NVRI 10-K & 10-Q changes, risk factors and insider trading
Enviri Corp · NYSE · Refuse Systems · CIK 2104052 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare..
What changed in the latest 10-Q
Risk Factors
The Company's risk factors as of June 30, 2026 have not changed materially from those described under the heading, "Risk Factors" in the Company's Information Statement.
Full comparison: every changed paragraph (1)
The Company's risk factors as of MarchJune 31,30, 2026 have not changed materially from those described under the heading, "Risk Factors" in the Company's Information Statement.
Management's Discussion & Analysis (MD&A)
New heading “Forward-Looking Statements”
New heading “Significant Items Impact”
New heading “Total Revenues:”
New heading “Operating Income (Loss) from Continuing Operations:”
New heading “Factors Positively Impacting Operating Income:”
New heading “Factors Negatively Impacting Operating Income:”
New heading “Factors Positively Impacting Operating Income:”
New heading “Factors Negatively Impacting Operating Income:”
New heading “Income (Loss) from Discontinued Operations”
Removed heading “Clean Earth Segment:”
Removed heading “MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF NEW ENVIRI (SUPPLEMENTAL)”
Removed heading “As used in this section, the terms “New Enviri,” the “Company,” “we,” “us” and “our,” unless otherwise specified, mean Enviri II Corporation (renamed Enviri Corporation on June 2, 2026), a Delaware corporation, and its direct and indirect subsidiaries after giving effect to the Spin-Off.”
Removed heading “Results of Operations”
Removed heading “Segment Results”
Removed heading “Harsco Environmental Segment:”
Removed heading “Harsco Rail Segment:”
Removed heading “General Corporate:”
Removed heading “Consolidated Results”
Removed heading “Comparative Analysis of Combined Results”
Removed heading “Cost of Services and Products Sold”
Removed heading “Selling, General and Administrative Expenses”
Removed heading “Other (Income) Expenses, Net”
Removed heading “Interest Expense”
Removed heading “Defined Benefit Pension Income (Expense)”
Removed heading “Income Tax Expense”
Removed heading “Income (Loss) from Continuing Operations”
Removed heading “Total Other Comprehensive Income (Loss)”
Removed heading “Liquidity and Capital Resources”
Removed heading “Cash Flow Summary”
Removed heading “Sources and Uses of Cash”
Removed heading “Cash Management”
Removed heading “Recently Adopted and Recently Issued Accounting Standards”
Largest changes
“New Enviri’s business is subject to risks related to doing business internationally, including tariff policy or tariff regulation, as well as international political and trade tensions. In 2025, the U.S. government announced tariffs on goods imported into the U.S. from numerous countries and multiple nations countered with tariffs and other actions in response. Subsequently, the U.S. government has negotiated trade agreements with certain countries while negotiations with others are ongoing. …”see in full comparison
“Enviri’s business is subject to risks related to doing business internationally, including tariff policy or tariff regulation, as well as international political and trade tensions. In 2025, the U.S. government announced tariffs on goods imported into the U.S. from most countries and multiple nations countered with tariffs and other actions in response. Subsequently, the U.S. government has negotiated trade agreements with certain countries while negotiations with others are ongoing. …”see in full comparison
“Approximately $1.1 billion of Enviri's debt balance as of March 31, 2026 was repaid as part of the Transactions resulting in a capitalized New Enviri that we expect will maintain compliance with all covenants over the next twelve months following the Transactions based on its current outlook. …”see in full comparison
“The Company believes it will continue to maintain compliance with these covenants based on its current outlook. …”see in full comparison
“During the second quarter of 2026, there were significant impacts to the Company’s cash flows as a result of the Transactions. The Company received $1.7 billion of proceeds from the Transactions which were used to repay a significant portion of the Company’s debt, repurchase all of the receivables sold under the AR Facility and pay transaction-related costs. In addition, a portion of the proceeds were set aside to support the significant long-term contracts in Rail, including the exit of the Network Rail and Deutsche Bahn contracts. The Revolving Credit Facility’s capacity was reduced to $152. …”see in full comparison
“New Enviri currently expects to have sufficient financial liquidity and borrowing capacity to support the strategies within each of its businesses and its current operating and debt service needs. New Enviri currently expects operational and business needs, in addition to the repayment of its current debt maturities, to be met by cash provided by operations, supplemented with borrowings from time to time, principally under the Senior Secured Credit Facilities. …”see in full comparison
Full comparison: every changed paragraph (198)
Notwithstanding the legal form of the Spin-Off described elsewhere in this Quarterly Report on Form 10-Q, New Enviri is treated as the “accounting spinnor” of CE Holdings and is the “accounting successor” to Enviri for accounting and financial reporting purposes. Therefore, the Management’s Discussion and Analysis of Financial Condition and Results of Operations presented in this section is the historical Management’s Discussion and Analysis of Financial Condition and Results of Operations of Enviri for the quarter ended March 31, 2026, which was issued by Enviri prior to the completion of the Transactions, on May 11, 2026.
