NMI Holdings, Inc.
In the published model solve dated 2026-Q2, anchored at $40.84, NMI Holdings, Inc. (NMIH) is priced for 10.1% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
• NMI Holdings sells private mortgage insurance, protecting lenders when borrowers with small down payments default, and it has built that into a $222.3 billion book of insurance in force earning a 15% return on equity. [Source: NMI Holdings Q1 2026 results] • The defining risk is the housing and employment cycle: mortgage-insurance losses are low in good times but spike in a downturn, and the company's filing is explicit that rising unemployment increases borrower defaults. [Source: company 10-
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348 institutional managers reported holding NMIH in 13F filings for the quarter ended 2026-03-31. Together they hold about 94% of the company; the top 10 hold 50%. 33 opened new positions that quarter. Held by BlackRock, Vanguard Group, Dimensional Fund Advisors, among others. On the short side, 2.0M shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (3.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NMIH has cut its share count 11.1% over the past five years, spending $379.50M on repurchases. It pays no dividend. Cash returned over the past three years: $282.13M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at NMIH over the trailing three years. Absence is a fact about the company, not a signal. 16 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NMIH's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2024-08-01 | -0.1% | +7.3% |
| 2024-11-08 | -0.8% | -6.0% |
| 2025-02-15 | -5.4% | -5.2% |
| 2025-05-01 | +8.1% | +18.6% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NMIH's latest 8-K filings: 2026-07-30 (items 2.02, 9.01); 2026-05-15 (items 5.07); 2026-04-30 (items 2.02, 9.01); 2026-02-12 (items 5.02, 7.01, 9.01); 2026-02-10 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.