NVR · 10-Q · 2026Q3 · Full report

Community Count and Land Position

NVR INC · 2026-11-04 · Importance 57 · Surprise 32 · In source text

At September 30, 2026, NVR controlled approximately 185,300 lots, up from 180,100 at December 31, 2025, primarily through third-party lot purchase agreements. The company controlled approximately 176,000 lots under LPAs, supported by $1.026 billion of cash deposits and $9.9 million of letters of credit; net contract land deposits totaled $926.6 million. Approximately 24,000 controlled lots were associated with a contract land deposit impairment allowance of $156.4 million. Four joint ventures had an $80.2 million investment expected to produce approximately 7,850 lots, with $19.5 million of additional funding commitments; land under development had a $21.8 million carrying value and was expected to produce 1,450 lots.

Key facts

• As of September 30, 2026, NVR controlled approximately 176,000 lots under third-party LPAs, supported by deposits of approximately $1,026,400 in cash and $9,900 in letters of credit. source
• NVR had approximately $747,200 of obligations under existing LPAs for developer deposits, assuming milestones are met and NVR exercises its finished-lot options; most payments are expected within five years. source
• As of September 30, 2026, approximately 24,000 LPA-controlled lots were associated with a contract land deposit impairment allowance of approximately $156,400. source
• NVR had approximately $80,200 invested in four JVs expected to produce approximately 7,850 lots, with additional JV funding commitments of approximately $19,500 as of September 30, 2026. source
• NVR had raw land contracts expected to yield approximately 38,700 lots, excluded from total controlled lots; as of September 30, 2026, cash deposits were approximately $46,700, of which approximately $13,000 was refundable if certain contractual conditions were not met. source
• NVR expects to continue acquiring substantially all finished lot inventory through LPAs with forfeitable deposits, while allowing for limited future joint ventures or direct land-development transactions when strategically or financially compelling. source
• NVR's lot-controlled total increased to 185,300 at September 30, 2026 from 180,100 at December 31, 2025. source
• NVR owned land with a carrying value of approximately $21,800, expected to produce approximately 1,450 finished lots. source

Impact estimates