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Achieved record financial results including $106 million in adjusted net income, driven by consistent growth in the insured portfolio and disciplined expense management.

Surpassed $500 billion in total insurance ever written, reflecting a long-term strategy of differentiated service and a diversified national customer franchise of over 1,700 lenders.

Performance was bolstered by a resilient macro environment where record-high national house prices increased the need for down payment support while simultaneously strengthening credit performance.

Maintained a proactive stance on pricing and risk selection to protect the balance sheet against remaining macro risks, despite overall market stability.

Credit performance remains a standout driver, with management attributing favorable reserve development to a constructive labor market and significant embedded equity helping borrowers cure defaults.

Operational efficiency improved as the expense ratio decreased to 19.4%, benefiting from the significant earnings power of the platform and disciplined cost control.

Management anticipates an 'embedded growth engine' will continue to drive outperformance as their share of new business production remains meaningfully higher than their share of industry insurance in force.

Default populations are expected to trend higher in the second half of 2026 due to typical seasonal headwinds following the first-half benefits of tax refunds and bonuses.

Core yield is expected to remain broadly stable, supported by high persistency in the in-force book, though it remains sensitive to potential refinancing activity if interest rates move.

Capital allocation strategy will continue to prioritize share repurchases, with $167 million in remaining capacity, while evaluating organic growth opportunities as the portfolio seasons.

The 21st Century ROAD to Housing Act is viewed as a long-term positive for housing supply, though management does not expect a significant impact on the private MI market in the near term.

Repurchased $31.4 million of common stock in Q2, bringing total capital returned since 2022 to $408 million, or approximately 16% of total shares outstanding.

Shifted reinsurance focus toward traditional forward-flow coverage over capital market ILNs to secure flexible terms and a certain price for a three-year planning horizon.

Identified regional house price pressure in Florida, Texas, and parts of the Sun Belt, though management noted some of these markets appear to be bottoming out.

Maintained a robust capital position with $1.6 billion in excess available assets under PMIERs, providing a significant buffer for through-the-cycle growth.

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Management noted that while national prices are at record highs, regional pressures exist in the Sun Belt and Mountain West due to building inventory.

Early indicators for the 2026 vintage show no signs of underwriting strain or early payment defaults, maintaining the high-quality profile of previous years.

Management emphasized that their insurance in force has grown 49% over four years, significantly outpacing the industry's 13% growth.

Future capital allocation will balance the 'embedded growth engine' of new business with consistent share repurchases as the portfolio matures.

The industry is described as being at a 'point of constructive balance' with rational pricing and attractive unit economics on new business.

Management clarified they do not manage for specific market share targets, attributing Q2 volume growth to strong relationships with specific high-volume originators.

NMI is currently favoring traditional reinsurance over ILNs due to speed, flexibility, and the ability to lock in forward-flow coverage for up to three years.

Increased appetite from new reinsurers and lower risk layoff from GSEs have created a favorable supply-demand dynamic for private mortgage insurers.