Lennar

In 1954, Gene Fisher and Arnold Rosen formed the homebuilding company F&R Builders in Miami, Florida. Lennar regards this as its founding year, and it began as a local Miami homebuilder.⁠[1][2]

In 1956, Leonard Miller became a co-owner of F&R Builders, partnering with Arnold Rosen.⁠[1]

In 1971, Leonard Miller and Arnold Rosen combined their names to rename the company Lennar; that same year, the company completed its initial public offering and became a public company.⁠[1][2]

In 1972, Lennar stock was listed on the New York Stock Exchange under the symbol LEN; that same year, the company entered the Arizona homebuilding market.⁠[1][3]

In 1973, Lennar formed Universal American Mortgage Company (UAMC), expanding its mortgage financing business.⁠[1]

In 1986, Lennar acquired Development Corporation of America in Florida. The company has said that since this acquisition it has delivered more homes in Florida each year than any other homebuilder.⁠[3][4]

In 1989, Lennar introduced its Everything’s Included program, which built thousands of dollars in luxury features into the price of a home at no extra cost.⁠[1]

In 1991, Lennar began building homes in Dallas, Texas; in 1995, it entered the California market through the acquisition of Bramalea California; in 1996, it expanded in California by acquiring Renaissance Homes, acquired the assets and operations of Houston-based Village Builders and Friendswood Development Company, and acquired Regency Title in Texas.⁠[4][3][3]

In 1997, under a Separation and Distribution Agreement dated June 10, 1997, Lennar transferred its commercial real estate investment business to LNR Property Corporation and spun LNR off to its shareholders. That same year, the company acquired Pacific Greystone Corporation, expanding its operations in California and Arizona and bringing it into the Nevada homebuilding market.⁠[3][4][3]

In April 1997, Stuart Miller, son of Chairman Leonard Miller, became the company’s President and Chief Executive Officer; he had previously held various executive positions with the company and had been a Vice President since 1985. He served as Chief Executive Officer until April 2018 and as President until April 2011.⁠[4][4][2]

In 1998, Lennar acquired the properties of the California homebuilders ColRich Communities and Polygon Communities, the Northern California homebuilder Winncrest Homes, and North American Title, which had operations in Arizona, California, and Colorado; in 1999, it acquired Southwest Land Title in Texas and Eagle Home Mortgage, which had operations in Nevada, Oregon, and Washington.⁠[3][3]

On May 3, 2000, Lennar acquired U.S. Home Corporation, a homebuilder with operations in 13 states; U.S. Home stockholders received a total of approximately $243 million in cash and 13 million shares of Lennar common stock (worth approximately $267 million). The acquisition expanded Lennar’s operations into states including New Jersey, Maryland, Virginia, Minnesota, Ohio, and Colorado, roughly doubling the company’s size; Robert J. Strudler, previously Chairman and Co-Chief Executive Officer of U.S. Home, became Lennar’s Vice Chairman and Chief Operating Officer.⁠[4][4][3][1][4][4]

In 2002, Lennar acquired Patriot Homes, Sunstar Communities, Don Galloway Homes, Genesee Company, Barry Andrews Homes, Cambridge Homes, Pacific Century Homes, Concord Homes, and Summit Homes, entering the Carolinas as well as the Chicago, Baltimore, and Central Valley, California markets; in 2003, it acquired Seppala Homes. From 2002 to 2005, the company acquired a number of regional homebuilders, entering new markets and strengthening its position in existing ones.⁠[3][3][3][2]

From 2010 to 2013, Lennar expanded its homebuilding operations into Georgia, Oregon, Washington, and Tennessee.⁠[2]

In 2011, Lennar introduced Next Gen (“The Home Within a Home”), a floor plan designed for multigenerational families, and launched Quarterra, which specializes in developing luxury rental apartment communities.⁠[1]

In 2014, Lennar introduced Lennar International, a brand for its U.S. real estate business aimed at the global market.⁠[1]

In 2017, Lennar acquired WCI Communities, which built luxury single-family and multifamily homes, including a small number of luxury high-rise units, in Florida; that same year, UAMC was renamed Eagle Home Mortgage nationwide.⁠[2][1]

On October 30, 2017, Lennar and CalAtlantic Group announced that their boards of directors had unanimously approved a merger agreement under which each share of CalAtlantic stock would be exchanged for 0.885 shares of Lennar Class A common stock, in a transaction valued at approximately $9.3 billion (including $3.6 billion of net debt assumed); CalAtlantic stockholders could also elect to receive cash of $48.26 per share. The two companies said the combination would create the largest homebuilder in the United States.⁠[5][5][5]

