Form 8-K

8-K — NMI Holdings, Inc.

Accession: 0001547903-26-000027

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001547903

SIC: 6351 (SURETY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nmih-20260430.htm (Primary)

EX-99.1 (exhibit991q12026.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: nmih-20260430.htm · Sequence: 1

nmih-20260430

0001547903false00015479032025-07-292025-07-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 30, 2026

NMI Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware 001-36174 45-4914248

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

2100 Powell Street, 12th Floor, Emeryville, CA

(Address of Principal Executive Offices)

94608

(Zip Code)

(855) 530-6642

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.01 NMIH Nasdaq

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition

On April 30, 2026, NMI Holdings, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information included in, or furnished with, this report has been "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 NMI Holdings, Inc. Press Release, dated April 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NMI Holdings, Inc.

(Registrant)

Date: April 30, 2026 By: /s/ William J. Leatherberry

William J. Leatherberry

EVP, Chief Administrative Officer and General Counsel

EX-99.1

Filename: exhibit991q12026.htm · Sequence: 2

Document

EXHIBIT 99.1

FOR IMMEDIATE RELEASE

NMI Holdings, Inc. Reports First Quarter 2026 Financial Results

EMERYVILLE, Calif., Apr. 30, 2026 -- NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $99.3 million, or $1.28 per diluted share, for the first quarter ended March 31, 2026, compared to $94.2 million, or $1.20 per diluted share, for the fourth quarter ended December 31, 2025 and $102.6 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025. Adjusted net income for the quarter was $99.4 million, or $1.28 per diluted share, compared to $93.8 million, or $1.20 per diluted share, for the fourth quarter ended December 31, 2025 and $102.5 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025.

Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered strong operating performance, consistent growth in our high-quality insured portfolio, and standout financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. Looking forward, we’re well positioned to continue delivering differentiated growth, returns and value for our shareholders.”

Selected first quarter 2026 highlights include:

•Primary insurance-in-force at quarter end was $222.3 billion, compared to $221.4 billion at the end of the fourth quarter and $211.3 billion at the end of the first quarter of 2025.

•Net premiums earned were $154.8 million, compared to $152.5 million in the fourth quarter and $149.4 million in the first quarter of 2025.

•Total revenue was $183.5 million, compared to $180.7 million in the fourth quarter and $173.2 million in the first quarter of 2025.

•Insurance claims and claim expenses were $20.7 million, compared to $21.2 million in the fourth quarter and $4.5 million in the first quarter of 2025. Loss ratio was 13.3%, compared to 13.9% in the fourth quarter and 3.0% in the first quarter of 2025.

•Underwriting and operating expenses were $30.6 million, compared to $31.1 million in the fourth quarter and $30.2 million in the first quarter of 2025. Expense ratio was 19.8%, compared to 20.4% in the fourth quarter and 20.2% in the first quarter of 2025.

•Net income was $99.3 million, compared to $94.2 million in the fourth quarter and $102.6 million in the first quarter of 2025. Diluted EPS was $1.28, compared to $1.20 in the fourth quarter and $1.28 in the first quarter of 2025.

•Adjusted net income was $99.4 million, compared to $93.8 million in the fourth quarter and $102.5 million in the first quarter of 2025. Adjusted diluted EPS was $1.28, compared to $1.20 in the fourth quarter and $1.28 in the first quarter of 2025.

•Shareholders' equity was $2.6 billion at quarter end and book value per share was $34.57. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $35.46, up 3% compared to $34.58 in the fourth quarter and 15% compared to $30.85 in the first quarter of 2025.

•Annualized return on equity for the quarter was 15.2%, compared to 14.8% in the fourth quarter and 18.1% in the first quarter of 2025. Annualized adjusted return on equity was 15.2%, compared to 14.7% in the fourth quarter and 18.1% in the first quarter of 2025.

•At quarter-end, total PMIERs available assets were $3.6 billion and net risk-based required assets were $2.2 billion.

