Insider Trade: Matthew Kelpy Executes Options, Sells 600 NVR Shares

Rhea-AI Filing Summary

Matthew B. Kelpy, VP and Chief Accounting Officer of NVR, Inc. (NVR), reported securities transactions dated 08/13/2025. The Form 4 lists two transactions on that date: one coded M and one coded S, each involving 600 shares. The filing shows direct beneficial ownership figures of 808 and 208 shares following the reported transactions, and indirect holdings of 33 shares via a Profit Sharing Trust and 22 shares via an ESOP Trust. The filing also reports an employee stock option covering 600 underlying shares with an expiration date of 02/29/2028. Monetary figures shown on the form include $2,843.17 and $8,100.

Insights

Financial Analyst

TL;DR: Insider reported an option-related acquisition and an equal-sized sale of 600 shares on the same date; appears to be a routine option exercise and disposal.

The Form 4 shows matching 600-share entries coded 'M' and 'S' on 08/13/2025, plus an employee stock option for 600 shares exercisable through 02/29/2028. Equal-sized exercise and sale transactions on the same date commonly reflect option exercises followed by disposition to cover tax or liquidity needs. The reported direct and indirect ownership figures (808 and 208 direct; 33 and 22 indirect) and the monetary amounts listed are modest relative to a large-cap issuer and are unlikely, by themselves, to be material to NVR's valuation.

Corporate Governance Expert

TL;DR: Disclosure includes direct, indirect and option details and appears complete for investor review; no immediate governance concerns from the filing alone.

The filing identifies the reporting person, his role as VP and Chief Accounting Officer, and specifies indirect holdings via a Profit Sharing Trust and an ESOP Trust. It lists transaction codes, share counts, and option expiry, which supports transparency around insider compensation and disposition activity. Based solely on the reported items, there are no apparent omissions in the disclosure that would raise governance flags.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kelpy Matthew B.

(Last) (First) (Middle)

11700 PLAZA AMERICA DRIVE

SUITE 500

(Street)

RESTON VA 20190

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NVR INC [ NVR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
NVR, Inc. common stock	08/13/2025		M		600	A	$2,843.17	808	D
NVR, Inc. common stock	08/13/2025		S		600	D	$8,100	208	D
NVR, Inc. common stock								33	I	By Profit Sharing Trust
NVR, Inc. common stock								22	I	By ESOP Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee stock option (right to buy)	$2,843.17	08/13/2025		M			600	(1)	02/29/2028	Common stock	600	$0	0	D

Explanation of Responses:

1. Stock options granted under the 2014 Equity Incentive Plan vest in 25% increments on 12/31/20, 12/31/21, 12/31/22 and 12/31/23.

Remarks:

	Matthew B. Kelpy	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Matthew B. Kelpy report on the NVR Form 4?

Two transactions on 08/13/2025: one coded M and one coded S, each involving 600 shares.

What is Matthew Kelpy's role at NVR (ticker NVR)?

VP, Chief Accounting Officer of NVR, as stated on the Form 4.

How many shares and options are reported in the filing for NVR?

600 underlying shares in an employee stock option (listed) and transactions of 600 shares acquired and 600 shares sold.

What beneficial ownership does the Form 4 show for Kelpy at NVR?

The filing shows direct beneficial ownership figures of 808 and 208 shares following reported transactions, plus indirect holdings of 33 shares (Profit Sharing Trust) and 22 shares (ESOP Trust).

Does the Form 4 report an option expiration date for NVR shares?

Yes: an employee stock option for 600 shares with an expiration date of 02/29/2028 is listed.

What monetary amounts are shown on the Form 4?

The form lists monetary figures including $2,843.17 and $8,100.