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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n☒\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF\n1934\n\nFor the quarterly period ended March 31, 2026\n\n \n\n☐\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF\n1934\n\nFor the transition period from  ___________ \nto  ___________\n\n \n\nCommission file number 001-37973\n\n \n\nNI HOLDINGS, INC.\n\n(Exact name of registrant as specified in its\ncharter)\n\n \n\nNorth Dakota\n \n81-2683619\n\n(State or other jurisdiction of\n \n(I.R.S. Employer\n\nincorporation or organization)\n \nIdentification No.)\n\n \n\n1101 First Avenue North\n\nFargo, North Dakota\n\n \n58102\n\n(Address of principal executive offices)\n \n(Zip Code)\n\n(701) 298-4200\n\nRegistrant’s telephone number, including\narea code\n\n \n\nNot applicable\n\nFormer name, former address, and former fiscal\nyear, if changed since last report\n\n \n\nSecurities registered pursuant to Section 12(b)\nof the Act:\n\n \n\n \n\nTitle of each class\nTrading Symbol(s) \nName of each exchange on which registered\n\nCommon Stock, $0.01 par value per share\nNODK \nNasdaq Capital Market\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports\nrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter\nperiod that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☒  Yes    No  ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically\nevery Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the\npreceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒  Yes    No  ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated\nfiler, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions\nof “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging\ngrowth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n☐\nAccelerated filer\n☒\n\nNon-accelerated filer\n☐\nSmaller reporting company\n☐\n\n \n \nEmerging growth company\n☐\n\n \n\ni \n\n \n\nIf an emerging growth company, indicate by\ncheck mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting\nstandards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as\ndefined in Rule 12b-2 of the Exchange Act).   ☐  Yes    No  ☒\n\n \n\nThe number of shares of Registrant’s common stock outstanding\non April 30, 2026 was 20,481,437. No preferred shares are issued or outstanding.\n\n \n\n \n\nii \n\n \n\nTABLE OF CONTENTS\n\n \n\n[FORWARD-LOOKING STATEMENTS](#a_001)\n2\n\n[PART I. - FINANCIAL INFORMATION](#a_002)\n3\n\n[Item 1. - Financial Statements](#a_003)\n3\n\n[Consolidated Balance Sheets – March 31, 2026 (Unaudited) and December 31, 2025](#a_004)\n3\n\n[Consolidated Statements of Operations (Unaudited) – Three months Ended March 31, 2026 and 2025](#a_005)\n4\n\n[Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three Months Ended March 31, 2026 and 2025](#a_006)\n5\n\n[Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three Months Ended March 31, 2026 and 2025](#a_007)\n6\n\n[Consolidated Statements of Cash Flows (Unaudited) – Three Months Ended March 31, 2026 and 2025](#a_008)\n7\n\n[Notes to Unaudited Consolidated Financial Statements](#a_009)\n8\n\n[Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_010)\n28\n\n[Item 3. - Quantitative and Qualitative Disclosures about Market Risk](#a_011)\n36\n\n[Item 4. - Controls and Procedures](#a_012)\n36\n\n[Part II. - OTHER INFORMATION](#a_013)\n37\n\n[Item 1. - Legal Proceedings](#a_014)\n37\n\n[Item 1A. - Risk Factors](#a_015)\n37\n\n[Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds](#a_016)\n38\n\n[Item 3. - Defaults upon Senior Securities](#a_017)\n39\n\n[Item 4. - Mine Safety Disclosures](#a_018)\n39\n\n[Item 5. - Other Information](#a_019)\n39\n\n[Item 6. - Exhibits](#a_020)\n39\n\n[Signatures](#a_021)\n40\n\n \n\niii \n\n \n\nCERTAIN IMPORTANT INFORMATION\n\n \n\nUnless the context otherwise requires, as used in this Quarterly Report\non Form 10-Q (“Form 10-Q”):\n\n \n\n·“NI Holdings,” “the Company,” “we,” “us,” and “our” refer to NI Holdings,\nInc., together with Nodak Insurance Company and its subsidiaries, and Direct Auto Insurance Company, for periods discussed after completion\nof the conversion;\n\n \n\n·the “Nodak conversion” refers to the series of transactions consummated on March 13, 2017, by which Nodak Mutual Insurance\nCompany converted from a mutual insurance company to a stock insurance company, as Nodak Insurance Company, and became a wholly-owned\nsubsidiary of NI Holdings, an intermediate stock holding company formed on the date of conversion;\n\n \n\n·“Nodak Mutual