[144] NVR, Inc. SEC Filing

Rhea-AI Filing Summary

Greenlight Capital Re (GLRE) 10-Q highlights for Q2 2025:

• Net income fell to $0.3 m (dil. EPS $0.01) from $8.0 m ($0.23) a year ago as a $18.3 m loss on the Solasglas fund outweighed stronger underwriting.
• Gross premiums written rose 6.3 % to $179.6 m; net premiums earned up 2 % to $161.6 m.
• Combined ratio improved to 95.0 % (-4.9 pts YoY) driven by a 29 bp lower acquisition cost ratio and no CAT losses versus 4.9 pts last year; underwriting income increased to $8.1 m from $0.3 m.
• Prior-year adverse development of $3.0 m (vs. $0.7 m favourable) and a higher attritional loss ratio partly offset gains.
• Foreign-exchange gain of $6.3 m (vs. -$0.9 m) aided results; net investment income ex-Solasglas steady at $10.5 m.
• YTD 2025: net income $30.0 m (-14 %), combined ratio 99.9 % (+1.0 pt) after $27 m California wildfire loss; Solasglas generated +$13.9 m vs. +$22.6 m.
• Balance sheet: shareholders’ equity $663.3 m; diluted BVPS $18.97, up 5.7 % since year-end. Debt trimmed to $58.9 m; cash & equivalents (incl. restricted) $659.1 m.
• Repurchased 357k shares for $5 m under renewed $25 m buyback (expires Jun-26); shares outstanding 34.2 m.

Outlook: management notes rising competition pressuring rates, ongoing inflation risk, and heightened investment market volatility; focus remains on disciplined underwriting and portfolio diversification.

Insights

Reinsurance Analyst

TL;DR: Underwriting turning, investments volatile.

GLRE’s core reinsurance engine is gaining traction: premiums +6 %, combined ratio sub-95 % and no CAT hit in Q2. The casualty reserve charge was modest relative to peers and attritional loss creep is manageable. However, earnings remain hostage to Solasglas swings—Q2’s 4 % drawdown erased underwriting gains and drove the EPS drop. Capital remains abundant: equity at 1.1× premiums and cash & restricted cash >$650 m. Share buyback is accretive but small. Key watch-list items: reserve adequacy in casualty book, potential hurricane losses, and Solasglas positioning (now lower gross/net exposure but still sizeable at 80 % of fund assets).

Portfolio Manager

TL;DR: Book value compounding intact; earnings lumpy.

BVPS up 5.7 % YTD despite investment turbulence underscores GLRE’s capital preservation. The firm’s 95 % combined ratio suggests a mid-single-digit underwriting ROE potential if maintained. Yet, the equity-heavy Solasglas stake (≈70 % of investments) injects beta; Q2’s mark-to-market loss equates to ~3 % of equity. Liquidity is strong, leverage low (debt / cap 9 %), and LC facilities fully cash-collateralised, limiting counterparty risk. For investors, GLRE is a levered play on disciplined reinsurance plus Einhorn’s hedged equity strategy; expect quarterly volatility but long-term compounding if underwriting stays below 96 % and Solasglas delivers mid-single-digit alpha.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

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Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
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144: Issuer Information

Name of Issuer

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Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

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144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Merrill Lynch 1152 15th Street, NW Suite 6000 Washington DC 20005	125	970085	2883215	08/04/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Stock	08/04/2025	Stock Options	NVR, Inc.			125	08/04/2025	Cashless Stock Option Exercise

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

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ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

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ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How did Greenlight Capital Re’s (GLRE) earnings perform in Q2 2025?

GLRE reported net income of $0.3 million (diluted EPS $0.01) versus $8.0 million ($0.23) in Q2 2024, mainly due to an $18.3 million loss in Solasglas.

What was GLRE’s combined ratio for the quarter?

The combined ratio improved to 95.0 %, down 4.9 percentage points year-over-year, reflecting stronger underwriting margins.

How large is GLRE’s investment in Solasglas and what was its impact?

GLRE’s share of Solasglas stood at $461 million (≈80 % of the fund); it produced a $18.3 million quarterly loss, dragging overall results.

What is the current book value per share of GLRE?

Fully diluted book value per share was $18.97 at 30 Jun 2025, up 5.7 % from year-end 2024.

Did GLRE repurchase any shares during the quarter?

Yes. The company repurchased 357,278 shares for $5 million under its renewed $25 million buyback program.

What is management’s outlook on market conditions?

Management sees increased competition pressuring rates, persistent inflation risk and investment market volatility; focus remains on disciplined underwriting.