The information presented in this Management’s Discussion and Analysis of Financial Condition and Results of Operations is provided as of May 11, 2026, unless otherwise indicated or the context otherwise requires. As a result, it presents historical information about Enviri prior to the completion of the Transactions and includes the Clean Earth Business that is not part of New Enviri. See “Explanatory Note” for additional information.
The following discussion should be read in conjunction with the accompanying unaudited condensed consolidated financial statements, including the notes hereto, in this Quarterly Report on Form 10-Q,statements as well as the audited consolidated financial statements of the Company, including the notes thereto, included in the Company’s Information Statement,Statement (the "Information Statement"), dated May 8, 2026, attached as Exhibit 99.1 to the Company's Current Report on Form 8-K furnished to the SEC on May 11, 2026, which includes additional information about the Company’s critical accounting policies, contractual obligations, practices and the transactions that support the financial results. The following discussion may contain forward-looking statements that reflect Enviri’s plans, estimatesresults, and beliefsprovides asa more comprehensive summary of Maythe 11,Company’s 2026.outlook, The words “may,” “could,” “expect,” “anticipate,” “intend,” “believe,” “likely,” “estimate,” “outlook,” “plan,” “contemplate,” “project,” “target” or other comparable terms, among others, generally identify “forward-looking statements,” which speak only as of May 11, 2026. These statements could include, among other things, statements about Enviri’s management’s confidence intrends and strategies for performance; expectations for new2026 and existing products, technologies and opportunities; and expectations regarding growth, sales, cash flows and earnings. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly under the heading “Forward-Looking Statements.”beyond.
On June 1, 2026, the Transactions were completed, resulting in, among other things, the Company owning all of the equity interests in Enviri LLC, Enviri LLC holding the Harsco Environmental and Rail segments and Veolia acquiring 100% of Clean Earth. The aggregate consideration paid by Veolia to acquire Clean Earth was $3.0 billion, subject to customary adjustments. Of such aggregate consideration, $1.3 billion was paid directly to the stockholders of CE Holdings, the former stockholders of Legacy Enviri, with the remaining $1.7 billion paid to Enviri LLC, as successor by merger to Legacy Enviri, pursuant to the CE Holdings Note to Enviri LLC in connection with the Reorganization, in which the amount was used primarily for the repayment of the Company's indebtedness, the termination of the AR Facility, the payment of transaction expenses and to retain cash to support Harsco Rail’s large European engineered-to-order rail contracts. The Transactions will not result in any material cash tax expense to Enviri LLC, as successor by merger to Legacy Enviri, or the Company. Prior to the completion of the Spin-Off, the Company did not engage in any business activities other than in connection with the transactions contemplated by the Separation Agreement and the Merger Agreement and had no material assets or liabilities of any kind.
CE Holdings, which holds Clean Earth, and the Company entered into a Transition Services Agreement on June 1, 2026, pursuant to which the Company provides certain services to CE Holdings on an interim, transitional basis. The services provided will include finance, legal, human resources, information technology, facilities and other general and administrative functions. The Transition Services Agreement specifies the fees payable for these services. The Transition Services Agreement will terminate on the expiration of the term of the last service provided under it, which is up to twelve months following the closing of the Merger.
Following the Spin-Off, the Company is subject to the reporting requirements of the Securities Exchange Act of 1934 (the "Exchange Act"). We are required to maintain policies, procedures and practices as a separate, public company necessary to comply with our obligations under the Exchange Act and related rules and regulations. As a result, we are incurring additional costs, including internal audit, investor relations, stock administration and regulatory compliance costs.
