NMI Holdings (NMIH) chair exercises options, sells 18,976 shares

Rhea-AI Filing Summary

NMI Holdings executive chairman Bradley M. Shuster exercised stock options and sold a portion of the resulting shares. On March 11, 2026, he exercised options for 55,158 common shares at an exercise price of $11.10 per share. A total of 36,182 shares were withheld to satisfy the cashless exercise and related tax obligations, leaving the remainder issued as common stock.

On March 12, 2026, Shuster completed an open-market sale of 18,976 common shares at a weighted average price of $36.5803 per share, in a series of transactions within a range of $36.31 to $36.81. Following these transactions, he held 415,411 common shares directly and 47,150 common shares indirectly through the Shuster Family Trust.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHUSTER BRADLEY M

(Last) (First) (Middle)

C/O NMI HOLDINGS, INC.

2100 POWELL STREET 12TH FL.

(Street)

EMERYVILLE CA 94608

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NMI Holdings, Inc. [ NMIH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares, $0.01 par value per share	03/11/2026		M		55,158	A	$11.1	470,569	D
Common Shares, $0.01 par value per share	03/11/2026		F		36,182(1)	D	$0	434,387	D
Common Shares, $0.01 par value per share	03/12/2026		S		18,976	D	$36.5803(2)	415,411(3)	D
Common Shares, $0.01 par value per share								47,150	I	By Shuster Family Trust, of which Mr. Shuster and his wife are co-trustees and beneficiaries

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$11.1	03/11/2026		M			55,158	(4)	02/09/2027	Common Shares, $0.01 par value per share	55,158	$0	110,314	D

Explanation of Responses:

1. Represents shares withheld to satisfy the cashless exercise of certain options granted to the Reporting Person on February 9, 2017 at a net settlement price equal to the closing stock price on March 11, 2026, and withholding taxes due in connection with the exercise of such options. The option vested in full on February 9, 2020.

2. The common stock was sold by the Reporting Person in a series of open market transactions at a weighted average sale price of $36.5803. The range of sale prices on the transaction date was $36.31 to $36.81. The Reporting Person undertakes to provide, upon request by the SEC staff, NMIH or a security holder of NMIH, full information regarding the shares sold at each price.

3. Represents 363,130 common shares and 52,281 unvested restricted stock units.

4. The option vested in full on February 9, 2020.

Remarks:

	/s/ Augustin Joo, as Attorney-in-Fact	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did NMIH executive chairman Bradley Shuster report?

Bradley Shuster reported exercising options for 55,158 NMI Holdings (NMIH) shares and then selling 18,976 common shares. The filing also shows shares withheld for taxes and updated direct and trust-based holdings after these transactions.

How many NMIH shares did Bradley Shuster sell and at what price?

Bradley Shuster sold 18,976 NMI Holdings (NMIH) common shares in open-market trades at a weighted average price of $36.5803. The trades occurred within a daily price range between $36.31 and $36.81 per share.

What stock options did Bradley Shuster exercise in this NMIH Form 4?

Shuster exercised stock options covering 55,158 NMI Holdings (NMIH) common shares at an exercise price of $11.10. These options were granted on February 9, 2017, had vested in full by February 9, 2020, and were exercised on March 11, 2026.

How many NMIH shares were withheld for taxes in Shuster’s transaction?

The Form 4 shows 36,182 NMI Holdings (NMIH) common shares were withheld. These shares satisfied the cashless exercise of certain options and the associated withholding taxes due when Shuster exercised his fully vested option grant on March 11, 2026.

What are Bradley Shuster’s NMIH shareholdings after these transactions?

After the transactions, Shuster directly held 415,411 NMI Holdings (NMIH) common shares. He also indirectly held 47,150 common shares through the Shuster Family Trust, where he and his wife serve as co-trustees and beneficiaries, according to the filing.

Does Bradley Shuster still hold unvested equity awards in NMIH after this Form 4?

Yes. A footnote states his equity position includes 363,130 common shares and 52,281 unvested restricted stock units. These restricted stock units represent additional potential common share issuance, separate from the options exercised and common shares sold in this Form 4.