SHUSTER BRADLEY M 4

What Happened

• Bradley M. Shuster, Executive Chairman and Director of NMI Holdings, exercised options for 55,156 shares and acquired them at $11.10 each (cost $612,232) on March 23, 2026. To cover the exercise/taxes, 36,203 shares were withheld. The next day (March 24, 2026) he sold 18,953 shares in open-market transactions for a total of $707,832 (weighted average sale price $37.3467).

Key Details

• Transaction dates: exercise and withholding on 2026-03-23; open-market sale on 2026-03-24. Form 4 filed 2026-03-25 (appears timely).
• Exercise: 55,156 shares @ $11.10 = $612,232 (code M).
• Withholding/tax: 36,203 shares withheld @ $0 (code F) to satisfy cashless exercise and tax withholding.
• Sale: 18,953 shares sold @ weighted avg $37.3467 = $707,832 (code S). Reported sale price range that day: $36.8850–$37.6100.
• Shares owned after transaction (per filing footnote): 363,130 common shares and 52,281 unvested restricted stock units.
• Footnotes: option granted Feb 9, 2017 and vested in full Feb 9, 2020; Reporting Person can provide per-price breakdown of sales upon request.

Context

• This was a cashless exercise (shares were withheld to cover exercise/taxes) followed by a partial open-market sale of the newly acquired shares — a common way executives realize value from vested options. The filing shows exercise (M), tax withholding (F), and open-market sale (S); these actions are routine and do not, by themselves, indicate the insider's future view of the company.