Notwithstanding the legal form of the Spin-Off described elsewhere in this Quarterly Report on Form 10-Q, the Company is treated as the “accounting spinnor” of CE Holdings and is the “accounting successor” to Legacy Enviri for accounting and financial reporting purposes. Therefore, the historical financial statements of the Company, with respect to periods prior to June 1, 2026, have been represented by the historical financial statements of Legacy Enviri and the results of Clean Earth are reported as discontinued operations, in accordance with Accounting Standards Codification ("ASC") 205-20, Discontinued Operations. As such, the Company's Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 have been recast to reflect the after tax operating results of CE. In addition, certain costs related to the Transactions, interest expense related to the portion of the Company's total debt that was required to be repaid on June 1, 2026 and fees related to the Company's AR Facility that was required to be terminated at the closing of the Transactions, are also reflected in Income (loss) from discontinued operations, net of tax. CE's assets and liabilities have been reclassified as held-for-sale in the Company's Consolidated Balance Sheets as of December 31, 2025, which were previously classified as held-for-use.
Forward-Looking Statements
The nature of the Company's business, together with the number of countries in which it operates, subject it to changing economic, competitive, regulatory and technological conditions, risks and uncertainties. In accordance with the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act, the Company provides the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the results contemplated by forward-looking statements, including the expectations and assumptions expressed or implied herein. Forward-looking statements contained herein could include, among other things, statements about management's confidence in and strategies for performance; expectations for new and existing products, technologies and opportunities and expectations regarding growth, sales, cash flows, and earnings. Forward-looking statements can be identified by the use of such terms as "may," "could," "expect," "anticipate," "intend," "believe," "likely," "estimate," "outlook," "plan", "contemplate", "project", "target" or other comparable terms.
Factors that could cause actual results to differ, perhaps materially, from those implied by forward-looking statements include, but are not limited to:
(1)the possibility that the Merger and Separation may not ultimately achieve the expected benefits;
(2)the Company's ability to effectively implement its business strategy and improvement initiatives and realize the expected benefits therefrom;
(3)the Company's ability to successfully enter into new contracts and complete new acquisitions, divestitures, or strategic ventures in the time-frame contemplated or at all;
(4)the Company’s inability to comply with applicable environmental and safety laws and regulations;
(5)the Company’s inability to obtain, renew, or maintain compliance with its operating permits or license agreements;
(6)various economic, business, and regulatory risks associated with the industries in which the Company operates;
(7)the seasonal nature of the Company's business;
(8)risks caused by customer concentration, fixed-price and long-term customer contracts, especially those related to complex engineered equipment and the competitive nature of the industries in which the Company operates;
(9)the outcome of any disputes with customers, contractors and subcontractors;
(10)the financial condition of the Company's customers, including the ability of customers (especially those that may be highly leveraged or have inadequate liquidity) to maintain their credit availability;
(11)higher than expected claims under the Company’s insurance policies, or losses that are uninsurable or that exceed existing insurance coverage;
(12)market and competitive changes, including pricing pressures, market demand and acceptance for new products, services and technologies; changes in currency exchange rates, interest rates, commodity and fuel costs and capital costs;
(13)the Company's ability to negotiate, complete, and integrate strategic transactions and joint ventures with strategic partners;
(14)the Company’s ability to attract and effectively retain key management and employees, including due to unanticipated changes to demand for the Company’s services, disruptions associated with labor disputes, and increased operating costs associated with union organizations;
(15)the Company's inability or failure to protect its intellectual property rights from infringement in one or more of the many countries in which the Company operates;
(16)failure to effectively prevent, detect or recover from breaches in the Company's cybersecurity infrastructure;
(17)changes in the worldwide business environment in which the Company operates, including changes in general economic and industry conditions and cyclical slowdowns impacting the steel and aluminum industries;
(18)fluctuations in exchange rates between the U.S. dollar and other currencies in which the Company conducts business;
(19)unforeseen business disruptions in one or more of the many countries in which the Company operates due to changes in economic conditions, changes in governmental laws and regulations, including environmental, occupational health and safety, tax and import tariff standards and amounts; political instability, civil disobedience, armed hostilities, public health issues or other calamities;
(20)liability for and implementation of environmental remediation matters;
(21)product liability and warranty claims associated with the Company’s operations;
(22)the Company’s ability to comply with financial covenants and obligations to financial counterparties;
(23)the Company’s outstanding indebtedness and exposure to derivative financial instruments that may be impacted by, among other factors, changes in interest rates;
(24)tax liabilities and changes in tax laws;
(25)changes in the performance of equity and bond markets that could affect, among other things, the valuation of the assets in the Company's pension plans and the accounting for pension assets, liabilities and expenses;
(26)risk and uncertainty associated with intangible assets; and (27)the other risk factors listed from time to time in the Company's SEC reports.