Group” refers to Nodak Mutual Group, Inc., which is the majority shareholder of NI Holdings;\n\n \n\n·“Nodak Mutual Insurance Company” is the predecessor company to Nodak Insurance Company prior to the conversion;\n\n \n\n·“Nodak Insurance” refers to Nodak Insurance Company or Nodak Mutual Insurance Company interchangeably;\n\n \n\n·“Battle Creek” refers to Battle Creek Insurance Company. Battle Creek is a wholly-owned subsidiary of Nodak Insurance;\n\n \n\n·“Direct Auto” refers to Direct Auto Insurance Company. Direct Auto is a wholly-owned subsidiary of NI Holdings;\n\n \n\n·“American West” refers to American West Insurance Company. American West is a wholly-owned subsidiary of Nodak Insurance;\n\n \n\n·“Primero” refers to Primero Insurance Company. Primero is an indirect, wholly-owned subsidiary of Nodak Insurance; and\n\n \n\n·“Nodak Agency” refers to Nodak Agency, Inc. Nodak Agency is a wholly-owned subsidiary of Nodak Insurance.\n\n \n\n1 \n\n \n\nFORWARD-LOOKING STATEMENTS\n\n \n\nThis report contains, and management may make, certain “forward-looking\nstatements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of\nhistorical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,”\n“anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,”\n“views,” “estimates,” and similar expressions are used to identify these forward-looking statements. These statements\ninclude, among other things, the Company’s statements about:\n\n \n\n·our anticipated operating and financial performance, business plans, and prospects;\n\n \n\n·strategic reviews, capital allocation objectives, dividends, and share repurchases;\n\n \n\n·plans for and prospects of acquisitions, dispositions, and other business development activities, and our ability to successfully\ncapitalize on these opportunities;\n\n \n\n·the impact of a future pandemic and related economic conditions, including the potential impact on the Company's investments;\n\n \n\n·our ability to enter new markets successfully and capitalize on growth opportunities either through acquisitions or the expansion\nof our distribution network;\n\n \n\n·cyclical changes in the insurance industry, competition, innovation, and emerging technologies;\n\n \n\n·expectations for the impact of, or changes to, existing or new government regulations or laws;\n\n \n\n·our ability to anticipate and respond to macroeconomic, geopolitical, health and industry trends, pandemics, acts of war, government\nshutdowns, and other large-scale crises;\n\n \n\n·developments in general economic conditions (including the impact of tariffs and changes in tax laws), domestic and global financial\nmarkets, interest rates, unemployment, or inflation, that could affect the performance of our insurance operations and/or investment portfolio;\nand\n\n \n\n·our ability to effectively manage future growth, including additional necessary capital, systems, and personnel.\n\n \n\nGiven their nature, we cannot assure that any outcome expressed in\nthese or other forward-looking statements will be realized in whole or in part. Actual outcomes may vary materially from past results\nand those anticipated, estimated, implied, or projected. These forward-looking statements may be affected by underlying assumptions that\nmay prove inaccurate or incomplete, or by known or unknown risks and uncertainties, including those described in Part II, Item 1A, “Risk\nFactors” of this Quarterly Report on Form 10-Q (“Form 10-Q”) and in the Part I, Item 1A, “Risk Factors”\nsection in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Annual Report”). The occurrence of any\nof the risks identified in the Part I, Item 1A, “Risk Factors” section of the 2025 Annual Report, or other risks currently\nunknown, could have a material adverse effect on our business, financial condition or results of operations, or we may be required to\nincrease our accruals for contingencies. It is not possible to predict or identify all such factors. Consequently, you should not consider\nsuch discussion to be a complete discussion of all potential risks or uncertainties.\n\n \n\nTherefore, you are cautioned not to unduly rely on\nforward-looking statements, which speak only as of the date of this Form 10-Q. We undertake no obligation to update forward-looking statements,\nwhether as a result of new information, future events or otherwise, except as required by applicable securities law. You are advised,\nhowever, to consult any further disclosures we make on related subjects.\n\n \n\n2 \n\n \n\nPART I. - FINANCIAL INFORMATION"}