to write mortgage insurance on high-quality low down payment residential mortgage loans, successfully and timely implement complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry;
•our ability to attract and retain a diverse customer base, including the largest mortgage originators; 
•failure of risk management or pricing or investment strategies;
•decrease in the length of time our insurance policies are in force;
•emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience;
•potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages;
•climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations;
•potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; 
•the inability of our counter-parties, including third-party reinsurers, to meet their obligations to us;
•failure to maintain, improve and continue to develop necessary information technology (IT) systems or the failure of technology providers to perform; 
•effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including exposure of our confidential customer and other information); and
•our ability to recruit, train and retain key personnel.
For further information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to Part I, Item 2, “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report on Form 10-Q, including the exhibits hereto. In addition, for additional discussion of those risks and uncertainties that have the potential to affect our business, financial condition, results of operations, cash flows or prospects in a material and adverse manner, you should review Risk Factors in Part II, Item 1A of this Report and in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 10-K), as subsequently updated in other reports we file from time to time with the U.S. Securities and Exchange Commission (SEC).
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.

5

PART I

Item 1. Financial Statements 

INDEX TO FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets (Unaudited) 
7

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
8

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
9

Condensed Consolidated Statements of Cash Flows (Unaudited)
11

Notes to Condensed Consolidated Financial Statements (Unaudited)12

6

NMI HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2026December 31, 2025
Assets(In Thousands, except for share data)
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,346,838 and $3,190,174)
$3,257,940 $3,137,023 
Cash and cash equivalents
72,122 43,937 
Premiums receivable, net86,778 86,259 
Accrued investment income30,874 27,253 
Deferred policy acquisition costs, net64,647 64,372 
Software and equipment, net20,755 21,727 
Intangible assets and goodwill3,634 3,634 
Reinsurance recoverable 40,434 38,577 
Prepaid federal income taxes400,258 400,258 
Other assets19,933 18,058 
Total assets$3,997,375 $3,841,098 

Liabilities
Debt$418,021 $417,031 
Unearned premiums41,506 46,660 
Accounts payable and accrued expenses98,597 101,595 
Reserve for insurance claims and claim expenses214,583 196,429 
Deferred tax liability, net511,347 478,890 
Other liabilities8,125 8,507 
Total liabilities1,292,179 1,249,112 
Commitments and contingencies

Shareholders' equity
Common stock - $0.01 par value; 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)
890 884 
Additional paid-in capital1,012,534 1,016,772 
Treasury stock, at cost: 13,628,493 and 12,086,223 common shares as of June 30, 2026 and December 31, 2025, respectively
(411,207)(351,772)
Accumulated other comprehensive loss, net of tax(74,324)(46,083)
Retained earnings 2,177,303 1,972,185 
Total shareholders' equity2,705,196 2,591,986 
Total liabilities and shareholders' equity$3,997,375 $3,841,098 

See accompanying notes to condensed consolidated financial statements (unaudited).
7

NMI HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

For the three months ended June 30,For the six months ended June 30,
2026202520262025
(In Thousands, except for per share data)
Revenues
Net premiums earned$157,524 $149,066 $312,330 $298,432 
Net investment income30,331 24,949 58,935 48,635 
Net realized investment losses(229)(400)(376)(376)
Other revenues265 164 477 334 
Total revenues187,891 173,779 371,366 347,025 
Expenses
Insurance claims and claim expenses13,147 13,445 33,808 17,923 
Underwriting and operating expenses30,492 29,508 61,115 59,683 
Service expenses190 110 329 226 
Interest expense7,116 7,115 14,225 14,221 
Total expenses50,945 50,178 109,477 92,053 

Income before income taxes136,946 123,601 261,889 254,972 
Income tax expense 31,158 27,450 56,771 56,262 
Net income $105,788 $96,151 $205,118 $198,710 

Earnings per share 
Basic$1.40 $1.23 $2.70 $2.54 
Diluted$1.38 $1.21 $2.66 $2.50 

Weighted average common shares outstanding
Basic75,779 77,987 75,977 78,197 
Diluted76,585 79,256 77,010 79,557 

Net income $105,788 $96,151 $205,118 $198,710 
Other comprehensive (loss) income, net of tax:
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 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 
Comprehensive income$99,624 $117,422 $176,877 $250,757 
        

 See accompanying notes to condensed consolidated financial statements (unaudited).
8

