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LENNAR CORP /NEW/·4

Mar 18, 6:58 PM ET

MILLER STUART A 4

4 · LENNAR CORP /NEW/ · Filed Mar 18, 2026

Research Summary

AI-generated summary of this filing

Updated

Lennar (LEN) 10% Owner Stuart A. Miller Sells Shares Worth $5.75M

What Happened Stuart A. Miller, reported as a 10% owner of Lennar Corporation (LEN), disposed of two pools of Class A shares on March 16, 2026. He forfeited 55,490 performance-based shares back to the issuer (reported at $0) and surrendered 59,958 shares at $95.95 each (totaling $5,752,970) to satisfy a tax liability under a 10b5-1 plan.

These were dispositions (sales/forfeitures), not open-market purchases—largely routine actions tied to performance-vesting rules and tax withholding rather than an outright sale for investment reasons.

Key Details

  • Transaction dates: March 16, 2026 (filed on March 18, 2026).
  • Dispositions:
    • 55,490 shares surrendered to the issuer at $0.00 (forfeiture from a Feb 28, 2023 performance grant).
    • 59,958 shares disposed at $95.95 each = $5,752,970 (surrendered to pay tax liability per a 10b5-1 plan).
  • Footnotes: shares forfeited due to partial satisfaction of performance goals (F1); tax withholding and surrender pursuant to a 10b5-1 plan (F3); several shares were recently distributed from GRATs and are now owned directly (F2–F6); some holdings reflect limited pecuniary interest and disclaimers (F4–F7); ESOP holdings noted (F8).
  • Shares owned after the transactions are not specified in the provided excerpt of the filing.
  • Filing timeliness: Reported on Mar 18, 2026 for transactions on Mar 16, 2026 (appears to be filed within the standard Form 4 reporting window).

Context

  • The 59,958-share disposition was effectively a tax-withholding/cashless-type action under a prearranged 10b5-1 plan rather than an open-market sale; the 55,490-share transfer was a forfeiture tied to performance conditions of a 2023 grant. Both are common administrative transactions that don’t necessarily indicate a change in the insider’s view of the company.
  • As a reported 10% owner, Miller’s filings reflect significant indirect and trust-related holdings (GRATs and ESOP), and he disclaims beneficial ownership of certain trust-held shares except to the extent of pecuniary interest.

Insider Transaction Report

Form 4
Period: 2026-03-16
LENNAR CORP /NEW/LEN, LEN.B
MILLER STUART A
DirectorExecutive Chairman & CEO10% Owner
Transactions
  • Disposition to Issuer

    Class A Common Stock

    [F1][F2]
    2026-03-16−55,490→ 1,209,820 total
  • Tax Payment

    Class A Common Stock

    [F3]
    2026-03-16$95.95/sh−59,958$5,752,970→ 1,149,862 total
Holdings

  • Class B Common Stock

    121,322

  • Class A Common Stock

    [F4]
    (indirect: By GRAT 1)
    0

  • Class A Common Stock

    [F5]
    (indirect: By GRAT 2)
    105,629

  • Class A Common Stock

    [F6]
    (indirect: By GRAT 3)
    500,000

  • Class A Common Stock

    [F7]
    (indirect: By Trust)
    14,476

  • Class A Common Stock

    [F8]
    (indirect: By Trust)
    20,692

  • Class B Common Stock

    [F8]
    (indirect: By Trust)
    2,612

  • Class B Common Stock

    [F7]
    (indirect: By Trust)
    21,619,137
Footnotes (8)
  • [F1]Represents shares forfeited from a February 28, 2023 grant of Class A common stock subject to performance-based vesting conditions due to partial satisfaction of certain financial performance goals.
  • [F2]Includes 2,695 shares previously held through GRAT 1 and 94,371 shares previously held through GRAT 2, both of which were distributed to the reporting person on March 6, 2026 and are now owned directly.
  • [F3]Pursuant to a 10b5-1 plan, the reporting person surrendered shares to pay tax liability on the shares of Class A common stock that were subject to performance criteria. The grant of shares subject to performance-based vesting conditions was originally made on February 28, 2023.
  • [F4]These shares were held by a Grantor Retained Annuity Trust ("GRAT 1") of which Mr. Miller was the sole beneficiary and sole annuitant, as well as the trustee. Mr. Miller continued to report beneficial ownership of all of the Lennar Class A common stock held by GRAT 1 but disclaimed beneficial ownership except to the extent of his pecuniary interest therein.
  • [F5]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.
  • [F6]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.
  • [F7]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.
  • [F8]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 February 28, 2026.
Signature
/s/ Mark Liberman as attorney-in-fact for Stuart A. Miller|2026-03-18

Documents

1 file
  • 4
    ownership.xmlPrimary

    4