EXHIBIT 99.1

Quarter Ended Quarter Ended Quarter Ended

Change (1)

3/31/2026 12/31/2025 3/31/2025 Q/Q Y/Y

INSURANCE METRICS ($billions)

Primary Insurance-in-Force $ 222.3 $ 221.4 $ 211.3 — % 5 %

New Insurance Written - NIW 12.3 14.2 9.2 (14) % 33 %

FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)

Net Premiums Earned $ 154.8 $ 152.5 $ 149.4 2 % 4 %

Net Investment Income

28.6 27.5 23.7 4 % 21 %

Insurance Claims and Claim Expenses

20.7 21.2 4.5 (2) % 361 %

Underwriting and Operating Expenses 30.6 31.1 30.2 (1) % 1 %

Adjusted Net Income 99.4 93.8 102.5 6 % (3) %

Adjusted Diluted EPS

$ 1.28 $ 1.20 $ 1.28 7 % — %

Book Value per Share (excluding net unrealized gains and losses) (2)

$ 35.46 $ 34.58 $ 30.85 3 % 15 %

Loss Ratio 13.3 % 13.9 % 3.0 %

Expense Ratio 19.8 % 20.4 % 20.2 %

(1) Percentages may not be replicated based on the rounded figures presented in the table.

(2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.

Conference Call and Webcast Details

The company will hold a conference call, which will be webcast live today, April 30, 2026, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company's website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

About NMI Holdings, Inc.

NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. 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” and similar words or phrases. 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. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are 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, policies, pricing or priorities of Fannie Mae and

EXHIBIT 99.1

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 loan-to-value 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, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, 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 judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; 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, implement successfully and on a timely basis, 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 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 the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. 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, 2025, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

Use of Non-GAAP Financial Measures

We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhance the comparability of our fundamental financial performance between periods, and provide relevant information to investors. These non-GAAP financial measures align with the way the company's business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

EXHIBIT 99.1

Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders' equity for the period.

Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

(1) Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.

(2) Capital markets transaction costs. 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.

(3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provide clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.

(4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and are not reflective of ongoing operations.

Investor Contact

John M. Swenson

Vice President, Investor Relations & Treasury

John.Swenson@nationalmi.com

EXHIBIT 99.1

Consolidated statements of operations and comprehensive income (unaudited)

For the three months ended March 31,

2026 2025

(In Thousands, except for per share data)

Revenues

Net premiums earned $ 154,806 $ 149,366

Net investment income 28,604 23,686

Net realized investment (losses) gains

(147) 24

Other revenues 212 170

Total revenues 183,475 173,246

Expenses

Insurance claims and claim expenses 20,661 4,478

Underwriting and operating expenses 30,623 30,175

Service expenses 139 116

Interest expense 7,109 7,106

Total expenses 58,532 41,875

Income before income taxes 124,943 131,371

Income tax expense 25,613 28,812

Net income $ 99,330 $ 102,559

Earnings per share

Basic $ 1.30 $ 1.31

Diluted $ 1.28 $ 1.28

Weighted average common shares outstanding

Basic 76,175 78,407

Diluted 77,435 79,858

Loss ratio (1)

13.3% 3.0%

Expense ratio (2)

19.8% 20.2%

Combined ratio

33.1% 23.2%

(1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.

(2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.

EXHIBIT 99.1

Consolidated balance sheets (unaudited) March 31, 2026 December 31, 2025

Assets (In Thousands, except for share data)

Fixed maturities, available-for-sale, at fair value (amortized cost of $3,255,203 and $3,190,174)

$ 3,174,107 $ 3,137,023

Cash and cash equivalents

70,679 43,937

Premiums receivable, net

86,861 86,259

Accrued investment income 29,726 27,253

Deferred policy acquisition costs, net 64,330 64,372

Software and equipment, net 20,887 21,727

Intangible assets and goodwill 3,634 3,634

Reinsurance recoverable 39,703 38,577

Prepaid federal income taxes 400,258 400,258

Other assets 19,453 18,058

Total assets $ 3,909,638 $ 3,841,098

Liabilities

Debt $ 417,522 $ 417,031

Unearned premiums 43,680 46,660

Accounts payable and accrued expenses 104,835 101,595

Reserve for insurance claims and claim expenses 211,204 196,429

Deferred tax liability, net 491,879 478,890

Other liabilities

8,086 8,507

Total liabilities 1,277,206 1,249,112

Shareholders' equity

Common stock: 76,149,574 and 76,285,242 shares outstanding as of March 31, 2026 and December 31, 2025, respectively

890 884

Additional paid-in capital 1,007,682 1,016,772

Treasury stock, at cost: 12,801,970 and 12,086,223 common shares as of March 31, 2026 and December 31, 2025, respectively (379,495) (351,772)

