NMI : Reconciliation of non-GAAP to GAAP Measures 1Q 2026

Published: 2026-05-01 01:06:12 ET NMIH

Published on 05/01/2026 at 01:06 am EDT

Non-GAAP reconciliation

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

First Quarter

($ in thousands, except per share values)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

As Reported:

Revenues

Net premiums earned

$ 149,366

$ 149,066

$ 151,323

$ 152,457

$ 154,806

Net Investment Income

23,686

24,949

26,773

27,529

28,604

Net realized investment gains (losses)

24

(400)

321

487

(147)

Other revenues

170

164

262

263

212

Total revenues

$ 173,246

$ 173,779

$ 178,679

$ 180,736

$ 183,475

Expenses

Insurance claims and claim expenses

4,478

13,445

18,554

21,172

20,661

Underwriting and operating expenses

30,175

29,508

29,156

31,069

30,623

Service expenses

116

110

162

213

139

Interest expense

7,106

7,115

7,124

7,133

7,109

Total expenses

$ 41,875

$ 50,178

$ 54,996

$ 59,587

$ 58,532

Income before income taxes

$ 131,371

$ 123,601

$ 123,683

$ 121,149

$ 124,943

Income tax expense

28,812

27,450

27,684

26,932

25,613

Net income

$ 102,559

$ 96,151

$ 95,999

$ 94,217

$ 99,330

Adjustments:

Gain from change in fair value of warrant liability

-

-

-

-

-

Capital markets transaction costs

-

-

-

-

-

Net realized investment (gains) losses

(24)

400

(321)

(487)

147

Other Infrequent, unusual or non-operating items

-

-

-

-

-

Adjusted Income before income taxes

$ 131,347

$ 124,001

$ 123,362

$ 120,662

$ 125,090

Income tax expense (benefit) on adjustments

(5)

84

(67)

(102)

31

Deferred tax (expense) benefit adjustments

Adjusted Net income

$ 102,540

$ 96,467

$ 95,745

$ 93,832

$ 99,446

Weighted average diluted shares outstanding

79,858

79,256

78,830

78,208

77,435

Dilutive effect of non-vested shares and warrants

-

-

-

-

-

Weighted average diluted shares outstanding - Adjusted

79,858

79,256

78,830

78,208

77,435

Diluted EPS - Reported

$ 1.28

$ 1.21

$ 1.22

$ 1.20

$ 1.28

Diluted EPS - Adjusted

$ 1.28

$ 1.22

$ 1.21

$ 1.20

$ 1.28

Shareholders' equity

$ 2,321,571

$ 2,420,107

$ 2,514,871

$ 2,591,986

$ 2,632,432

Return on equity - Reported

18.1%

16.2%

15.6%

14.8%

15.2%

Return on equity - Adjusted

18.1%

16.3%

15.5%

14.7%

15.2%

Expense ratio - Reported

20.2%

19.8%

19.3%

20.4%

19.8%

Expense ratio - Adjusted

20.2%

19.8%

19.3%

20.4%

19.8%

Loss ratio - Reported and Adjusted

3.0%

9.0%

12.3%

13.9%

13.3%

Combined ratio - Reported

23.2%

28.8%

31.5%

34.3%

33.1%

Combined ratio - Adjusted

23.2%

28.8%

31.5%

34.3%

33.1%

Book value per share

$ 29.65

$ 31.14

$ 32.62

$ 33.98

$ 34.57

Book value per share (excluding net unrealized gains and losses)

$ 30.85

$ 32.08

$ 33.32

$ 34.58

$ 35.46

Disclaimer

NMI Holdings Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 05:05 UTC.