NMI HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

Common StockAdditional 
Paid-in CapitalTreasury Stock, At CostAccumulated Other Comprehensive LossRetained EarningsTotal
SharesAmount
(In Thousands)
Balances, December 31, 202576,285 $884 $1,016,772 $(351,772)$(46,083)$1,972,185 $2,591,986 
Common stock: shares issued under stock plans, net of shares withheld for employee taxes580 6 (13,772)— — — (13,766)
Repurchase of common stock(716)— — (27,723)— — (27,723)
Share-based compensation expense— — 4,682 — — — 4,682 
Change in unrealized investment gains/losses, net of tax benefit of $5,869
— — — — (22,077)(22,077)
Net income— — — — — 99,330 99,330 
Balances, March 31, 202676,149 $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 taxes44 *(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, 202675,367 $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.

9

NMI HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

Common StockAdditional 
Paid-in CapitalTreasury Stock, At CostAccumulated Other Comprehensive LossRetained EarningsTotal
SharesAmount
(In Thousands)
Balances, December 31, 202478,601 $879 $1,004,692 $(246,594)$(124,804)$1,583,259 $2,217,432 
Common stock: shares issued under stock plans, net of shares withheld for employee taxes418 4 (7,654)— — — (7,650)
Repurchase of common stock(718)— — (26,053)— — (26,053)
Share-based compensation expense— — 4,507 — — — 4,507 
Change in unrealized investment gains/losses, net of tax expense of $8,181
— — — — 30,776 — 30,776 
Net income— — — — — 102,559 102,559 
Balances, March 31, 202578,301 $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 taxes44 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, 202577,717 $884 $1,006,058 $(296,047)$(72,757)$1,781,969 $2,420,107 

See accompanying notes to condensed consolidated financial statements (unaudited).
10

NMI HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

For the six months ended June 30,
20262025
Cash flows from operating activities(In Thousands)
Net income $205,118 $198,710 
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized investment losses376 376 
Depreciation and amortization4,956 5,726 
Net accretion of discount on investment securities(1,298)(1,634)
Amortization of debt discount and debt issuance costs1,255 1,192 
Deferred income taxes39,964 41,361 
Share-based compensation expense9,988 9,464 
Changes in operating assets and liabilities:
Premiums receivable, net(519)(843)
Accrued investment income(3,621)(1,990)
Deferred policy acquisition costs, net(275)179 
Reinsurance recoverable(1,857)(445)
Other assets(2,894)(6,089)
Unearned premiums(5,154)(11,058)
Reserve for insurance claims and claim expenses18,154 10,962 
Reinsurance balances, net— (132)
Accounts payable and accrued expenses(5,472)(16,272)
Net cash provided by operating activities258,721 229,507 
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)
Proceeds from maturities of short-term investments86,625 55,100 
Proceeds from maturities and redemptions of fixed-maturity investments, available-for-sale138,631 137,935 
Proceeds from sales of fixed-maturity investments, available-for-sale214,753 13,563 
Additions to software and equipment(3,481)(3,354)
Net cash used in investing activities(156,351)(141,786)
Cash flows from financing activities
Proceeds from issuance of common stock related to employee equity plans3,904 2,828 
Taxes paid related to net share settlement of equity awards(18,124)(10,921)

Repurchases of common stock(59,965)(49,923)
Net cash used in financing activities(74,185)(58,016)

Net increase in cash, cash equivalents and restricted cash28,185 29,705 
Cash, cash equivalents and restricted cash, beginning of period43,937 54,308 
Cash, cash equivalents and restricted cash, end of period$72,122 $84,013 

Supplemental disclosures of cash flow information
Interest paid$12,750 $18,700 
Income taxes paid14,164 22,811 

See accompanying notes to condensed consolidated financial statements (unaudited).
11

