# EDGAR Filing Document

**Accession Number:** 0000906163
**File Stem:** 0000906163-26-000034
**Filing Date:** 2026-4
**Character Count:** 21563
**Document Hash:** 3392c2a9b87109c8179797d2f57de0c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000906163-26-000034.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000906163-26-000034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260422

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NVR INC
- **CENTRAL INDEX KEY:** 0000906163
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 541394360
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12378
- **FILM NUMBER:** 26882867

**BUSINESS ADDRESS:**
- **STREET 1:** 11700 PLAZA AMERICA DR.
- **STREET 2:** SUITE 500
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190
- **BUSINESS PHONE:** 7039564000

**MAIL ADDRESS:**
- **STREET 1:** 11700 PLAZA AMERICA DR.
- **STREET 2:** SUITE 500
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190

?xml version='1.0' encoding='ASCII'? nvr-20260422

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): April 22, 2026**

**NVR, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Virginia** | **1-12378** | **54-1394360** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

**11700 Plaza America Drive, Suite 500**

**Reston, Virginia 20190**

(Address of principal executive offices) (Zip Code)

(**703) 956-4000**

(Registrant's telephone number, including area code)

**Not applicable**

(Former name or former address, if changed since last report)

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, par value $0.01 per share** | **NVR** | **New York Stock Exchange** |

---

---

| | |
|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

---

| | |
|:---|:---|
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| &nbsp;&nbsp;Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act. ☐ |

---

------

**Item 2.02 Results of Operations and Financial Condition.**

On April 22, 2026, NVR, Inc. issued a press release reporting its financial results for the first quarter ended March 31, 2026. A copy of this press release is furnished herewith as Exhibit 99.1.

The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01 Financial Statements and Exhibits.** | **Item 9.01 Financial Statements and Exhibits.** |
| (d) Exhibits | |
| **Exhibit Number** | **Exhibit Description** |
| 99.1 | <u>[Press release dated April 22, 2026](q12026ex991_earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **NVR, Inc.** |
| Date: April 22, 2026 | By: | /s/ Daniel D. Malzahn |
|  |  | Daniel D. Malzahn |
|  |  | *Senior Vice President, Chief Financial Officer and Treasurer* |

---

## Exhibit 99.1

![image1.jpg](image1.jpg)

**Exhibit 99.1**

**NVR, INC. ANNOUNCES FIRST QUARTER RESULTS**

**April 22, 2026, Reston, VA—NVR, Inc. (NYSE: NVR)**, one of the nation's largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2026 of $198.4 million, or $67.76 per diluted share. Net income and diluted earnings per share for the first quarter ended March 31, 2026 decreased 34% and 29%, respectively, when compared to 2025 first quarter net income of $299.6 million, or $94.83 per diluted share. Consolidated revenues for the first quarter of 2026 totaled $1.88 billion, which decreased 22% from $2.40 billion in the first quarter of 2025.

***<u>Homebuilding</u>***

New orders in the first quarter of 2026 increased by 7% to 5,738 units, when compared to 5,345 units in the first quarter of 2025. The average sales price of new orders in the first quarter of 2026 was $440,100, a decrease of 2% when compared with the first quarter of 2025. The cancellation rate in the first quarter of 2026 was 14% compared to 16% in the first quarter of 2025. Settlements in the first quarter of 2026 decreased by 22% to 4,015 units, compared to 5,133 units in the first quarter of 2025. The decrease in settlements was primarily attributable to a 15% lower backlog balance of homes sold but not settled entering the first quarter of 2026 compared to the same period in 2025. The average settlement price in the first quarter of 2026 was $457,000, which remained relatively flat when compared to the first quarter of 2025. As of March 31, 2026 our backlog of homes totaled 10,171 units, which was flat compared to March 31, 2025, while the dollar value of backlog declined 3% to $4.70 billion.

Homebuilding revenues of $1.83 billion in the first quarter of 2026 decreased by 22% compared to homebuilding revenues of $2.35 billion in the first quarter of 2025. Gross profit margin in the first quarter of 2026 decreased to 19.6%, compared to 21.9% in the first quarter of 2025. Gross profit margin was negatively impacted by continued pricing pressure and higher lot costs. Income before tax from the homebuilding segment totaled $224.6 million in the first quarter of 2026, a decrease of 39% when compared to the first quarter of 2025.

***<u>Mortgage Banking</u>***

Mortgage closed loan production in the first quarter of 2026 totaled $1.05 billion, a decrease of 27% when compared to the first quarter of 2025. Income before tax from the mortgage banking segment totaled $27.1 million in the first quarter of 2026, a decrease of 17% when compared to $32.5 million in the first quarter of 2025.

***<u>Effective Tax Rate</u>***

Our effective tax rate for the three months ended March 31, 2026 was 21.2% compared to 25.5% for the three months ended March 31, 2025. The decrease in the effective tax rate in the first quarter of 2026 was primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $12.6 million and $2.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

***<u>About NVR</u>***

NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.

Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will,"

------

"should," "could," or "anticipates" or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.

