[Form 4] NMI Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale and remaining holdings. Steven Scheid, a director of NMI Holdings, Inc. (NMIH), reported on Form 4 that he sold 19,926 common shares in open-market transactions on 09/15/2025 at a weighted average price of $39.3133 per share (trade range $39.1437 to $39.4601). After the reported sale, Mr. Scheid is shown as beneficially owning 78,960 shares indirectly through the Scheid Family Trust, of which he and his wife are co-trustees and beneficiaries. The filing also reports the disposition of 4,439 restricted stock units, noted as unvested. The Form 4 was signed by an attorney-in-fact on 09/17/2025. The document provides address details for the reporting person and confirms his status as a director.

Positive

• Retains substantial indirect ownership: 78,960 shares held via the Scheid Family Trust, indicating continued alignment with shareholders

Negative

• Insider sold 19,926 shares: Open-market disposition on 09/15/2025 at a weighted average price of $39.3133
• Disposition of 4,439 restricted stock units: Reported as unvested RSUs and shown as disposed in the filing

Insights

Securities Analyst

TL;DR: A director executed a routine open-market sale of 19,926 shares, retaining substantial indirect holdings via a family trust.

The reported sale at a weighted average price of $39.3133 appears to be an executed liquidity event rather than a change in control or corporate action. Post-transaction ownership of 78,960 shares held indirectly via the Scheid Family Trust indicates continued alignment with shareholder interests. The disposition of 4,439 restricted stock units is disclosed as unvested RSUs reported as disposed; the filing does not provide vesting detail or proceeds allocation. This Form 4 shows a standard Section 16 disclosure of insider transactions with explicit price range and a commitment to provide transaction-level sale details upon request.

Corporate Governance Expert

TL;DR: Insider sale disclosed clearly; ownership remains largely indirect through a family trust, suggesting no abrupt governance change.

The filing identifies Mr. Scheid as a director and lists the Scheid Family Trust as the indirect holder of 78,960 shares, with Mr. Scheid and his spouse as co-trustees and beneficiaries. The report includes the required weighted average sale price and price range for the open-market transactions and notes the attorney-in-fact signature. There is no indication in the filing of any departure, change in board status, related-party transaction, or derivative activity. The disclosure meets Section 16 reporting formalities and provides the necessary transactional metrics for investor review.

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

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

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

1. Name and Address of Reporting Person^*

SCHEID STEVEN

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		S		19,926	D	$39.3133(1)	78,960	I	By Scheid Family Trust, of which Mr. Scheid and his wife are co-trustees and beneficiaries
Restricted Stock Unit (right to receive)								4,439(2)	D

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

Explanation of Responses:

1. The common stock was sold by the reporting person in a series of open market transactions at a weighted average sale price of $39.3133. The range of sale prices on the transaction date was $39.1437 to $39.4601. 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.

2. Represents 4,439 unvested restricted stock units.

Remarks:

	/s/ Augustin Joo, as Attorney-in-Fact	09/17/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did NMIH director Steven Scheid report on Form 4?

He reported selling 19,926 common shares on 09/15/2025 at a weighted average price of $39.3133 and disclosing the disposition of 4,439 unvested restricted stock units.

How many NMIH shares does Steven Scheid beneficially own after the transaction?

78,960 shares are reported as beneficially owned indirectly through the Scheid Family Trust.

At what price range were the shares sold?

Sale price range on 09/15/2025 was $39.1437 to $39.4601; the weighted average sale price was $39.3133.

What is the reporting person’s relationship to NMIH?

Steven Scheid is a director of NMI Holdings, Inc., and the filing indicates the reporting person’s address and trustee relationship to the Scheid Family Trust.

Who signed the Form 4 filing?

The form was signed by Augustin Joo as Attorney-in-Fact on 09/17/2025.