| Schedule of Financial Instruments in the Master Trust Measured at Fair Value |
The following table presents the financial instruments in the Master Trust (see footnote 3 for discussion of the Master Trust) measured at fair value on a recurring basis, based on the fair value hierarchy as of December 31, 2025.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Basis of Fair Value Measurements | | | Level 1 | | Level 2 | | Level 3 | | Total | | Fair Value Measurements: | | | | | | | | | Investments in registered investment
companies | | 309,745 | | | — | | | — | | | 309,745 | | | NVR, Inc common stock | | 1,256,922 | | | — | | | — | | | 1,256,922 | | | Self-directed brokerage accounts | | 38,321 | | | — | | | — | | | 38,321 | | | Cash | | 111 | | | — | | | — | | | 111 | | Total investments measured in the fair
value hierarchy | | $ | 1,605,099 | | | $ | — | | | $ | — | | | $ | 1,605,099 | | | Investments measured at net asset value (1): | | | | | | | | | | Investments in common/collective trusts | | — | | | — | | | — | | | 660,462 | | | Total investments in the Master Trust | | $ | 1,605,099 | | | $ | — | | | $ | — | | | $ | 2,265,561 | |
|
The following table presents the financial instruments in the Master Trust measured at fair value on a recurring basis, based on the fair value hierarchy as of December 31, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Basis of Fair Value Measurements | | | Level 1 | | Level 2 | | Level 3 | | Total | | Fair Value Measurements: | | | | | | | | | Investments in registered investment
companies | | 252,895 | | | — | | | — | | | 252,895 | | | NVR, Inc common stock | | 1,463,267 | | | — | | | — | | | 1,463,267 | | | Self-directed brokerage accounts | | 29,501 | | | — | | | — | | | 29,501 | | | Cash | | 117 | | | — | | | — | | | 117 | | Total investments measured in the fair
value hierarchy | | $ | 1,745,780 | | | $ | — | | | $ | — | | | $ | 1,745,780 | | | Investments measured at net asset value (1): | | | | | | | | | | Investments in common/collective trusts | | — | | | — | | | — | | | 569,743 | | | Total investments in the Master Trust | | $ | 1,745,780 | | | $ | — | | | $ | — | | | $ | 2,315,523 | |
(1) The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total of investments in the Master Trust at fair value as presented in Note 3.
|