Lennar SEC Filings

Lennar Corporation director Amy Banse reported receiving a grant of 133 shares of Class A common stock on November 28, 2025 under the company’s outside directors’ compensation program. The grant was valued using a share price of $131.30, which was the last reported sale price of Lennar’s Class A stock on that date, and the shares were issued at $0.00 to the director. These shares are not transferable until November 30, 2028, except in specified situations. After this transaction, Banse beneficially owns 14,623 Class A shares directly and 165 shares indirectly through a trust for the benefit of her child.

Lennar Corporation director Teri P. McClure reported receiving a stock grant of 133 shares of Class A common stock on 11/28/2025. The award was issued under Lennar’s outside directors’ compensation program and valued using $131.30 per share, which was the last reported sale price of Lennar Class A stock on November 28, 2025. The shares were granted at a price of $0.00 to the director and are not transferable until November 30, 2028, except for specified exceptions. After this grant, McClure beneficially owns 29,659 Class A shares directly and 275 Class B shares.

Lennar Corporation director Dacona Smith reported receiving shares of the company’s Class A common stock as part of the outside directors’ compensation program. On 11/28/2025, 133 shares were acquired at a stated price of $131.30 per share, which reflected the last reported sale price of Lennar’s Class A common stock on that date, the last trading day of the issuer’s fiscal quarter.

The filing shows that after this grant, the reporting person beneficially owned 3,938 shares of Class A common stock in direct ownership form. The granted shares are subject to transfer restrictions and are not transferable until November 30, 2028, except for specified limited exceptions.

Lennar Corporation director equity grant reported

A Lennar Corporation director, Serena Wolfe, reported receiving 133 shares of the company’s Class A common stock on November 28, 2025. The shares were issued under Lennar’s outside directors’ compensation program, using a reference price of $131.30 per share, which was the last reported sale price of the Class A stock on that date, the final trading day of Lennar’s fiscal quarter. The filing shows these shares were acquired at a price of $0.00 as a stock-based compensation award.

After this grant, Wolfe beneficially owns 4,008 shares of Lennar Class A common stock in direct ownership. The granted shares are subject to transfer restrictions and are not transferable until November 30, 2028, except under specified limited circumstances.

Lennar Corporation director reports share exchange in insider filing. The reporting person tendered 220 shares of Lennar Class A common stock on 11/26/2025, which were accepted by Lennar in an exchange offer for Millrose Properties, Inc. Class A common stock. Each Lennar share accepted in the offer was exchanged for 4.1367 shares of Millrose Class A stock, with cash paid in lieu of fractional shares. After this transaction, the reporting person beneficially owned 14,490 Lennar Class A shares directly and 165 Lennar Class A shares indirectly through a trust for the benefit of the reporting person’s child.

Lennar Corp executive chairman and co-CEO Stuart Miller reported stock transactions on November 26, 2025. He disposed of 20,129 shares of Lennar Class A common stock in an exchange offer, tendering them for Millrose Properties, Inc. Class A common stock at a ratio of 4.1367 Millrose shares for each Lennar share accepted. He also donated 7,750 shares of Lennar Class A common stock to a charitable institution.

After these transactions, he directly owned 964,039 shares of Lennar Class A common stock and 121,323 shares of Class B common stock. He also had indirect interests, including 2,695 Class A shares held by GRAT 1, 200,000 by GRAT 2, 500,000 by GRAT 3, 14,476 by a trust, 20,607 Class A and 2,600 Class B shares held by an ESOP trust, and 21,619,137 Class B shares held by a family trust, where he has voting and investment power but a limited pecuniary interest.

Lennar Corporation is conducting an exchange offer allowing holders of its Class A common stock to swap their shares for up to 33,298,764 shares of Millrose Properties Class A common stock that Lennar currently owns. The offer is designed to let stockholders exchange Lennar shares for Millrose shares at about a 6% discount to Millrose’s per-share value, so that for each $100 of Lennar stock accepted, holders would receive approximately $106.38 of Millrose stock, subject to an upper limit of 4.1367 Millrose shares per Lennar share.

The exchange offer expiration has been further extended to 12:00 midnight, New York City time, on November 21, 2025, with a special earlier withdrawal deadline of 4:00 p.m. on November 17, 2025 for shares held through the Lennar 401(k) Plan. The final exchange ratio has been set at 4.1367, and if the offer is oversubscribed, accepted tenders will generally be prorated, with odd-lot holders who tender all their shares exempt from proration. If the offer is completed but not fully subscribed, Lennar may later dispose of any remaining Millrose shares through a separate clean-up transaction.

Lennar Corporation is conducting an exchange offer for up to 33,298,764 shares of Millrose Properties Class A common stock that it owns, in return for outstanding Lennar Class A common stock. The company has further extended the offer and withdrawal rights to 12:00 midnight, New York City time, on November 21, 2025, with an earlier withdrawal cut-off of 4:00 p.m. on November 17, 2025 for shares held through the Lennar 401(k) Plan.

The offer is designed to let Lennar stockholders exchange their Lennar Class A shares for Millrose Class A shares at an intended 6% discount to Millrose’s per‑share value, subject to an upper limit of 4.1367 Millrose shares per Lennar share. Based on indicative values as of October 10, 2025, each $100 of Lennar Class A stock accepted would receive about $106.38 of Millrose stock, although the upper limit can reduce this amount. The final exchange ratio will be based on the three‑day VWAP averages for both stocks just before the expiration date and will be announced by press release.

If the offer is oversubscribed, accepted tenders will generally be prorated, while odd‑lot holders (fewer than 100 shares) who tender all their shares will not be prorated. If the offer is completed but not fully subscribed, Lennar may dispose of any remaining Millrose Class A shares through a separate “clean‑up” transaction such as a spin‑off, split‑off, public offering or private sale. Participation in the exchange offer is voluntary and limited to holders of Lennar Class A common stock.

Lennar Corporation announced a leadership transition. Jonathan M. Jaffe, Co-Chief Executive Officer and President since September 2023 and an employee since 1983, notified the Board of his decision to retire from his roles and resign as a director, effective December 31, 2025.

Following his retirement, Stuart Miller will continue as Executive Chairman and serve as Chief Executive Officer. The Board plans to reduce its size from ten members to nine members, effective December 31, 2025. The company furnished a press release as Exhibit 99.1.