Form 4: NMI Holdings Chief Administrative Officer Sells Over 18,000 Shares in Pre-Planned Transaction

William J. Leatherberry, Chief Administrative Officer and General Counsel of NMI Holdings, Inc., sold 18,121 common shares for approximately $718,700 as part of a pre-arranged trading plan.

Summary

• William J. Leatherberry, the Chief Administrative Officer and General Counsel of NMI Holdings, Inc. (NMIH), reported a sale of company common shares.
• The transaction involved the disposition of 18,121 common shares with a par value of $0.01 per share.
• The sale occurred on May 30, 2025, at a weighted average price of $39.67 per share.
• The range of sale prices on the transaction date was between $39.65 and $39.75.
• Following this transaction, Mr. Leatherberry beneficially owns 134,786 securities, which consist of 96,884 common shares and 37,902 unvested restricted stock units.
• The sale was conducted pursuant to a Rule 10b5-1(c) pre-arranged trading plan, indicating it was scheduled in advance.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While an insider sale can be seen negatively, the fact that it was conducted under a Rule 10b5-1 plan mitigates concerns, as it implies a pre-planned liquidity event rather than a reaction to new, negative information.

Positives

• The sale was executed under a Rule 10b5-1(c) plan, which suggests the transaction was pre-scheduled and not based on immediate, non-public information, often mitigating negative perceptions of insider selling.

Negatives

• An insider sale, even if pre-planned, reduces the direct ownership stake of a key executive, which can sometimes be interpreted as a lack of confidence, though this is less pronounced with 10b5-1 plans.

Risks

• No specific risks are detailed in this Form 4 filing beyond the general informational nature of an insider stock transaction.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• 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 within the reported range.

Industry Context

This filing is a routine disclosure of an insider stock transaction, common across all publicly traded companies, and does not provide specific insights into broader industry trends within the mortgage insurance sector.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in insider ownership, which is generally informational. The pre-planned nature (10b5-1) reduces the likelihood of negative market interpretation.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• The reporting person is obligated to provide detailed information on the shares sold at each price point upon request by the SEC staff, NMIH, or a security holder.

Key Dates

Keywords

NMI Holdings, NMIH, Form 4, Insider Sale, Stock Transaction, Beneficial Ownership, William J. Leatherberry, Chief Administrative Officer, General Counsel, Rule 10b5-1