On February 12, 2018, Lennar completed its acquisition of CalAtlantic, which was merged into a wholly owned subsidiary of Lennar. CalAtlantic built homes ranging from entry level to luxury in 43 Metropolitan Statistical Areas in 19 states and provided mortgage, title, and escrow services; as of December 31, 2017, it owned or controlled approximately 70,000 homesites. CalAtlantic stockholders received 0.885 shares of Lennar Class A stock and 0.0177 shares of Class B stock per share; holders of only 391,893 shares elected to receive cash.⁠[6][6][6][6][6]

In April 2018, Stuart Miller became Executive Chairman; that same year, the company introduced LenX, a platform for integrating technology solutions.⁠[2][1]

In 2020, the mortgage subsidiary Eagle Home Mortgage, LLC was renamed Lennar Mortgage, LLC, and the title subsidiary CalAtlantic Title was renamed Lennar Title.⁠[1][1]

Beginning in September 2023, Stuart Miller, while serving as Executive Chairman, also became Co-Chief Executive Officer, sharing the chief executive role with Jon Jaffe.⁠[2]

In February 2025, Lennar acquired the homebuilder Rausch Coleman Homes, entering several new markets in Arkansas, Oklahoma, Alabama, and Kansas/Missouri and adding to its footprint in Texas, Oklahoma City, Huntsville, and the Florida Gulf Coast.⁠[2][2]

On February 7, 2025, Lennar completed the taxable spin-off of Millrose Properties, a homesite option purchase platform, which began trading on the New York Stock Exchange under the symbol MRP. Lennar stockholders of record as of January 21, 2025, received one share of Millrose stock for every two shares of Lennar Class A or Class B stock; the distribution represented approximately 80% of Millrose’s outstanding shares, and Lennar temporarily retained the remaining approximately 20% (33,200,053 Class A shares) without voting them.⁠[7][7][7][7][7]

Millrose purchases land, carries out horizontal development, and provides homesite option arrangements for Lennar and other homebuilders. In connection with the spin-off, Lennar contributed $5.6 billion in land assets and $1.0 billion in cash to Millrose (including $584 million of cash deposits related to option contracts). The company regarded the spin-off as a key step in its transition to a “land-light” operating model, controlling more homesites through options and agreements rather than owning them.⁠[7][2][2][2]

In an amendment to its 13F for the first quarter of 2025 (adding new holdings entries) filed on August 14, 2025, Berkshire HathawayBerkshire HathawayBerkshire Hathaway Inc. is a multinational conglomerate holding company headquartered in Omaha, Nebraska, United States (NYSE: BRK.A/BRK.B), with businesses spanning insurance, railroads, energy, manufacturing, and retail. Warren Buffett took control of the company in 1965 and ran it until 2025, and Greg Abel succeeded him as CEO at the start of 2026. The company long held stakes in several U.S. banks, including M&T (1991–2020), Bank of America, and Wells Fargo, which it successively reduced or exited between 2020 and 2024.Open the full entry listed 1,929,972 Lennar Class A shares held as of March 31, 2025; its second-quarter 13F filed the same day listed 7,048,993 Class A shares and 180,930 Class B shares held as of June 30, 2025. As of March 31, 2026, its holdings had increased to 10,099,642 Class A shares and 237,703 Class B shares.⁠[8][8][8][9][9][9][10][10][10]

In November 2025, Lennar disposed of its approximately 20% stake in Millrose through an exchange offer, exchanging 33,298,754 Millrose Class A shares for 8,049,594 Lennar Class A shares; afterward, it retained only a small number of forfeited Millrose shares. The exchange offer resulted in a one-time loss of $156.1 million in fiscal 2025.⁠[2][2][2][2]

On November 14, 2025, Lennar announced that Co-Chief Executive Officer and President Jon Jaffe would retire on December 31, 2025, and step down from the board, ending a 42-year career with the company; Stuart Miller would continue as Executive Chairman and serve as Chief Executive Officer, and the company had no plans to replace Jaffe’s role. Jaffe joined the company in 1983 as an assistant superintendent in Tampa. Miller said the retirement and its timing reflected the company’s need to remake its organizational and cost structure in order to build more affordable homes.⁠[11][11][11][11]

In fiscal 2025, which ended November 30, 2025, Lennar delivered 82,583 new homes (compared with 80,210 the previous year), and revenues from home sales were $32.1 billion, down 5% from the previous year, primarily because of an 8% decrease in the average sales price; the average sales price was $391,000 (compared with $423,000 the previous year), which the company attributed to market weakness and increased use of sales incentives. Total revenues for the year were approximately $34.19 billion, and net earnings attributable to Lennar were approximately $2.08 billion (compared with approximately $3.93 billion the previous year). As of November 30, 2025, the company had 12,532 employees. The annual report was signed on January 28, 2026, by Executive Chairman and Chief Executive Officer Stuart Miller, Vice President and Chief Financial Officer Diane Bessette, and others.⁠[2][2][2][2][2][2][2][2][2][2]

