LENNAR CORP /NEW/ (LEN) SEC Filings, May-Jul 2026

Banse Amy reported acquisition or exercise transactions in this Form 4 filing.

Amy Banse, a director of Lennar, received a grant of 14 restricted stock units (RSUs) tied to dividend equivalents on her unvested annual RSU award, valued using the $84.27 closing price per share. After this award, she holds 16,962 Class A shares directly and 165 shares indirectly through a trust for her child.

Lennar Corporation reported lower results for the quarter and six months ended May 31, 2026. Quarterly revenues were $7.94 billion, down from $8.38 billion a year earlier, as Financial Services and Multifamily revenues declined. Net earnings attributable to Lennar fell to $304.8 million from $477.4 million, with basic and diluted EPS of $1.24 versus $1.81. For the first half of fiscal 2026, revenues were $14.56 billion and net earnings attributable to Lennar were $534.2 million, both below the prior-year period, partly reflecting smaller gains and higher losses in technology investments.

The balance sheet remained strong, with total assets of $33.70 billion and total liabilities of $11.94 billion. Lennar continued returning capital through share repurchases and dividends while using cash to expand inventories and land positions.

Lennar Corporation furnished an investor presentation describing its shift to an asset-light, manufacturing-focused homebuilding model. Since 2018, the company reduced owned homesites from 174K to 11K and increased controlled homesites from 69K to 486K, moving land risk to third parties.

Lennar reports using this model to free capital, repurchasing $9.6B of stock and retiring $6.9B of senior notes. The presentation also compares Lennar’s forward P/E multiple to NVR and the S&P 500, suggesting its valuation has not fully reflected the business transformation.

Lennar Corporation reported weaker results for its second quarter ended May 31, 2026. Net earnings attributable to Lennar fell to $305 million, or $1.24 per diluted share, from $477 million, or $1.81, a year earlier. Excluding mark-to-market losses on technology investments, earnings were $322 million, or $1.31 per share, versus $499 million, or $1.90, in 2025.

Total revenues declined to $7.9 billion from $8.4 billion as homebuilding revenue slipped despite a 2% increase in deliveries to 20,519 homes and a 4% decrease in new orders to 21,749 homes. Homebuilding gross margin compressed to 15.6% from 17.8%, while SG&A rose to 9.2% of home sales revenue from 8.8%, reflecting lower pricing and higher marketing costs.

Lennar highlighted strong operational metrics, including record-low cycle time of 121 days and homebuilding cash of $1.8 billion with no borrowings under its $3.1 billion revolver, resulting in homebuilding debt to total capital of 15.8%. The company repurchased 5 million shares for $447 million and redeemed $400 million of senior notes subsequent to quarter-end. For the third quarter of 2026, Lennar guides to 20,500–21,500 deliveries, gross margin of approximately 16%, SG&A of 8.8%–9.0%, and average sales price of $375,000–$380,000, while moderating full-year 2026 delivery targets to approximately 82,000–83,000 homes.

Lennar Corporation has promoted Jim Parker to Chief Operating Officer, effective June 5, 2026. Parker has more than 30 years of homebuilding experience and has led Lennar’s East operations since December 2025. In connection with his promotion, his annual cash incentive target was increased to $5,750,000.

The company also named David Grove as Executive Vice President, Homebuilding, effective the same date. Grove has been with Lennar since 1999 and most recently led the company’s West operations. Both executives will continue to report to Stuart Miller, Lennar’s Executive Chairman, Chief Executive Officer and President.

Lennar Corporation director Jeffrey Sonnenfeld received a grant of 320 deferred stock units (DSUs) of Class A common stock, valued at $89.78 per unit, in lieu of his quarterly cash retainer. These DSUs are fully vested but will not convert into Class A shares until he leaves the Board of Directors. Following this award, he directly holds 27,828 shares of Class A common stock and 591 shares of Class B common stock.

Lennar Corporation director Armando J. Olivera reported a compensation-related equity award rather than a market trade. He received 501 deferred stock units of Class A common stock, valued at $89.78 per unit, issued in lieu of his quarterly cash retainer for board service.

The deferred stock units are fully vested upon grant but will not convert into Class A shares until he ceases to be a member of the Board of Directors. Following this grant, he directly holds 22,792 shares of Class A common stock and 142 shares of Class B common stock, reflecting his updated equity position in Lennar.

LENNAR CORPORATION: Eagle Capital Management, LLC reported beneficial ownership of 10,880,455 shares of Class A Common Stock, representing 5.03% of the class as of 03/31/2026.

The filing lists sole voting and dispositive power over the same 10,880,455 shares. The disclosure is signed by a compliance officer on 05/15/2026.

Lennar Corp executive chairman, CEO and president Stuart A. Miller reported a charitable-style move in company stock. He made a bona fide gift of 2,000 shares of Class A common stock, with no sale proceeds, and still directly holds 1,465,966 Class A shares afterward.

He also directly holds 121,322 Class B shares and reports significant indirect holdings through various trusts, including 21,619,137 Class B shares held by a family trust and Class A shares held by ESOP and GRAT vehicles. A footnote notes that 318,104 Class A shares previously in GRAT 3 were distributed to him on May 13, 2026 and are now owned directly.