A further discussion of these, along with other potential risk factors, can be found under the heading, "Risk Factors," of the Company's Information Statement, dated May 8, 2026, attached as Exhibit 99.1 to the Company's Current Report on Form 8-K furnished to the SEC on May 11, 2026 and in Part II, Item 1A, "Risk Factors" of this Quarterly Report on Form 10-Q. The Company cautions that these factors may not be exhaustive and that many of these factors are beyond the Company's ability to control or predict. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. The Company undertakes no duty to update forward-looking statements except as may be required by law.
As used in this section, the term "New Enviri" means Enviri II Corporation, renamed Enviri Corporation on June 2, 2026, a Delaware corporation, and its direct and indirect subsidiaries after giving effect to the Spin-Off. As used in this section, the terms “Enviri,” the “Company,” “we,” “us” and “our,” unless otherwise specified, mean Enviri Corporation, a Delaware corporation, and its direct and indirect subsidiaries prior to the completion of the Holding Company Merger.
EnviriThe Company is a market-leading, global provider of critical environmental solutions for industrial, retailservices and medicalmaterials wasteprocessing streamsto the metals industry, and innovative equipment and technology for the rail sector. Today,The Enviri is principally an environmental solutions company that provides services to manage, recycle and beneficially reuse waste and byproduct materials across many industries. Enviri was incorporated in 1956 andCompany has locations in approximately 30 countries, including the U.S.
Enviri'sThe Company's operations consistedfrom continuing operations consist of threetwo reportable segments: Harsco Environmental, Clean EarthEnvironmental and Harsco Rail. HE operates primarily under long-term contracts, providing critical environmental services and material processing to the global steel and metals industries, including zero waste solutions for manufacturing byproducts within the metals industry. CE provides specialty waste processing, treatment, recycling and beneficial reuse solutions for customers in the industrial, retail, healthcare and construction industries across a variety of waste needs, including hazardous, non-hazardous and contaminated soils and dredged materials. Rail is a provider of highly engineered maintenance equipment, after-market parts and safety and diagnostic systems and contracting solutions, which support railroad and transit customers worldwide.
The Company operates in a complex global environment that is increasingly shaped by interventionist trade policy, protectionist measures such as tariffs and import quotas, and geopolitical uncertainty. These factors can materially influence steel production levels, customer demand, supply chains, energy costs, and overall economic activity across our markets.
Recent U.S. and European trade measures may positively impact domestic steel production and strengthen the competitiveness of certain customers while also adversely impacting steel production in other countries where the Company and its customers operate. These include US steel tariffs that became effective in early 2025 and updates to EU steel import quotas and tariffs that became effective in July 2026. Although these actions may create regional opportunities, they can also result in shifts in production volumes, competitive dynamics, cost structures, and investment decisions that may affect our business in unpredictable ways.
In addition, ongoing geopolitical tensions, including conflict in the Middle East, continue to contribute to energy price volatility and broader macroeconomic uncertainty. These conditions may impact customer operating levels, project execution, and input costs. The Company remains focused on mitigating these risks through disciplined commercial management, proactive customer engagement, contractual price-escalation mechanisms, and continuous monitoring of market, trade, and geopolitical developments, while positioning the business to capture opportunities arising from evolving market conditions.
On June 1, 2026, as previously described above, the Company completed the Transactions, which included the sale of CE for $3.0 billion. The proceeds from the sale were partially used to repay certain of the Company's indebtedness, which included the full repayment of $628.0 million previously outstanding on the Revolving Credit Facility, partial repayment of $105.6 million of the Term Loan and the $475.0 million redemption of the Senior Notes. In addition, the AR Facility was terminated and $160.0 million of accounts receivable were repurchased from PNC Bank, National Association ("PNC") .
