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.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class A Common Stock | 20,129 | $0.00 | -- |
| Gift | Class A Common Stock | 7,750 | $0.00 | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
Footnotes (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. These shares represent the donation by the Reporting Person of shares of Lennar Class A Common Stock to a charitable institution. 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. 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. 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. 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. 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.
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.
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.