Lennar (NYSE: LEN) chair Stuart Miller exchanges 20,129 shares in Millrose offer

Rhea-AI Filing Summary

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.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MILLER STUART A

(Last) (First) (Middle)

5505 WATERFORD DISTRICT DRIVE

(Street)

MIAMI FL 33126

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LENNAR CORP /NEW/ [ LEN, LEN.B ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman & Co-CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/26/2025		J(1)		20,129	D	(1)	971,789	D
Class A Common Stock	11/26/2025		G(2)		7,750	D	(2)	964,039	D
Class B Common Stock								121,323	D
Class A Common Stock								2,695	I	By GRAT 1(3)
Class A Common Stock								200,000	I	By GRAT 2(4)
Class A Common Stock								500,000	I	By GRAT 3(5)
Class A Common Stock								14,476	I	By Trust(6)
Class A Common Stock								20,607	I	By ESOP Trust(7)
Class B Common Stock								2,600	I	By ESOP Trust(7)
Class B Common Stock								21,619,137	I	By Family Trust(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of Lennar Class A Common Stock that were validly tendered by the Reporting Person and accepted by Lennar in connection with the exchange offer by Lennar of Millrose Properties, Inc. ("Millrose") Class A Common Stock for shares of Lennar Class A Common Stock. The Reporting Person received a number of shares of Millrose Class A Common Stock, calculated at a ratio of 4.1367 shares of Millrose Class A Common Stock per share of Lennar Class A Common Stock accepted in the exchange offer, subject to cash in lieu payment of fractional shares.

2. These shares represent the donation by the Reporting Person of shares of Lennar Class A Common Stock to a charitable institution.

3. These shares are held by a Grantor Retained Annuity Trust ("GRAT 1") of which Mr. Miller is the sole beneficiary and sole annuitant, as well as the trustee. Mr. Miller continues to report beneficial ownership of all of the Lennar Class A common stock held by GRAT 1 but disclaims beneficial ownership except to the extent of his pecuniary interest therein.

4. These shares are held by a Grantor Retained Annuity Trust ("GRAT 2") of which Mr. Miller is the sole beneficiary and sole annuitant, as well as the trustee. Mr. Miller continues to report beneficial ownership of all of the Lennar Class A common stock held by GRAT 2 but disclaims beneficial ownership except to the extent of his pecuniary interest therein.

5. These shares are held by a Grantor Retained Annuity Trust ("GRAT 3") of which Mr. Miller is the sole annuitant, as well as the trustee. Mr. Miller continues to report beneficial ownership of all of the Lennar Class A common stock held by GRAT 3 but disclaims beneficial ownership except to the extent of his pecuniary interest therein.

6. Mr. Miller has sole voting and investment power with respect to these shares, even though he has only limited pecuniary interest in these shares. Mr. Miller disclaims beneficial ownership of these shares except to the extent of such pecuniary interest.

7. Represents the number of shares indirectly held by the Reporting Person, as reflected in the Reporting Person's Employee Stock Ownership Plan ("ESOP") account on October 31, 2025.

Remarks:

Exhibit 24. Power of Attorney.

	/s/ Mark Liberman as attorney-in-fact for Stuart Miller	12/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transactions did Lennar (LEN) executive Stuart Miller report on November 26, 2025?

Stuart Miller reported disposing of 20,129 shares of Lennar Class A common stock in an exchange offer for Millrose Properties, Inc. Class A common stock and donating 7,750 shares of Lennar Class A common stock to a charitable institution.

How many Lennar (LEN) shares did Stuart Miller tender in the Millrose Properties exchange offer?

He tendered 20,129 shares of Lennar Class A common stock, which were accepted in an exchange offer for Millrose Properties, Inc. Class A common stock at a ratio of 4.1367 Millrose shares per Lennar share.

How many Lennar (LEN) shares did Stuart Miller donate to charity?

Stuart Miller donated 7,750 shares of Lennar Class A common stock to a charitable institution.

What is Stuart Miller’s direct ownership in Lennar (LEN) after the reported transactions?

After the reported transactions, he directly owned 964,039 shares of Lennar Class A common stock and 121,323 shares of Lennar Class B common stock.

What indirect Lennar (LEN) holdings does Stuart Miller report through trusts and GRATs?

He reports indirect holdings of 2,695 Class A shares in GRAT 1, 200,000 in GRAT 2, 500,000 in GRAT 3, 14,476 Class A shares in a trust, 20,607 Class A and 2,600 Class B shares in an ESOP trust, and 21,619,137 Class B shares in a family trust where he has voting and investment power but limited pecuniary interest.

What roles does Stuart Miller hold at Lennar (LEN), and is he a 10% owner?

Stuart Miller serves as a director, executive chairman, and co-CEO of Lennar Corp and is identified as a 10% owner of the company.