------

**NVR, Inc.**

Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| ***Homebuilding:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues | 1834879 | $2350445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 28049 | 26712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | (1474539) | (1835375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | (156971) | (165117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (6854) | (7181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Homebuilding income | 224564 | 369484 |
| ***Mortgage Banking:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking fees | 46184 | 52587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 3629 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 777 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | (23127) | (24693) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (333) | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 27130 | 32520 |
| ***Income before taxes*** | 251694 | 402004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (53335) | (102428) |
| ***Net income*** | $198359 | $299576 |
| ***Basic earnings per share*** | $71.33 | $100.41 |
| ***Diluted earnings per share*** | $67.76 | $94.83 |
| ***Basic weighted average shares outstanding*** | 2781 | 2984 |
| ***Diluted weighted average shares outstanding*** | 2928 | 3159 |

---

------

---

| | | |
|:---|:---|:---|
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| Consolidated Balance Sheets | Consolidated Balance Sheets | Consolidated Balance Sheets |
| (in thousands, except share and per share data) | (in thousands, except share and per share data) | (in thousands, except share and per share data) |
| (unaudited) | (unaudited) | (unaudited) |
|  | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| ***Homebuilding:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1645786 | $1883844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 40606 | 34348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | 35423 | 32742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lots and housing units, covered under sales agreements with customers | 1652220 | 1410695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsold lots and housing units | 244499 | 252029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land under development | 19433 | 39312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building materials and other | 22358 | 21524 |
|  | 1938510 | 1723560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract land deposits, net | 938981 | 851458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 100899 | 103770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 108985 | 110535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 335331 | 349306 |
|  | 5144521 | 5089563 |
| ***Mortgage Banking:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 36281 | 32642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 7014 | 6047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans held for sale, net | 287475 | 571596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 7892 | 7727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 23035 | 23953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 79560 | 125402 |
|  | 441257 | 767367 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $5585778 | $5856930 |

---

------

---

| | | |
|:---|:---|:---|
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| Consolidated Balance Sheets (Continued) | Consolidated Balance Sheets (Continued) | Consolidated Balance Sheets (Continued) |
| (in thousands, except share and per share data) | (in thousands, except share and per share data) | (in thousands, except share and per share data) |
| (unaudited) | (unaudited) | (unaudited) |
|  | **March 31, 2026** | **December 31, 2025** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| ***Homebuilding:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $332321 | $259244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 374987 | 376976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 273422 | 249210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 116040 | 117589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes | 908662 | 909160 |
|  | 2005432 | 1912179 |
| ***Mortgage Banking:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 61162 | 53738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 25150 | 26144 |
|  | 86312 | 79882 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2091744 | 1992061 |
| ***Commitments and contingencies*** |  |  |
| ***Shareholders' equity:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2026 and December 31, 2025 | 206 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 3202642 | 3155367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2026 and December 31, 2025 | (16710) | (16710) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation liability | 16710 | 16710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 16585128 | 16386769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less treasury stock at cost – 17,823,503 and 17,755,943 shares as of March 31, 2026 and December 31, 2025, respectively | (16293942) | (15677473) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 3494034 | 3864869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $5585778 | $5856930 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| Operating Activity | Operating Activity | Operating Activity | Operating Activity | Operating Activity |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | Units | Average Price | Units | Average Price |
| ***New orders, net of cancellations:*** | ***New orders, net of cancellations:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid Atlantic (1) | 1917 | $499.3 | 1866 | $514.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;North East (2) | 469 | $612.0 | 377 | $695.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid East (3) | 1183 | $425.3 | 1098 | $419.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;South East (4) | 2169 | $358.8 | 2004 | $356.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 5738 | $440.1 | 5345 | $448.5 |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | Units | Average Price | Units | Average Price |
| ***Settlements:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid Atlantic (1) | 1418 | $520.4 | 2050 | $527.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;North East (2) | 366 | $657.1 | 471 | $613.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid East (3) | 722 | $430.0 | 1013 | $407.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;South East (4) | 1509 | $361.7 | 1599 | $354.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 4015 | $457.0 | 5133 | $457.9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31,** | **As of March 31,** | **As of March 31,** | **As of March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | Units | Average Price | Units | Average Price |
| ***Backlog:*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid Atlantic (1) | 3659 | $515.7 | 3884 | $535.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;North East (2) | 1076 | $625.6 | 961 | $694.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid East (3) | 2094 | $431.4 | 2130 | $422.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;South East (4) | 3342 | $369.6 | 3190 | $372.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 10171 | $462.0 | 10165 | $475.9 |

---

------

---

| | | |
|:---|:---|:---|
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| Operating Activity (Continued) | Operating Activity (Continued) | Operating Activity (Continued) |
| (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
| (unaudited) | (unaudited) | (unaudited) |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| ***Average active communities:*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid Atlantic (1) | 124 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;North East (2) | 31 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid East (3) | 99 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;South East (4) | 178 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 432 | 401 |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| ***Homebuilding data:*** |  |  |
| &nbsp;&nbsp;&nbsp;New order cancellation rate | 14% | 16% |
| &nbsp;&nbsp;&nbsp;Lots controlled at end of period | 181700 | 167600 |
| ***Mortgage banking data:*** |  |  |
| &nbsp;&nbsp;&nbsp;Loan closings | $1052984 | $1432922 |
| &nbsp;&nbsp;&nbsp;Capture rate | 83% | 86% |
| ***Common stock information:*** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period | 2731827 | 2944615 |
| &nbsp;&nbsp;&nbsp;Number of shares repurchased | 90180 | 77120 |
| &nbsp;&nbsp;&nbsp;Aggregate cost of shares repurchased | $631956 | $583394 |

---

---

| | |
|:---|:---|
| (1) | Maryland, Virginia, West Virginia, Delaware and Washington, D.C. |
| (2) | New Jersey and Eastern Pennsylvania |
| (3) | New York, Ohio, Western Pennsylvania, Indiana and Illinois |
| (4) | North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky |
| **Investor Relations Contact:** | **Investor Relations Contact:** |
| Ryan Sheplee | Ryan Sheplee |
| (703) 956-4243 | (703) 956-4243 |
| <u>ir@nvrinc.com</u> | <u>ir@nvrinc.com</u> |

---

<br>