<SEC-DOCUMENT>0001193125-25-304048.txt : 20251201
<SEC-HEADER>0001193125-25-304048.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251201170753
ACCESSION NUMBER:		0001193125-25-304048
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251126
FILED AS OF DATE:		20251201
DATE AS OF CHANGE:		20251201

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MILLER STUART A
		CENTRAL INDEX KEY:			0001049444
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11749
		FILM NUMBER:		251540580

	MAIL ADDRESS:	
		STREET 1:		700 NW 107TH AVE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33172

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LENNAR CORP /NEW/
		CENTRAL INDEX KEY:			0000920760
		STANDARD INDUSTRIAL CLASSIFICATION:	GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				954337490
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		5505 WATERFORD DISTRICT DRIVE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33126
		BUSINESS PHONE:		3055594000

	MAIL ADDRESS:	
		STREET 1:		5505 WATERFORD DISTRICT DRIVE
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC GREYSTONE CORP /DE/
		DATE OF NAME CHANGE:	19940323
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
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    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-11-26</periodOfReport>

    <issuer>
        <issuerCik>0000920760</issuerCik>
        <issuerName>LENNAR CORP /NEW/</issuerName>
        <issuerTradingSymbol>LEN, LEN.B</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001049444</rptOwnerCik>
            <rptOwnerName>MILLER STUART A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5505 WATERFORD DISTRICT DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MIAMI</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33126</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Executive Chairman &amp; Co-CEO</officerTitle>
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    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-11-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
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                <transactionShares>
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                    <value>D</value>
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                    <value>971789</value>
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                    <value>D</value>
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                <value>Class A Common Stock</value>
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                <value>Class A Common Stock</value>
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                    <value>I</value>
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                    <value>By GRAT 1</value>
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                    <value>I</value>
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                    <value>By Family Trust</value>
                    <footnoteId id="F6"/>
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    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">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. (&quot;Millrose&quot;) 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.</footnote>
        <footnote id="F2">These shares represent the donation by the Reporting Person of shares of Lennar Class A Common Stock to a charitable institution.</footnote>
        <footnote id="F3">These shares are held by a Grantor Retained Annuity Trust (&quot;GRAT 1&quot;) 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.</footnote>
        <footnote id="F4">These shares are held by a Grantor Retained Annuity Trust (&quot;GRAT 2&quot;) 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.</footnote>
        <footnote id="F5">These shares are held by a Grantor Retained Annuity Trust (&quot;GRAT 3&quot;) 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.</footnote>
        <footnote id="F6">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.</footnote>
        <footnote id="F7">Represents the number of shares indirectly held by the Reporting Person, as reflected in the Reporting Person's Employee Stock Ownership Plan (&quot;ESOP&quot;) account on October 31, 2025.</footnote>
    </footnotes>

    <remarks>Exhibit 24. Power of Attorney.</remarks>

    <ownerSignature>
        <signatureName>/s/ Mark Liberman as attorney-in-fact for Stuart Miller</signatureName>
        <signatureDate>2025-12-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ck0000920760-ex24.htm
<DESCRIPTION>EX-24
<TEXT>
<!-- DFIN ActiveDisclosure (SM) HTML Document - http://www.dfinsolutions.com/ --><!-- Creation Date :2025-12-01T16:10:19.0358+00:00 --><!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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  <title>EX-24</title>
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 <body style="padding:8px;margin:auto!important;z-index:0;-webkit-text-size-adjust:100%;position:relative;">
  <div style="padding-top:0.5in;z-index:2;min-height:0.8in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">POWER OF ATTORNEY</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Know all by these presents, that the undersigned hereby constitutes and appoints each of Diane Bessette, Katherine Lee Martin, David Collins and Mark Liberman, and any one of them signing singly, the undersigned&#x2019;s true and lawful attorney-in-fact to:</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1)</font><div style="display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">execute for and on behalf of the undersigned Forms 3, 4, and 5 with respect to the undersigned&#x2019;s holdings of and transactions in the securities of Lennar Corporation (the &#34;Company&#34;) as such forms may be required to be filed with the United States Securities and Exchange Commission (the &#34;SEC&#34;) in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended (the &#34;Exchange Act&#34;), and the rules and regulations promulgated under such Section;</font></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">2)</font><div style="display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">do and perform any and all acts for and on behalf of the undersigned, which may be necessary or desirable to complete and execute any such Form 3, 4, or 5, complete and execute any amendment or amendments thereto, and timely file such forms with the SEC and any stock exchange or similar authority; and</font></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><div class="item-list-element-wrapper" style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:3.447919145106397%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">3)</font><div style="display:inline;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">take any other action of any type whatsoever in connection with the foregoing, which may be, in the opinion of such attorney-in-fact, of benefit to, in the best interest of, or legally required to be performed by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact&#x2019;s discretion.</font></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact&#x2019;s substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted.  The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned&#x2019;s responsibilities to comply with Section 16 of the Exchange Act.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">This Power of Attorney shall remain in full force and effect, with respect to each herein named attorney-in-fact that remains in the employ of the Company, until the undersigned is no longer required to file Forms 3, 4, and 5 with respect to the undersigned&#x2019;s holdings of and transactions in the securities of the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 21</font><font style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:8.040000000000001pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">st</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> day of November 2025.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p>
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