NMI Holdings, Inc.

Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.

SEC original ↗NMI Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

ASU Accounting Standards Update BPMI Borrower-paid mortgage insurance CEO Chief executive officer CODM Chief operating decision maker DTI Debt-to-income EPS Earnings per share Fannie Mae Federal National Mortgage Association FASB Financial Accounting Standards Board FHFA Federal Housing Finance Agency FICO Fair Isaac Corporation Freddie Mac Federal Home Loan Mortgage Corporation GAAP Generally accepted accounting principles in the U.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

government agencies $ 219,938 $ 343 $ ( 5,481 ) $ 214,800 Municipal debt securities 593,325 760 ( 28,261 ) 565,824 Corporate debt securities 2,251,283 9,065 ( 61,801 ) 2,198,547 U.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

government agencies $ 306,168 $ 2,544 $ ( 1,684 ) $ 307,028 Municipal debt securities 635,396 3,052 ( 26,879 ) 611,569 Corporate debt securities 2,047,122 27,504 ( 55,015 ) 2,019,611 U.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

government agencies 11 $ 204,062 $ ( 1,673 ) 5 $ 1,993 $ ( 11 ) 16 $ 206,055 $ ( 1,684 ) Municipal debt securities 215 477,095 ( 26,879 ) 215 477,095 ( 26,879 ) Corporate debt securities 13 43,546 ( 209 ) 159 836,050 ( 54,806 ) 172 879,596 ( 55,015 ) U.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

government agencies $ 214,800 $ $ $ 214,800 Municipal debt securities 565,824 565,824 Corporate debt securities 2,198,547 2,198,547 U.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

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.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

Fair Value of Financial Instruments The following describes the valuation techniques used by us to determine the fair value of our financial instruments: We established a fair value hierarchy by prioritizing the inputs to valuation techniques used to measure fair value.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them.

SEC original ↗NMI Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Many risks and uncertainties are inherent in our industry and markets.

SEC original ↗NMI Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

These risks and uncertainties also include, but are not limited to, those set forth under the heading Risk Factors detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024, as subsequently updated through other reports we file with the SEC.

SEC original ↗NMI Holdings, Inc. — Earnings release (8-K exhibit)EX-99Jul 29, 2025

Legal Proceedings 54 Item 1A.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

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.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026

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.

SEC original ↗NMI Holdings, Inc. — 10-Q Quarterly report10-QJul 31, 2026