Accumulated other comprehensive loss, net of tax (68,160) (46,083)

Retained earnings 2,071,515 1,972,185

Total shareholders' equity 2,632,432 2,591,986

Total liabilities and shareholders' equity $ 3,909,638 $ 3,841,098

EXHIBIT 99.1

Non-GAAP Financial Measure Reconciliations (unaudited)

As of and for the three months ended

3/31/2026 12/31/2025 3/31/2025

As Reported (In Thousands, except for per share data)

Revenues

Net premiums earned $ 154,806 $ 152,457 $ 149,366

Net investment income 28,604 27,529 23,686

Net realized investment (losses) gains

(147) 487 24

Other revenues 212 263 170

Total revenues 183,475 180,736 173,246

Expenses

Insurance claims and claim expenses 20,661 21,172 4,478

Underwriting and operating expenses 30,623 31,069 30,175

Service expenses 139 213 116

Interest expense 7,109 7,133 7,106

Total expenses 58,532 59,587 41,875

Income before income taxes 124,943 121,149 131,371

Income tax expense 25,613 26,932 28,812

Net income $ 99,330 $ 94,217 $ 102,559

Adjustments:

Net realized investment losses (gains)

147 (487) (24)

Adjusted income before taxes 125,090 120,662 131,347

Income tax expense (benefit) on adjustments (1)

31 (102) (5)

Adjusted net income $ 99,446 $ 93,832 $ 102,540

Weighted average diluted shares outstanding 77,435 78,208 79,858

Diluted EPS $ 1.28 $ 1.20 $ 1.28

Adjusted diluted EPS $ 1.28 $ 1.20 $ 1.28

Return on equity 15.2 % 14.8 % 18.1 %

Adjusted return on equity 15.2 % 14.7 % 18.1 %

Expense ratio (2)

19.8 % 20.4 % 20.2 %

Adjusted expense ratio (3)

19.8 % 20.4 % 20.2 %

Combined ratio (4)

33.1 % 34.3 % 23.2 %

Adjusted combined ratio (5)

33.1 % 34.3 % 23.2 %

Book value per share (6)

$ 34.57 $ 33.98 $ 29.65

Book value per share (excluding net unrealized gains and losses) (7)

$ 35.46 $ 34.58 $ 30.85

(1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.

(2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.

EXHIBIT 99.1

(3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.

(4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.

(5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.

(6) Book value per share is calculated by dividing total shareholders' equity by shares outstanding.

(7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders' equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.

EXHIBIT 99.1

Historical Quarterly Data

2026

2025

March 31

December 31

September 30

June 30

March 31

(In Thousands, except for per share data)

Revenues

Net premiums earned $ 154,806 $ 152,457 $ 151,323 $ 149,066 $ 149,366

Net investment income 28,604 27,529 26,773 24,949 23,686

Net realized investment (losses) gains

(147) 487 321 (400) 24

Other revenues 212 263 262 164 170

Total revenues 183,475 180,736 178,679 173,779 173,246

Expenses

Insurance claims and claim expenses 20,661 21,172 18,554 13,445 4,478

Underwriting and operating expenses 30,623 31,069 29,156 29,508 30,175

Service expenses 139 213 162 110 116

Interest expense 7,109 7,133 7,124 7,115 7,106

Total expenses 58,532 59,587 54,996 50,178 41,875

Income before income taxes 124,943 121,149 123,683 123,601 131,371

Income tax expense 25,613 26,932 27,684 27,450 28,812

Net income $ 99,330 $ 94,217 $ 95,999 $ 96,151 $ 102,559

Earnings per share

Basic $ 1.30 $ 1.23 $ 1.24 $ 1.23 $ 1.31

Diluted $ 1.28 $ 1.20 $ 1.22 $ 1.21 $ 1.28

Weighted average common shares outstanding

Basic 76,175 76,700 77,410 77,987 78,407

Diluted 77,435 78,208 78,830 79,256 79,858

Other data

Loss ratio (1)

13.3 % 13.9 % 12.3 % 9.0 % 3.0 %

Expense ratio (2)

19.8 % 20.4 % 19.3 % 19.8 % 20.2 %

Combined ratio (3)

33.1 % 34.3 % 31.5 % 28.8 % 23.2 %

(1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.

(2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.

(3) Combined ratio may not foot due to rounding.

