Lennar Stock Price, News & Analysis

Millrose Properties (NYSE:MRP) announced completion of Lennar's (NYSE:LEN, LEN.B) exchange offer, closing an offer that converted Millrose Class A shares Lennar retained after the February 2025 spin-off. Lennar had initially retained ~20% of Millrose shares after the distribution; Lennar exchanged those retained shares when the offer expired on November 21, 2025. The exchange was significantly oversubscribed, with Lennar stockholders tendering approximately 11 times the Lennar shares available for exchange. Millrose said the transaction diversifies its shareholder base, increases liquidity, and maintains Lennar as a cornerstone partner providing consistent demand for finished homesite inventory.

Lennar (NYSE: LEN) announced final results of its exchange offer that expired on November 21, 2025. Lennar accepted 8,049,594 shares of Lennar Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock (Lennar previously owned approximately 20% of Millrose).

Total Lennar Class A shares validly tendered were 85,296,924; 84,518,299 were subject to proration and 778,625 were odd-lot shares not subject to proration. The final proration factor was 8.604228%. Computershare was exchange agent; Goldman Sachs and J.P. Morgan were dealer managers; Vestra Advisors was Millrose financial advisor.

Lennar (NYSE: LEN) announced preliminary results of its exchange offer on Nov 24, 2025. The offer to exchange up to 33,298,764 shares of Millrose Class A for Lennar Class A stock expired on Nov 21, 2025 and was oversubscribed.

Computershare reported 91,972,752 Lennar Class A shares tendered (including 31,341,148 by guaranteed delivery). The Final Exchange Ratio is 4.1367 Millrose shares per Lennar share. Lennar intends to accept 8,049,596 tendered Lennar shares in exchange for the full 33,298,764 Millrose shares offered, implying a preliminary proration factor of 7.97%.

Guaranteed-delivery deliveries are due by 5:00 p.m. on Nov 25, 2025; final proration will be announced after that period.

Lennar (NYSE: LEN) announced a final exchange ratio of 4.1367 in its offer to exchange up to 33,298,764 shares of Millrose Class A stock (about 20% of Millrose outstanding) that Lennar owns for Lennar Class A common stock.

Under the ratio, each Lennar Class A share validly tendered and accepted will receive 4.1367 Millrose Class A shares. If fully subscribed, Lennar can accept up to approximately 8,049,596 Lennar Class A shares. The Exchange Offer may be prorated if oversubscribed and expires at 12:00 midnight New York City time on November 21, 2025.

Lennar (NYSE: LEN) announced that Co-CEO and President Jon Jaffe will retire effective December 31, 2025 and will also step down from the Board after a 42-year career. Following the retirement, Stuart Miller will continue as Executive Chairman and serve as sole Chief Executive Officer, with no plans to replace the Co-CEO role. The company said the timing supports a remake of its organizational and cost structure to pursue a leaner, technology-driven approach and to focus on building more affordable homes. Jaffe’s tenure included leading national expansion, integrating major acquisitions, and guiding the company through events from Hurricane Andrew to the Great Recession.

Lennar (NYSE: LEN) announced on November 7, 2025 that it is further extending the expiration date for its previously announced exchange offer to swap the approximately 20% of Millrose Properties (NYSE: MRP) it owns for Lennar Class A common stock.

The offer, originally set to expire at 12:00 midnight New York time on November 14, 2025, is extended to 12:00 midnight on November 21, 2025 because the SEC is not declaring registration statements effective during the U.S. federal government shutdown. Completion is contingent on the Form S-4 registration statement being declared effective; Lennar may further extend or terminate the offer if effectiveness is not achieved.

Lennar (NYSE: LEN and LEN.B) announced an extension of the expiration date for its previously announced Exchange Offer to exchange the approximately 20% of Millrose Properties, Inc. (NYSE: MRP) shares that Lennar owns for Lennar Class A common stock.

The Exchange Offer expiration was moved from 12:00 midnight ET on November 7, 2025 to 12:00 midnight ET on November 14, 2025 because the SEC has not been declaring Form S-4 registration statements effective during the ongoing U.S. federal government shutdown. If the Registration Statement is not declared effective by the new Expiration Date, Lennar may further extend or terminate the Exchange Offer.

Lennar (NYSE: LEN) began sales on October 17, 2025 for River Bridge Ranch, a new single-family home community in San Marcos, Texas. The development offers 28 home designs with one- and two-story floorplans ranging from 1,200 to 2,780 sq ft, featuring 3–5 bedrooms and 2–3 bathrooms.

Homes include Lennar's Everything's Included® features and start in the mid $200,000s. On-site amenities include a swimming pool, clubhouse, pavilion with washer pit, playground, half basketball court, and walking trails. The community is near downtown San Marcos, Texas State University, and river recreation like Don's Fish Camp and Texas State Tubes. For sales information, Lennar lists a community website and phone (512) 489-6838.

GAMCO Investors (OTCQX: GAMI) sent a letter to Lennar Corporation on October 10, 2025 regarding Lennar’s proposed exchange offer tied to up to 33,298,764 Millrose Properties Class A shares. GAMCO discloses it owns approximately 1,719,782 Lennar Class B shares (5.5%) of 31,217,013 Class B shares outstanding.

GAMCO supports the exchange’s goal to retire equity at an attractive valuation relative to Private Market Value, but objects that Lennar excluded Class B shareholders. GAMCO notes Class B trades at $111.43 while Class A trades at $118.77 (a 7% discount) and urges inclusion of Class B shareholders or permitting conversion to Class A to participate.