Rail had been manufacturing engineered-to-order ("ETO") equipment under significant long-term fixed-price contracts with SBB, Network Rail and Deutsche Bahn. In June 2026, the Company informed Network Rail that it had ceased all activities relating to its ETO contract to build stoneblower rail maintenance vehicles, and the associated manufacturing facilities have been closed. Also, in June 2026, the Company ceased all activities relating to its ETO contract to deliver utility track vehicles with Deutsche Bahn. As a result of these actions, the Company recorded a loss of $207.4 million during the quarter ended June 30, 2026, which includes the non-cash impairment charges of $40.5 million related to net contract assets, $21.5 million of inventory and $12.9 million of prepaid balances specific to the projects, as well as an estimated incremental liability of approximately $133 million to address future obligations related to these contracts. Of this loss, $136.5 million was recorded as a reduction to Product revenues and $70.9 million to Costs of products sold in the Condensed Consolidated Statements of Operations.
On August 10, 2026, Network Rail notified the Company of its alleged breach under the contract and its intention to reach resolution of contractual damages as a result. The Company intends to vigorously contest any damages based on multiple available defenses. Additionally, the Company has proposed an alternative solution to assist Network Rail in significantly extending the life of their existing fleet of stoneblower machines. It is possible that the estimate of the loss could change based on ongoing discussions with Network Rail or if the ultimate outcome to this matter were to be determined through litigation.
On August 10, 2026, the Company entered into a definitive agreement with Gleisbaumechanik Brandenburg GmbH ("GBM"), a manufacturing partner on the Deutsche Bahn contract, to sell all assets related to the contract, including inventory and intellectual property, to GBM. Future consideration, if any, received from GBM for the asset sale would be recorded as income by the Company in the period the consideration is realized.
The decision to cease performance on these two contracts was taken to eliminate future performance risk, financial statement volatility and future cash outflows related to performing on the contracts. The Company expects these contract exits to conclude its exposure to its legacy ETO contract risks. The Company remains committed to delivering on its remaining contract with SBB. The exit of these contracts will allow Rail to enhance its focus on its core maintenance of way businesses.
Through the proceeds from the CE Holdings Note set aside in the Company's initial balance sheet subsequent to the closing of the Transactions, the Company has sufficient cash available to settle any cash payments required to exit these contracts.
Significant Items Impact
The Company's Total revenues and Operating income (loss) from continuing operations were impacted by the following significant items during the three and six months ended June 30, 2026 and 2025:
Total Revenues:
Operating Income (Loss) from Continuing Operations:
Enviri’s business is subject to risks related to doing business internationally, including tariff policy or tariff regulation, as well as international political and trade tensions. In 2025, the U.S. government announced tariffs on goods imported into the U.S. from most countries and multiple nations countered with tariffs and other actions in response. Subsequently, the U.S. government has negotiated trade agreements with certain countries while negotiations with others are ongoing. Additionally, in early 2025, the European Union (the "EU") announced plans to lower import quotas and implement anti-dumping duties against various countries that have imported certain steel products into the region. In October 2025, the European Commission formally proposed significant actions to protect its steel industry, including a sizable reduction in steel import quotas and a meaningful tariff increase on above-quota imports. These proposals require EU parliament and council approvals, which are anticipated in 2026. These efforts by the EU are intended to support a healthy industrial manufacturing base in the region. Also, the military conflict in the Middle East has led to volatile energy prices globally and higher costs for consumers.
On February 23, 2026, the Company amended its Senior Secured Credit Facilities to extend the maturity of its $50.0 million non-extended revolving credit facility from March 10, 2026 to the earlier of (i) July 1, 2026, and (ii) the closing date on which the Clean Earth segment is sold to Veolia in connection with the Merger Agreement. As described below, the sale of the Clean Earth segment was executed on June 1, 2026 and, as a result, the $50.0 million portion of the non-extended revolving credit facility was included in New Enviri's repayment of indebtedness on June 1, 2026.