EXHIBIT 99.1

Portfolio Statistics

The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

Primary portfolio trends As of and for the three months ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

($ Values In Millions, except as noted below)

New insurance written (NIW) $ 12,259 $ 14,203 $ 13,012 $ 12,464 $ 9,221

New risk written 3,124 3,631 3,399 3,260 2,428

Insurance-in-force (IIF) (1)

222,318 221,448 218,376 214,653 211,308

Risk-in-force (RIF) (1)

59,517 59,313 58,538 57,496 56,515

Policies in force (count) (1)

684,977 684,058 677,010 668,638 661,490

Average loan size ($ value in thousands) (1)

$ 325 $ 324 $ 323 $ 321 $ 319

Coverage percentage (2)

26.8 % 26.8 % 26.8 % 26.8 % 26.7 %

Loans in default (count) (1)

8,044 7,661 7,093 6,709 6,859

Default rate (1)

1.17 % 1.12 % 1.05 % 1.00 % 1.04 %

Risk-in-force on defaulted loans (1)

$ 701 $ 656 $ 600 $ 569 $ 567

Average net premium yield (3)

0.28 % 0.28 % 0.28 % 0.28 % 0.28 %

Earnings from cancellations $ 0.6 $ 0.8 $ 0.7 $ 0.7 $ 0.6

Annual persistency (4)

82.2 % 83.4 % 83.9 % 84.1 % 84.3 %

Quarterly run-off (5)

5.1 % 5.1 % 4.3 % 4.3 % 3.9 %

(1) Reported as of the end of the period.

(2) Calculated as end of period RIF divided by end of period IIF.

(3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.

(4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.

(5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.

NIW, IIF and Premiums

The tables below present NIW and primary IIF, as of the dates and for the periods indicated.

NIW

For the three months ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(In Millions)

Monthly $ 11,935 $ 13,841 $ 12,727 $ 12,214 $ 9,049

Single 324 362 285 250 172

Total

$ 12,259 $ 14,203 $ 13,012 $ 12,464 $ 9,221

Primary IIF

As of

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(In Millions)

Monthly $ 206,025 $ 204,925 $ 201,671 $ 197,608 $ 193,856

Single 16,293 16,523 16,705 17,045 17,452

Total

$ 222,318 $ 221,448 $ 218,376 $ 214,653 $ 211,308

EXHIBIT 99.1

The following table presents the amounts related to the company's quota-share reinsurance transactions (the 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, 2025 QSR Transaction, and 2026 QSR Transaction and collectively, the QSR Transactions), traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, 2025 XOL Transaction, and 2026-1 XOL Transaction and collectively, the XOL Transactions), and insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions) for the periods indicated.

For the three months ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

(In Thousands)

The QSR Transactions (1)

Ceded risk-in-force $ 12,189,562 $ 12,805,761 $ 12,699,082 $ 12,764,708 $ 12,888,870

Ceded premiums earned (37,930) (40,131) (39,847) (40,227) (41,011)

Ceded claims and claim expenses 4,890 4,682 4,123 3,253 523

Ceding commission earned 10,205 10,182 10,246 9,669 9,768

Profit commission 17,131 18,310 19,083 19,958 23,398

The XOL Transactions

Ceded Premiums $ (10,998) $ (11,037) $ (10,656) $ (10,350) $ (10,168)

The ILN Transactions

Ceded premiums $ (2,383) $ (3,007) $ (3,036) $ (3,244) $ (3,311)

(1) Effective July 1, 2025, NMIC terminated its coverage with all reinsurers under the 2016 QSR Transaction by mutual agreement on a cut-off basis.

The tables below present our total NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

NIW by FICO

For the three months ended

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

>= 760 $ 7,237 $ 7,907 $ 4,971

740-759 2,161 2,620 1,753

720-739 1,452 1,654 1,177

700-719 719 1,010 665

680-699 379 569 413

<=679 311 443 242

Total $ 12,259 $ 14,203 $ 9,221

Weighted average FICO 762 759 758

EXHIBIT 99.1

NIW by LTV

For the three months ended

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

95.01% and above $ 1,506 $ 1,606 $ 1,147

90.01% to 95.00% 4,982 5,970 4,274

85.01% to 90.00% 3,840 4,627 2,751

85.00% and below 1,931 2,000 1,049

Total $ 12,259 $ 14,203 $ 9,221

Weighted average LTV 91.4 % 91.6 % 92.2 %

NIW by purchase/refinance mix

For the three months ended

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

Purchase $ 9,367 $ 11,840 $ 8,822

Refinance

2,892 2,363 399

Total $ 12,259 $ 14,203 $ 9,221

The table below presents a summary of our primary IIF and RIF by book year as of March 31, 2026.