On June 5, 2026, Lennar named Jim Parker, previously president of its East area, as Chief Operating Officer and David Grove, previously president of its West area, as Executive Vice President, Homebuilding; both report to Executive Chairman, Chief Executive Officer, and President Stuart Miller. Parker joined Lennar in 2018 through the merger with CalAtlantic; Grove joined the company in 1999 as a Construction Area Manager in Austin.⁠[12][12][12][12][12]

As of June 30, 2026, Berkshire Hathaway held a total of 13,111,741 Lennar Class A shares and 298,117 Class B shares. On August 14, 2026, Warren E. Buffett, Berkshire Hathaway, National Indemnity, and others filed a Schedule 13G with June 30, 2026, as the event date, each reporting shared beneficial ownership of 13,111,741 shares of Lennar common stock (CUSIP 526057104), representing 6.2% of the class, and stating that the shares were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the company.⁠[13][13][13][13][14][14][14][14]

On September 16, 2026, Lennar reported results for its third quarter ended August 31, 2026: net earnings of $284 million, deliveries of 20,840 homes (down 3% year over year), new orders of 20,879 homes (down 9% year over year), total revenues of $8.0 billion, and a gross margin on home sales of 15.8%; during the quarter, it repurchased 3 million shares for $256 million. Stuart Miller said the operating environment had deteriorated further since the previous earnings call.⁠[15][15][15][15][15][15][15][15]

On September 21, 2026, Berkshire Hathaway and Warren E. Buffett jointly filed a Form 3 reporting that they had become owners of more than 10% of Lennar as of September 17, 2026, at which point they indirectly held 21,050,601 Class A shares and 453,196 Class B shares; the shares were held by Berkshire insurance subsidiaries including National Indemnity, BHG Life Insurance, and AZGUARD Insurance, and Buffett disclaimed beneficial ownership except to the extent of his pecuniary interest.⁠[16][16][16][16][16][16]

The two also filed four Form 4s on September 21, 25, and 30 and October 5, reporting open-market purchases (transaction code P). The one filed on September 25 listed purchases over three trading days, September 23, 24, and 25, totaling 1,659,025 Class A shares and 20,675 Class B shares, or 1,679,700 shares combined; each reported price is a weighted average price, and calculating from the share counts and average prices of each reported transaction, the total comes to approximately $136.4 million. After these transactions, they held 25,378,134 Class A shares and 548,892 Class B shares.⁠[17][17][17][17][17][17][17][17][17][17][17]

The other three Form 4s reported, respectively, purchases of 2,668,508 Class A shares and 75,021 Class B shares from September 17 to 21; 656,302 Class A shares and 4,108 Class B shares from September 28 to 30; and 2,403,609 Class A shares and 15,028 Class B shares from October 1 to 2. After the transactions through October 2, 2026, Berkshire Hathaway subsidiaries held a total of 28,438,045 Lennar Class A shares and 568,028 Class B shares.⁠[18][18][18][19][19][19][20][20][20][20][20]

Homebuilding is Lennar’s most substantial business, generating approximately $32 billion in revenues in fiscal 2025, or approximately 94% of consolidated revenues; as of November 30, 2025, the homebuilding segments were divided into regions including East, Central, South Central, and West, covering more than twenty states including Florida, Texas, and California. Its other businesses include residential and commercial mortgage lending, title insurance and closing services, and multifamily rental property development; the company also sponsors and manages funds and joint ventures that develop and own multifamily rental properties and a fund that owns single-family rental homes, and invests in companies applying technology to homebuilding and real estate–related financial services.⁠[2][2][2][2][2][2]

Lennar has two classes of common stock, Class A and Class B; Class A carries one vote per share and Class B carries ten votes per share. As of its fiscal 2025 annual report, Executive Chairman and Chief Executive Officer Stuart Miller, through family and personal holdings of Class B stock (and, to a lesser extent, Class A stock), could cast approximately 42% of the votes, giving him significant influence over matters put to a shareholder vote, such as the election of directors.⁠[2][2]

Lennar: Official website: https://www.lennar.com/ (opens in a new window).⁠[2]

X: Public account: https://x.com/lennar (opens in a new window)⁠[1]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Public profile: https://www.linkedin.com/company/lennar (opens in a new window)⁠[1]

YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: Public channel: https://www.youtube.com/user/LennarOnline (opens in a new window)⁠[1]