NMIH NMI Holdings, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $26M, Q3 2025: $17M, Q2 2025: $27M, Q1 2025: $25M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $26M vs trailing avg $23M (+13%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $95M / FCF $49M = 192% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 4,700,000 shares = 6.2% of 76,285,242 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $7M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 10532746.6x more than bought. 3 C-suite officers among sellers

• Fitzgerald Norman Peter (EVP, Chief Sales Officer) sold 22,500 shares on 2026-02-17
• Yousaf Mohammad Nawaz (EVP, Chief of Ops and Tech) sold 16,000 shares on 2026-02-17
• Leatherberry William J (Chief Admin. Officer & GC) sold 18,121 shares on 2025-05-30