SG on X
$MRP Millrose Properties report looked pretty good overall to me (I'm long), but the debt is on the high end. Also don't like the rental deal with $LEN - just a pilot now. Let's keep it that way. https://t.co/0j6Vaxwg4I
NYSE
Lennar CORP /new/
LEN
16 stories
$20B Market cap · 2026-10-28
The Monday Morning Briefing: Meta, Tesla, Netflix, P&G on Deck
Lennar’s land-bank costs pressure homebuilding margins, while Flowers Foods weighs a Tastykake sale after falling branded-bread share,…
Mr Neutral Man aka "Howard Marks of REITs” on X
Spoke with an expert about $LEN the other day He told me that Lennar focuses so much on entry level homes that it's got a "here goes the neighborhood" effect Other builders won't build in the same MPC/area This could potentially cut them off from sites in the future
Lennar: The Misstep Is Temporary, the Operating Machine Is Not
Lennar cut build times to 116 days and adopted an asset-light land model, while gross margin fell to 15.8% from 27.5% as land costs rose.
Lennar, Part One: The Story
Lennar grew from a Miami builder into one of America’s two largest homebuilders, controlling land largely through options and land banks…
Lennar, Part Two: The Deep Dive
Lennar’s second audio program examines the homebuilder’s business for professional investors and housing analysts.
Hunterbrook on X
UPDATE: Berkshire Hathaway appears to have paused $LEN buying. It’s the first two-trading-day gap in its disclosed buying since it began building its stake on Sept. 17. https://t.co/bDtucKUWSA
The Story Millrose Told Wall Street About Lennar Purchases Doesn’t Match The Evidence
Millrose told Goldman its Lennar purchases had rent-to-own tenants lined up, but most analyzed homes were advertised for rent and showed…
Hunterbrook on X
Based on Hunterbrook Media's reporting, at the time of publication Hunterbrook Capital is short $MRP, short $LEN, and long a basket of comparable securities. Positions may change at any time. This article is not investment advice or any recommendation. See full disclosures below.
Hunterbrook on X
Millrose management told Goldman Sachs its Lennar home purchases were a rent-to-own pilot, with a renter often lined up before $MRP buys. We found approximately 95% of more than 1,000 home addresses bought from $LEN were actually listed for rent to the public. https://t.co/szKAaqaBoN
Lennar: Berkshire Owns 12%, And The Stock Trades At 0.83x Book
Lennar trades at 0.83 times book as Berkshire Hathaway builds a 12% stake, despite mortgage-rate pressure and a 15.8% Q3 gross margin.
Tim Travis 
EXCLUSIVE: Lennar’s Big New Customer Is Its Own Spinoff, Millrose
Lennar is selling homes to former spinoff Millrose, whose revenue largely comes from Lennar and whose largest voting shareholder is…
Hunterbrook on X
Based on Hunterbrook Media’s reporting, at the time of publication Hunterbrook Capital is short $MRP, short $LEN, and long a basket of comparable securities. Positions may change at any time. This article is not investment advice or any recommendation. See full disclosures below.
Hunterbrook on X
Lennar is struggling to sell houses. So it found a buyer it knows well: Millrose, the REIT it spun off last year. We identified 700+ homes, roughly $200 million, sold to Millrose in about a month. $LEN $MRP https://t.co/CDD6NZ5Y2i
Barbarian Capital on X
Lennar Cuts Deliveries Target Again on Rate Pressure, Housing Market Conditions $LEN https://t.co/pSDzIOtCPo
PAA Research on X
The trading action in $LEN should be pretty interesting following a disappointing print and underwhelming guidance (albeit not surprising). The stock trades at tangible book value with a 2.5% dividend yield (that used to mean something) and they look set to buyback 5-7% of the shares outstanding annually. They've moved their entire pricing and gross margin model down to meet the market so they can move volumes. They're moving units in Arkansas at $230,000. There's definitely a market at that price point. There's some controversy about their land bank accounting practices from the work of @hntrbrkmedia, but you still have a biz that's not impairing book and generating profits. Insiders own a fair amount, Berkshire bought last quarter. Is there enough bad news here? Is it finally washed out? https://t.co/j7W0oY1pY5
Investor Letters
Letters that discuss LEN.
- Third Avenue Management Real Estate Value Fund quarter ended June 30, 2026 0IKZ 0IL0 BKD $2.5B
- Third Avenue Management Real Estate Value Fund Q226 quarter ended June 30, 2026 0IKZ 0IL0 BKD $2.5B
- GoodHaven Capital Management 2026 Semi-Annual Letter to Shareholders 2026 Semi-Annual ABG $3.5BARW $11BBLDR $6B
- GoodHaven Capital Management 2023 Annual Letter to Shareholders fiscal year 2023 BAC $351BBLDR $6BBRK.A $1.2T
- GoodHaven Capital Management The Best Hedge Is Being Right fiscal year ended November 30, 2020 BIREF $1.4BBLDR $6BBRK.A $1.2T
- GoodHaven Capital Management 2025 Annual Letter to Shareholders 2025 BLDR $6BBRK.A $1.2TCB $137B
- Smead Capital Management 3Q25 U.S. Value Strategy Newsletter: Tortoise and the Hare Circa 2025 3Q25 EBAY $54B
- GoodHaven Capital Management Annual Report fiscal 2019 AAL $8.4BBLDR $6BBRK.A $1.2T
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