On June 1, 2026, the Company executed the Transactions, whereby Veolia acquired 100% of the Clean Earth segment for an aggregate cash consideration of over $3.0 billion pursuant to the terms of the Merger Agreement. Immediately prior to the closing of the Merger, the Company executed a series of reorganizational transactions and the Separation, following which the Harsco Environmental and Harsco Rail segments are now indirectly owned by New Enviri. These transactions did not result in any material cash tax expense to Enviri or New Enviri.
The following factors contributed to the changes in operating income (loss) during the three and six months ended MarchJune 31,30, 2026:
Factors Positively Impacting Operating Income:
•The three months ended March 31, 2025 included $3.3 million in employee termination benefit costs and other related costs pertaining to restructuring activities, which did not reoccur during the three months ended March 31, 2026.
•OperatingHigher incomerevenues from environmental service contracts during the three and six months ended MarchJune 31,30, 2026, when compared with the three and six months ended MarchJune 31,30, 2025, decreasedfrom primarily due to an unfavorableoverall service mix,levels at certain sites, partially offset by an increase in revenues from overallunfavorable service levels.mix and higher costs at certain sites, including higher fuel costs.
NVRI insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 5 Form 4 filings (4 insiders, 4 trade dates, 81,673 shares, about $1.6M) and open-market sales in 0 filings. Net open-market shares: 81,673 (purchases minus sales); net value about $1.6M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-18 | Minan Peter Francis |
Open-market purchase | 2,439 | $20.43 | $49.8K |
| 2026-08-18 | Minan Peter Francis |
Open-market purchase | 507 | $19.50 | $9.9K |
| 2026-08-17 | Haznedar Carolann I |
Open-market purchase | 4,875 | $20.46 | $99.7K |
| 2026-06-15 | Hochman Russell C. |
Grant/award | 144,231 | — | — |
| 2026-06-15 | Fenice Samuel C. |
Grant/award | 9,027 | — | — |
| 2026-06-15 | Lada Gary Raymond |
Grant/award | 17,500 | — | — |
| 2026-06-15 | Romaninsky Samuel Darden |
Grant/award | 22,212 | — | — |
| 2026-06-15 | Reitemeier Christophe |
Grant/award | 22,747 | — | — |
| 2026-06-15 | Minan Peter Francis |
Grant/award | 78,125 | — | — |
| 2026-06-15 | Earl James F |
Grant/award | 6,250 | — | — |
| 2026-06-15 | Quinn John S |
Grant/award | 6,250 | — | — |
| 2026-06-15 | Haznedar Carolann I |
Grant/award | 6,250 | — | — |
| 2026-06-15 | Fanandakis Nicholas C |
Grant/award | 6,250 | — | — |
| 2026-06-15 | Laurion Timothy M |
Grant/award | 6,250 | — | — |
| 2026-06-15 | Purvis Edgar M Jr |
Grant/award | 6,250 | — | — |
| 2026-06-15 | O'mara Rebecca Martinez |
Grant/award | 6,250 | — | — |
| 2026-06-05 | Minan Peter Francis |
Open-market purchase | 8,333 | $19.25 | $160.4K |
| 2026-06-03 | Purvis Edgar M Jr |
Open-market purchase | 14,000 | $18.10 | $253.4K |
| 2026-06-03 | Hochman Russell C. |
Open-market purchase | 51,519 | $19.43 | $1.0M |
| 2026-06-01 | Enviri Corp |
Other | 28,103,750 | — | — |
Well-known investors holding NVRI (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| D. E. Shaw & Co. | 2026-06-30 | 4,980,660 | $97.7M | — | Sold out |
| D. E. Shaw & Co. | 2026-06-30 | 1,661,577 | $36.5M | 0.02% | New position |
| Millennium Management (Israel Englander) | 2026-06-30 | 870,838 | $19.1M | 0.01% | New position |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 858,281 | $16.8M | — | Sold out |
| Millennium Management (Israel Englander) | 2026-06-30 | 640,746 | $12.6M | — | Sold out |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 113,080 | $2.5M | 0.0% | New position |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 70,789 | $1.4M | — | Sold out |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 35,352 | $693.6K | — | Sold out |
| Two Sigma Investments | 2026-06-30 | 27,900 | $547.4K | — | Sold out |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 14,867 | $326.3K | 0.0% | New position |