Primary IIF and RIF As of March 31, 2026

IIF RIF

Book Year

(In Millions)

2026 $ 12,189 $ 3,106

2025 43,833 11,412

2024 35,260 9,394

2023 27,059 7,168

2022 40,061 10,834

2021 and before 63,916 17,603

Total $ 222,318 $ 59,517

EXHIBIT 99.1

The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

Primary IIF by FICO As of

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

>= 760 $ 112,057 $ 111,255 $ 106,004

740-759 40,270 40,008 37,716

720-739 30,551 30,503 29,430

700-719 20,349 20,491 19,737

680-699 13,271 13,448 13,324

<=679 5,820 5,743 5,097

Total $ 222,318 $ 221,448 $ 211,308

Primary RIF by FICO As of

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

>= 760 $ 29,675 $ 29,500 $ 28,117

740-759 10,854 10,787 10,132

720-739 8,293 8,275 7,966

700-719 5,590 5,619 5,384

680-699 3,628 3,672 3,610

<=679 1,477 1,460 1,306

Total $ 59,517 $ 59,313 $ 56,515

Primary IIF by LTV As of

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

95.01% and above $ 27,419 $ 26,739 $ 24,167

90.01% to 95.00% 109,554 109,228 104,312

85.01% to 90.00% 65,693 66,285 64,298

85.00% and below 19,652 19,196 18,531

Total $ 222,318 $ 221,448 $ 211,308

Primary RIF by LTV As of

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

95.01% and above $ 8,631 $ 8,404 $ 7,546

90.01% to 95.00% 32,314 32,223 30,804

85.01% to 90.00% 16,250 16,412 15,957

85.00% and below 2,322 2,274 2,208

Total $ 59,517 $ 59,313 $ 56,515

EXHIBIT 99.1

Primary RIF by Loan Type As of

March 31, 2026 December 31, 2025 March 31, 2025

Fixed 98 % 98 % 98 %

Adjustable rate mortgages:

Less than five years — — —

Five years and longer 2 2 2

Total 100 % 100 % 100 %

The table below presents a summary of the change in total primary IIF for the dates and periods indicated.

Primary IIF As of and for the three months ended

March 31, 2026 December 31, 2025 March 31, 2025

(In Millions)

IIF, beginning of period $ 221,448 $ 218,376 $ 210,183

NIW 12,259 14,203 9,221

Cancellations, principal repayments and other reductions (11,389) (11,131) (8,096)

IIF, end of period $ 222,318 $ 221,448 $ 211,308

Geographic Dispersion

The following table shows the distribution by state of our primary RIF as of the periods indicated.

Top 10 primary RIF by state As of

March 31, 2026 December 31, 2025 March 31, 2025

California 10.1 % 10.1 % 10.1 %

Texas 8.3 8.3 8.5

Florida 7.2 7.2 7.3

Georgia 4.0 4.0 4.1

Illinois 4.0 4.0 3.8

Virginia 3.7 3.7 3.7

Washington 3.6 3.6 3.9

Pennsylvania 3.6 3.5 3.4

Ohio 3.5 3.5 3.3

New York 3.3 3.3 3.2

Total 51.3 % 51.2 % 51.3 %

EXHIBIT 99.1

The table below presents selected primary portfolio statistics, by book year, as of March 31, 2026.

As of March 31, 2026

Book Year

Original Insurance Written Remaining Insurance in Force % Remaining of Original Insurance Policies Ever in Force Number of Policies in Force Number of Loans in Default # of Claims Paid

Incurred Loss Ratio (Inception to Date) (1)

Cumulative Default Rate (2)

Current default rate (3)

($ Values In Millions)