NMI HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Organization, Basis of Presentation and Summary of Accounting Principles
NMI Holdings, Inc. (NMIH) is a Delaware corporation, incorporated in May 2011 to provide private mortgage guaranty insurance (which we refer to as mortgage insurance or MI) through its wholly-owned insurance subsidiaries, National Mortgage Insurance Corporation (NMIC) and National Mortgage Reinsurance Inc. One (Re One). Our common stock is listed on the Nasdaq exchange under the ticker symbol “NMIH.”
NMIC, our primary insurance subsidiary, issued its first mortgage insurance policy in April 2013. NMIC is licensed to write mortgage insurance in all 50 states and the District of Columbia (D.C.). Re One historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures. In August 2015, NMIH capitalized a wholly-owned subsidiary, NMI Services, Inc. (NMIS), through which we offer outsourced loan review services to mortgage loan originators. We operate as a single segment for the purposes of assessing performance and making operating decisions.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements, which include the results of NMIH and its wholly-owned subsidiaries, have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC for interim reporting and include other information and disclosures required by accounting principles generally accepted in the U.S. (GAAP). Our accounts are maintained in U.S. dollars. These statements should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2025, included in our 2025 10-K. All intercompany transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (including normal recurring adjustments) that are necessary to present a fair statement of financial position, results of operations and cash flows for the periods presented. The results of operations for the interim period may not be indicative of the results that may be expected for the full year ending December 31, 2026.
Significant Accounting Principles
There have been no changes to our significant accounting principles as 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. 
Recent Accounting Pronouncements – Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expense (Topic 220). The update expands disclosure requirements related to certain income statement expenses, including a requirement to provide a tabular disaggregation of certain operating expenses by category. 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. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Targeted Accounting for Internal-Use Software (Topic 350). The update clarifies the criteria surrounding the capitalization of certain costs and expands related disclosure requirements. The standard will take effect for all public business entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently evaluating the impact the adoption of this ASU will have, if any, on our consolidated financial statements.
12

NMI HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. Investments
We hold all investments on an available-for-sale basis at fair value on our condensed consolidated balance sheets and evaluate each position quarterly for impairment. We recognize an impairment on a security through the statement of operations if (i) we intend to sell the impaired security; or (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis. If a sale is intended or likely to be required, we recognize an impairment loss equivalent to the difference of the amortized cost basis of the security and its fair value through the condensed consolidated statements of operations and comprehensive income as a “Net Realized Investment Loss.” In the event of an impairment of a security that we intend to and have the ability to hold to maturity, we evaluate the drivers of the impairment to determine the portion that is credit related and the portion that is non-credit related. The portion of impairment loss that is attributed to credit related factors is recognized through the statement of operations as a provision for credit loss and the portion that is attributed to non-credit related factors is recognized in other comprehensive income, net of taxes.
Fair Values and Gross Unrealized Gains and Losses on Investments

Amortized
CostGross UnrealizedFair
Value
GainsLosses
As of June 30, 2026(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$219,938 $343 $(5,481)$214,800 
Municipal debt securities593,325 760 (28,261)565,824 
Corporate debt securities2,251,283 9,065 (61,801)2,198,547 
U.S. agency mortgage-backed securities (1)
39,399 — (492)38,907 
Other asset-backed securities
153,714 40 (3,033)150,721 
Total bonds3,257,659 10,208 (99,068)3,168,799 
Short-term investments89,179 — (38)89,141 
Total investments$3,346,838 $10,208 $(99,106)$3,257,940 

Amortized
CostGross UnrealizedFair
Value
GainsLosses
As of December 31, 2025(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$306,168 $2,544 $(1,684)$307,028 
Municipal debt securities635,396 3,052 (26,879)611,569 
Corporate debt securities2,047,122 27,504 (55,015)2,019,611 
U.S. agency mortgage-backed securities (1)
42,109 10 (48)42,071 
Other asset-backed securities
72,774 — (2,649)70,125 
Total bonds3,103,569 33,110 (86,275)3,050,404 
Short-term investments86,605 15 (1)86,619 
Total investments$3,190,174 $33,125 $(86,276)$3,137,023 

(1)    100% of our 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.
13

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 June 30, 2026 and December 31, 2025: 

June 30, 2026December 31, 2025
Financial41 %39 %
Consumer27 28 
Industrial10 9 
Utilities9 11 
Technology6 6 
Communications5 6 
Basic Materials2 1 
Total100 %100 %

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.
Scheduled Maturities
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. Because most U.S. 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 June 30, 2026Amortized
CostFair
Value
(In Thousands)
Due in one year or less$367,919 $365,515 
Due after one through five years1,562,455 1,501,354 
Due after five through ten years1,161,537 1,140,487 
Due after ten years61,814 60,956 
U.S. agency mortgage-backed securities39,399 38,907 
Other asset-backed securities
153,714 150,721 
Total investments$3,346,838 $3,257,940 

As of December 31, 2025Amortized
CostFair
Value
(In Thousands)
Due in one year or less$292,846 $292,232 
Due after one through five years1,713,613 1,672,123 
Due after five through ten years1,062,039 1,053,628 
Due after ten years6,793 6,844 
U.S. agency mortgage-backed securities42,109 42,071 
Other asset-backed securities
72,774 70,125 
Total investments$3,190,174 $3,137,023 

Aging of Unrealized Losses
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,