2017 and prior $ 58,804 $ 3,112 5 % 237,512 17,167 360 617 2.1 % 0.4 % 2.1 %

2018 27,295 1,823 7 % 104,043 10,044 374 214 2.5 % 0.6 % 3.7 %

2019 45,141 4,717 10 % 148,423 21,671 402 126 2.2 % 0.4 % 1.9 %

2020 62,702 15,320 24 % 186,174 56,248 559 81 1.4 % 0.3 % 1.0 %

2021 85,574 38,944 46 % 257,972 134,406 1,632 191 3.3 % 0.7 % 1.2 %

2022 58,734 40,061 68 % 163,281 120,023 2,292 316 17.0 % 1.6 % 1.9 %

2023 40,473 27,059 67 % 111,994 80,907 1,183 110 16.3 % 1.2 % 1.5 %

2024 46,044 35,260 77 % 120,747 98,403 962 23 15.4 % 0.8 % 1.0 %

2025 48,900 43,833 90 % 125,570 115,779 280 — 8.3 % 0.2 % 0.2 %

2026 12,259 12,189 99 % 30,457 30,329 — — — % — % — %

Total $ 485,926 $ 222,318 1,486,173 684,977 8,044 1,678

(1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.

(2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.

(3) Calculated as the number of loans in default divided by number of policies in force.

EXHIBIT 99.1

The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:

For the three months ended March 31,

2026 2025

(In Thousands)

Beginning balance $ 196,429 $ 152,071

Less reinsurance recoverables (1)

(38,577) (32,260)

Beginning balance, net of reinsurance recoverables 157,852 119,811

Add claims incurred:

Claims and claim expenses incurred:

Current year (2)

47,150 34,559

Prior years (3)

(26,489) (30,081)

Total claims and claim expenses incurred

20,661 4,478

Less claims paid:

Claims and claim expenses paid:

Current year (2)

— —

Prior years (3)

8,682 4,076

Reinsurance terminations (4)

(1,670) (255)

Total claims and claim expenses paid 7,012 3,821

Reserve at end of period, net of reinsurance recoverables 171,501 120,468

Add reinsurance recoverables (1)

39,703 31,379

Ending balance $ 211,204 $ 151,847

(1) Related to ceded losses recoverable under the QSR Transactions.

(2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $34.8 million attributed to net case reserves and $11.7 million attributed to net IBNR reserves for the three months ended March 31, 2026 and $25.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025.

(3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $15.2 million attributed to net case reserves and $10.8 million attributed to net IBNR reserves for the three months ended March 31, 2026 and $21.8 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025.

(4) Represents the settlement of reinsurance recoverables in conjunction with the termination or amendment of certain QSR transactions.

The following table provides a reconciliation of the beginning and ending count of loans in default:

For the three months ended March 31,

2026 2025

Beginning default inventory 7,661 6,642

Plus: new defaults 2,717 2,421

Less: cures (2,160) (2,094)

Less: claims paid (170) (95)

Less: rescission and claims denied (4) (15)

Ending default inventory 8,044 6,859

EXHIBIT 99.1

The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

For the three months ended March 31,

2026 2025

($ Values In Thousands)

Number of claims paid (1)

170 95

Total amount paid for claims $ 10,776 $ 5,225

Average amount paid per claim

$ 63 $ 55

Severity (2)

88 % 69 %

(1) Count includes 12 and 20 claims settled without payment during the three months ended March 31, 2026 and 2025, respectively.

(2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.

The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

As of March 31,

Average reserve per default: 2026 2025

(In Thousands)

Case (1)

$ 24.1 $ 20.3

IBNR (1)(2)

2.2 1.8

Total $ 26.3 $ 22.1

(1) Defined as the gross reserve per insured loan in default.

(2) Amount includes claims adjustment expenses.

The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

As of

March 31, 2026 December 31, 2025 March 31, 2025

(In Thousands)

Available assets

$ 3,630,735 $ 3,496,971 $ 3,230,653

Net risk-based required assets

2,165,418 2,058,467 1,867,414

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 7

v3.26.1

Cover Page

Jul. 29, 2025

Cover [Abstract]

Document Type

8-K

Document Period End Date

Apr. 30, 2026

Entity Registrant Name

NMI Holdings, Inc.

Entity Central Index Key

0001547903

Amendment Flag

false

Entity Incorporation, State or Country Code

Entity File Number

001-36174

Entity Tax Identification Number

45-4914248

Entity Address, Address Line One

2100 Powell Street

Entity Address, Address Line Two

12th Floor

Entity Address, City or Town

Emeryville

Entity Address, State or Province

Entity Address, Postal Zip Code

94608

City Area Code

855

Local Phone Number

530-6642

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, par value $0.01

Trading Symbol

NMIH

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration