Lennar earned $1.19 a share, down from $2.29. Berkshire kept adding.
Berkshire held 25.4 million Lennar Class A shares as of Sept. 25, up from 13.1 million on June 30, SEC filings show. That includes 4.3 million Class A shares bought from Sept. 17 to Sept. 25, after Lennar cut its 2026 delivery target, plus 7.9 million added earlier on dates the filings do not give.
KeyVex News··6 min readFact-checked against 15 public recordsCorrection : An earlier version of this story said its chart could show every KeyVex filing for Lennar. The chart's Filings switch shows a selection of them.
The short version
- Berkshire Hathaway held 25.4 million Lennar Class A shares as of Sept. 25, nearly double the 13.1 million it reported on June 30. That is about 12% of Lennar's Class A stock.
- Its two latest filings show $348.8 million of purchases from Sept. 17 through Sept. 25, at an average of $78.85 a share. They began the day after Lennar reported lower quarterly earnings and cut its 2026 delivery target.
- Before those purchases, Berkshire had already added 7.9 million Class A shares since June 30. The filings do not say when.
- Barclays and RBC, which rate Lennar underweight and underperform, kept those ratings and lowered their targets for the stock after the results, Stocktwits reported.
Berkshire Hathaway's stake in Lennar has nearly doubled since June 30, to 25.4 million Class A shares as of Sept. 25, securities filings show.13FForm 4 Lennar has two classes of stock, and nearly all of Berkshire's holding is in the Class A shares.
The latest $348.8 million came in purchases from Sept. 17 through Sept. 25, at an average of $78.85 a share, reported in two Form 4 filings with the Securities and Exchange Commission.Form 4Form 4 Investors who own more than 10% of a class of a company's stock must report each trade on a Form 4 within two business days.SEC rule The first filing covered $212.4 million of purchases through Sept. 21, and the second, posted after the close on Sept. 25, covered $136.4 million more. Those totals include a small number of Class B shares; the Class A purchases came to 4.33 million shares. The rest of the Class A increase, 7.9 million shares, was added between June 30 and Sept. 17 on dates the filings do not give.Form 3
The purchases reported on Form 4 began the day after Lennar, one of the largest U.S. homebuilders, reported third-quarter results after the close on Sept. 16. Its earnings fell to $1.19 a share from $2.29 a year earlier, new orders fell 9%, and it lowered its target for 2026 deliveries to 80,000 to 81,000 homes from 82,000 to 83,000.8-K
While our earnings of $1.19 per share were below expectations, they reflect the nature of the environment in which we are operating...
Lennar's shares closed up 6.4% at $83.06 on Sept. 22, the first trading session after Berkshire's first Form 4 was posted.Chart dataForm 4 The filings and price data do not show what moved the stock. On Sept. 18, one of the days Berkshire was buying, the shares fell 4.1% to $76.43. They closed at $82.15 on Sept. 25, 42% below their 13-month high of $142.40, set Sept. 8, 2025.Chart data
- 1Aug. 14, 2025 Berkshire's 13F reports first show its Lennar Class A stake. 7.05 million shares on June 30, 2025, and 1.93 million on March 31, a position it had kept confidential.
- 2Aug. 14, 2026 Berkshire reports 13.11 million Lennar Class A shares as of June 30. A separate ownership filing puts the stake at 6.2% of the class.
- 3Sept. 16, 2026 Lennar reports third-quarter results after the close. Earnings fall to $1.19 a share from $2.29, and it lowers its 2026 delivery target to 80,000 to 81,000 homes.
- 4Sept. 21, 2026 Berkshire files its Form 3 and first Form 4 after the close. They show it crossed 10% of the Class A shares on Sept. 17 and bought $212.4 million of Lennar stock from Sept. 17 to 21.
- 5Sept. 25, 2026 A second Form 4 reports $136.4 million more. Purchases from Sept. 23 to 25 bring Berkshire to 25.4 million Class A shares.
View the data (290 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-09-25 | $82.15 | +0.8% |
| 2026-09-24 | $81.47 | −0.1% |
| 2026-09-23 | $81.52 | −1.9% |
| 2026-09-22 | $83.06 | +6.4% |
| 2026-09-21 | $78.08 | +2.2% |
| 2026-09-18 | $76.43 | −4.1% |
| 2026-09-17 | $79.70 | +1.7% |
| 2026-09-16 | $78.36 | −2.1% |
| 2026-09-15 | $80.07 | +0.1% |
| 2026-09-14 | $79.99 | +0.5% |
| 2026-09-11 | $79.60 | +2.2% |
| 2026-09-10 | $77.90 | −3.5% |
| 2026-09-09 | $80.76 | +0.5% |
| 2026-09-08 | $80.37 | −3.8% |
| 2026-09-04 | $83.58 | −1.0% |
| 2026-09-03 | $84.45 | +1.0% |
| 2026-09-02 | $83.58 | +1.0% |
| 2026-09-01 | $82.75 | −1.6% |
| 2026-08-31 | $84.11 | −2.6% |
| 2026-08-28 | $86.33 | +1.4% |
| 2026-08-27 | $85.11 | −2.3% |
| 2026-08-26 | $87.15 | −0.6% |
| 2026-08-25 | $87.68 | −0.5% |
| 2026-08-24 | $88.16 | +1.3% |
| 2026-08-21 | $87.02 | +1.9% |
| 2026-08-20 | $85.42 | −2.2% |
| 2026-08-19 | $87.30 | +2.8% |
| 2026-08-18 | $84.94 | −1.8% |
| 2026-08-17 | $86.54 | −0.3% |
| 2026-08-14 | $86.83 | −0.8% |
| 2026-08-13 | $87.54 | +2.7% |
| 2026-08-12 | $85.20 | −2.7% |
| 2026-08-11 | $87.55 | +2.3% |
| 2026-08-10 | $85.60 | −2.9% |
| 2026-08-07 | $88.18 | +4.0% |
| 2026-08-06 | $84.82 | −3.5% |
| 2026-08-05 | $87.88 | +1.0% |
| 2026-08-04 | $87.02 | +2.1% |
| 2026-08-03 | $85.20 | +3.5% |
| 2026-07-31 | $82.35 | −1.7% |
| 2026-07-30 | $83.75 | −1.0% |
| 2026-07-29 | $84.56 | −3.5% |
| 2026-07-28 | $87.65 | +3.1% |
| 2026-07-27 | $85.04 | +0.5% |
| 2026-07-24 | $84.64 | +3.1% |
| 2026-07-23 | $82.13 | 0.0% |
| 2026-07-22 | $82.15 | +0.4% |
| 2026-07-21 | $81.84 | −1.3% |
| 2026-07-20 | $82.90 | −1.2% |
| 2026-07-17 | $83.89 | −2.9% |
| 2026-07-16 | $86.40 | +1.3% |
| 2026-07-15 | $85.29 | +1.9% |
| 2026-07-14 | $83.71 | +1.1% |
| 2026-07-13 | $82.84 | −1.7% |
| 2026-07-10 | $84.27 | −0.1% |
| 2026-07-09 | $84.35 | +0.9% |
| 2026-07-08 | $83.59 | −3.6% |
| 2026-07-07 | $86.74 | −1.0% |
| 2026-07-06 | $87.65 | −0.6% |
| 2026-07-02 | $88.21 | +1.3% |
| 2026-07-01 | $87.06 | −3.8% |
| 2026-06-30 | $90.49 | −0.4% |
| 2026-06-29 | $90.85 | −2.9% |
| 2026-06-26 | $93.52 | −0.4% |
| 2026-06-25 | $93.86 | +1.0% |
| 2026-06-24 | $92.95 | +6.4% |
| 2026-06-23 | $87.35 | −0.1% |
| 2026-06-22 | $87.44 | −2.6% |
| 2026-06-18 | $89.73 | +3.8% |
| 2026-06-17 | $86.48 | −3.7% |
| 2026-06-16 | $89.78 | 0.0% |
| 2026-06-15 | $89.75 | −0.6% |
| 2026-06-12 | $90.30 | −4.9% |
| 2026-06-11 | $94.95 | +5.7% |
| 2026-06-10 | $89.85 | −2.9% |
| 2026-06-09 | $92.56 | +2.0% |
| 2026-06-08 | $90.74 | +0.3% |
| 2026-06-05 | $90.49 | −1.5% |
| 2026-06-04 | $91.88 | +2.7% |
| 2026-06-03 | $89.46 | −1.6% |
| 2026-06-02 | $90.90 | +0.9% |
| 2026-06-01 | $90.11 | +0.4% |
| 2026-05-29 | $89.78 | 0.0% |
| 2026-05-28 | $89.75 | −1.3% |
| 2026-05-27 | $90.96 | +1.9% |
| 2026-05-26 | $89.29 | +0.5% |
| 2026-05-22 | $88.86 | 0.0% |
| 2026-05-21 | $88.83 | +1.7% |
| 2026-05-20 | $87.31 | +5.2% |
| 2026-05-19 | $83.00 | −1.0% |
| 2026-05-18 | $83.82 | +1.8% |
| 2026-05-15 | $82.30 | −3.5% |
| 2026-05-14 | $85.25 | +0.3% |
| 2026-05-13 | $84.97 | −1.0% |
| 2026-05-12 | $85.86 | −1.4% |
| 2026-05-11 | $87.09 | −1.5% |
| 2026-05-08 | $88.38 | +0.7% |
| 2026-05-07 | $87.74 | −3.1% |
| 2026-05-06 | $90.54 | +5.0% |
| 2026-05-05 | $86.20 | +2.2% |
| 2026-05-04 | $84.36 | −4.6% |
| 2026-05-01 | $88.45 | −2.0% |
| 2026-04-30 | $90.30 | +1.8% |
| 2026-04-29 | $88.71 | −3.9% |
| 2026-04-28 | $92.32 | −1.0% |
| 2026-04-27 | $93.25 | −0.9% |
| 2026-04-24 | $94.05 | −0.1% |
| 2026-04-23 | $94.18 | −0.3% |
| 2026-04-22 | $94.45 | −0.4% |
| 2026-04-21 | $94.81 | +0.7% |
| 2026-04-20 | $94.12 | +1.4% |
| 2026-04-17 | $92.79 | +4.5% |
| 2026-04-16 | $88.80 | +0.4% |
| 2026-04-15 | $88.44 | −0.4% |
| 2026-04-14 | $88.83 | −1.1% |
| 2026-04-13 | $89.79 | +0.9% |
| 2026-04-10 | $88.97 | 0.0% |
| 2026-04-09 | $88.93 | +0.3% |
| 2026-04-08 | $88.63 | +3.5% |
| 2026-04-07 | $85.62 | −3.3% |
| 2026-04-06 | $88.57 | +2.4% |
| 2026-04-02 | $86.49 | +1.2% |
| 2026-04-01 | $85.44 | −1.6% |
| 2026-03-31 | $86.84 | +2.3% |
| 2026-03-30 | $84.88 | −6.0% |
| 2026-03-27 | $90.25 | −0.9% |
| 2026-03-26 | $91.11 | −1.2% |
| 2026-03-25 | $92.19 | −0.2% |
| 2026-03-24 | $92.38 | −1.2% |
| 2026-03-23 | $93.46 | +3.2% |
| 2026-03-20 | $90.55 | −3.4% |
| 2026-03-19 | $93.72 | −1.1% |
| 2026-03-18 | $94.75 | −2.3% |
| 2026-03-17 | $97.03 | +1.1% |
| 2026-03-16 | $95.95 | +1.0% |
| 2026-03-13 | $94.96 | +2.6% |
| 2026-03-12 | $92.54 | −4.2% |
| 2026-03-11 | $96.57 | −2.2% |
| 2026-03-10 | $98.72 | −1.2% |
| 2026-03-09 | $99.94 | −1.2% |
| 2026-03-06 | $101.17 | −3.0% |
| 2026-03-05 | $104.30 | −2.1% |
| 2026-03-04 | $106.53 | −1.7% |
| 2026-03-03 | $108.41 | −2.0% |
| 2026-03-02 | $110.61 | −3.3% |
| 2026-02-27 | $114.36 | +2.1% |
| 2026-02-26 | $112.00 | +1.1% |
| 2026-02-25 | $110.73 | −4.9% |
| 2026-02-24 | $116.40 | +0.2% |
| 2026-02-23 | $116.20 | −0.2% |
| 2026-02-20 | $116.46 | +0.3% |
| 2026-02-19 | $116.12 | −4.2% |
| 2026-02-18 | $121.26 | −0.1% |
| 2026-02-17 | $121.44 | −0.7% |
| 2026-02-13 | $122.28 | +1.2% |
| 2026-02-12 | $120.83 | −0.1% |
| 2026-02-11 | $120.99 | +1.3% |
| 2026-02-10 | $119.40 | +4.7% |
| 2026-02-09 | $114.08 | +0.1% |
| 2026-02-06 | $114.02 | −1.2% |
| 2026-02-05 | $115.37 | +0.1% |
| 2026-02-04 | $115.27 | +2.4% |
| 2026-02-03 | $112.53 | +3.4% |
| 2026-02-02 | $108.80 | −0.5% |
| 2026-01-30 | $109.35 | −1.7% |
| 2026-01-29 | $111.23 | +0.4% |
| 2026-01-28 | $110.79 | +0.7% |
| 2026-01-27 | $110.07 | −0.5% |
| 2026-01-26 | $110.58 | −1.1% |
| 2026-01-23 | $111.84 | −2.5% |
| 2026-01-22 | $114.71 | −2.8% |
| 2026-01-21 | $118.00 | +2.5% |
| 2026-01-20 | $115.16 | −2.9% |
| 2026-01-16 | $118.59 | −3.0% |
| 2026-01-15 | $122.25 | +0.7% |
| 2026-01-14 | $121.39 | −1.6% |
| 2026-01-13 | $123.32 | +2.0% |
| 2026-01-12 | $120.90 | +1.4% |
| 2026-01-09 | $119.25 | +8.9% |
| 2026-01-08 | $109.55 | +5.4% |
| 2026-01-07 | $103.93 | −2.3% |
| 2026-01-06 | $106.36 | +0.9% |
| 2026-01-05 | $105.40 | +1.1% |
| 2026-01-02 | $104.22 | +1.4% |
| 2025-12-31 | $102.80 | −1.0% |
| 2025-12-30 | $103.89 | 0.0% |
| 2025-12-29 | $103.92 | −0.9% |
| 2025-12-26 | $104.90 | −0.2% |
| 2025-12-24 | $105.09 | +0.3% |
| 2025-12-23 | $104.74 | −2.1% |
| 2025-12-22 | $106.99 | −0.9% |
| 2025-12-19 | $107.99 | −0.3% |
| 2025-12-18 | $108.33 | −3.5% |
| 2025-12-17 | $112.23 | −4.5% |
| 2025-12-16 | $117.57 | −1.8% |
| 2025-12-15 | $119.73 | +0.3% |
| 2025-12-12 | $119.37 | +0.2% |
| 2025-12-11 | $119.15 | −0.7% |
| 2025-12-10 | $120.03 | +2.4% |
| 2025-12-09 | $117.19 | −2.9% |
| 2025-12-08 | $120.71 | −2.6% |
| 2025-12-05 | $123.91 | −2.2% |
| 2025-12-04 | $126.75 | −4.8% |
| 2025-12-03 | $133.13 | +2.6% |
| 2025-12-02 | $129.73 | −0.4% |
| 2025-12-01 | $130.23 | −0.8% |
| 2025-11-28 | $131.30 | 0.0% |
| 2025-11-26 | $131.28 | +0.2% |
| 2025-11-25 | $131.08 | +6.6% |
| 2025-11-24 | $122.96 | −0.2% |
| 2025-11-21 | $123.16 | +5.9% |
| 2025-11-20 | $116.25 | +0.9% |
| 2025-11-19 | $115.16 | −0.7% |
| 2025-11-18 | $115.97 | +1.6% |
| 2025-11-17 | $114.10 | −5.8% |
| 2025-11-14 | $121.11 | −0.1% |
| 2025-11-13 | $121.24 | −2.3% |
| 2025-11-12 | $124.13 | −1.0% |
| 2025-11-11 | $125.44 | +1.8% |
| 2025-11-10 | $123.21 | +1.4% |
| 2025-11-07 | $121.55 | +1.0% |
| 2025-11-06 | $120.33 | −0.7% |
| 2025-11-05 | $121.18 | −0.4% |
| 2025-11-04 | $121.65 | +0.9% |
| 2025-11-03 | $120.59 | −2.6% |
| 2025-10-31 | $123.77 | −0.3% |
| 2025-10-30 | $124.13 | 0.0% |
| 2025-10-29 | $124.18 | −3.2% |
| 2025-10-28 | $128.22 | −0.4% |
| 2025-10-27 | $128.72 | +0.9% |
| 2025-10-24 | $127.57 | +0.2% |
| 2025-10-23 | $127.34 | +0.2% |
| 2025-10-22 | $127.14 | −0.9% |
| 2025-10-21 | $128.24 | +1.9% |
| 2025-10-20 | $125.85 | 0.0% |
| 2025-10-17 | $125.82 | +2.4% |
| 2025-10-16 | $122.87 | +0.4% |
| 2025-10-15 | $122.44 | +0.2% |
| 2025-10-14 | $122.23 | +3.6% |
| 2025-10-13 | $118.02 | −0.6% |
| 2025-10-10 | $118.77 | +0.7% |
| 2025-10-09 | $117.91 | −1.8% |
| 2025-10-08 | $120.12 | −1.7% |
| 2025-10-07 | $122.14 | −3.4% |
| 2025-10-06 | $126.39 | −2.8% |
| 2025-10-03 | $130.07 | +1.4% |
| 2025-10-02 | $128.33 | +0.1% |
| 2025-10-01 | $128.21 | +1.7% |
| 2025-09-30 | $126.04 | −1.3% |
| 2025-09-29 | $127.68 | +1.3% |
| 2025-09-26 | $126.04 | +1.6% |
| 2025-09-25 | $124.02 | −1.3% |
| 2025-09-24 | $125.69 | +2.0% |
| 2025-09-23 | $123.25 | +1.1% |
| 2025-09-22 | $121.91 | −4.2% |
| 2025-09-19 | $127.32 | −4.2% |
| 2025-09-18 | $132.87 | −0.1% |
| 2025-09-17 | $132.97 | −0.6% |
| 2025-09-16 | $133.81 | 0.0% |
| 2025-09-15 | $133.77 | −2.5% |
| 2025-09-12 | $137.27 | −2.0% |
| 2025-09-11 | $140.09 | +2.6% |
| 2025-09-10 | $136.58 | −0.6% |
| 2025-09-09 | $137.45 | −3.5% |
| 2025-09-08 | $142.40 | +0.4% |
| 2025-09-05 | $141.88 | +2.8% |
| 2025-09-04 | $138.07 | +3.0% |
| 2025-09-03 | $134.08 | +1.1% |
| 2025-09-02 | $132.68 | −0.3% |
| 2025-08-29 | $133.14 | 0.0% |
| 2025-08-28 | $133.13 | −0.2% |
| 2025-08-27 | $133.33 | 0.0% |
| 2025-08-26 | $133.27 | −1.1% |
| 2025-08-25 | $134.80 | −0.7% |
| 2025-08-22 | $135.75 | +5.1% |
| 2025-08-21 | $129.14 | −0.9% |
| 2025-08-20 | $130.32 | −2.9% |
| 2025-08-19 | $134.25 | +2.1% |
| 2025-08-18 | $131.43 | −0.4% |
| 2025-08-15 | $131.95 | +1.1% |
| 2025-08-14 | $130.45 | −0.3% |
| 2025-08-13 | $130.89 | +5.2% |
| 2025-08-12 | $124.47 | +3.3% |
| 2025-08-11 | $120.53 | −0.3% |
| 2025-08-08 | $120.85 | +1.1% |
| 2025-08-07 | $119.51 | +0.1% |
| 2025-08-06 | $119.35 | −0.6% |
| 2025-08-05 | $120.10 | +1.1% |
| 2025-08-04 | $118.77 | +2.4% |
| 2025-08-01 | $115.98 |
Berkshire's quarterly holdings report first showed its Lennar Class A stake on Aug. 14, 2025.13F Source: Tiingo end-of-day closes, as traded, via KeyVex.
How the stake was built
Berkshire has held Lennar Class B shares since at least mid-2023, when it reported 152,572, and held 548,892 as of Sept. 25.13FForm 4 Its Class A buying shows up in its quarterly 13F reports, which list its stock holdings at the end of each quarter. They show 1.93 million Class A shares on March 31, 2025, a position Berkshire kept confidential until an amended report on Aug. 14, 2025.13F/A The stake grew to 7.05 million shares by June 30, 2025, held there through the end of 2025, then rose to 10.10 million shares by March 31, 2026, and 13.11 million by June 30, 2026.13F13F13F In August, a separate ownership filing put the holding at 6.2% of the class as of June 30.13G
Berkshire crossed 10% on Sept. 17. Its Form 3, the filing a new 10% owner makes, lists 21,050,601 Class A shares that day, just over 10% of the 210,506,003 shares Lennar last reported outstanding, as of May 31.Form 310-Q Until then, its Lennar buying appeared only in the quarterly reports. Berkshire is listed on the filings only as a 10% owner, not as a Lennar officer or director, and neither Form 4 marks the purchases as made under a prearranged Rule 10b5-1 trading plan.Form 4Form 4
View the data
| Date | Held at the previous date | Added since | Held | Filing |
|---|---|---|---|---|
| March 31, 2025 13F, disclosed Aug. 14, 2025 | 0 | 1,929,972 | 1,929,972 | 13F/A |
| June 30, 2025 13F | 1,929,972 | 5,119,021 | 7,048,993 | 13F |
| Sept. 30, 2025 13F | 7,048,993 | 1,957 | 7,050,950 | 13F |
| Dec. 31, 2025 13F | 7,050,950 | 0 | 7,050,950 | 13F |
| March 31, 2026 13F | 7,050,950 | 3,048,692 | 10,099,642 | 13F |
| June 30, 2026 13F | 10,099,642 | 3,012,099 | 13,111,741 | 13F |
| Sept. 17, 2026 Form 3, crosses 10% | 13,111,741 | 7,938,860 | 21,050,601 | Form 3 |
| Sept. 21, 2026 Form 4 | 21,050,601 | 2,668,508 | 23,719,109 | Form 4 |
| Sept. 25, 2026 Form 4 | 23,719,109 | 1,659,025 | 25,378,134 | Form 4 |
13F figures are quarter-end holdings. The Sept. 17 figure is from the Form 3; the Form 4 purchases dated Sept. 17 come after it. Sources: Berkshire 13F-HR filings, Form 3 and Form 4s.
The shares are held by six Berkshire insurance subsidiaries, led by National Indemnity Company with 12.37 million Class A shares, according to the filings. Warren Buffett is also named on them because he controls Berkshire, and he disclaims ownership of the shares beyond his financial interest in them.Form 4 The filings do not say who at Berkshire made the investment.
What Lennar reported
Lennar delivered 20,840 homes in the quarter ended Aug. 31, down 3%, at an average price of $372,000 that reflected incentives of about 12%. Its gross margin on home sales was 15.8%. Miller said conditions had "deteriorated since our last earnings call" as mortgage rates rose.8-K
Miller also said gross margin improved from the prior quarter, and that housing shortages continue to drive demand. During the June-to-August quarter, Lennar bought back 3 million of its own shares for $256 million.8-K
What the skeptics say
Barclays and RBC Capital Markets both lowered their targets for Lennar's stock after the results, Stocktwits reported on Sept. 18. Barclays kept its underweight rating and said uncertainty around the homebuilder is "only growing." RBC kept its underperform rating, citing weaker fourth-quarter guidance and pressure on margins.StocktwitsMarketBeat Two days before the results, BofA Securities, which rates Lennar underperform, lowered the valuation multiple it applies to the stock, citing continued pressure on Lennar's return on tangible equity, Investing.com reported.Investing.com
Berkshire and other homebuilders
Berkshire agreed on May 31 to buy Taylor Morrison Home Corp. for $72.50 a share in cash, and completed the deal on July 24, making the builder a wholly owned subsidiary.8-K8-K It has largely left D.R. Horton: Berkshire's 13F reports listed 1.49 million D.R. Horton shares on June 30, 2025, none at the end of September 2025, and 3,564 on June 30, 2026.13F13F13F
Key dates
- Berkshire agrees to buy Taylor Morrison for $72.50 a share.8-K
- The Taylor Morrison deal closes.8-K
- Lennar reports third-quarter results after the close and lowers its 2026 delivery target.8-K
- Berkshire crosses 10% of Lennar's Class A shares.Form 3
- Berkshire files its Form 3 and a Form 4 for $212.4 million of purchases.Form 4
- Lennar closes up 6.4% at $83.06.Chart data
- A second Form 4 reports $136.4 million more, through Sept. 25.Form 4
The paper trail
Lennar's SEC filings from Sept. 16 through Sept. 25, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Sept. 16, 4:42 p.m. | 8-K | Lennar | Third-quarter results: earnings of $1.19 a share, 2026 delivery target lowered to 80,000 to 81,000 homes. |
| Sept. 21, 9:21 p.m. | 3 | Berkshire Hathaway | Becomes a more-than-10% owner on Sept. 17, with 21,050,601 Class A and 453,196 Class B shares. |
| Sept. 21, 9:31 p.m. | 4 | Berkshire Hathaway | 2,743,529 Class A and B shares bought Sept. 17 to 21 for $212.4 million. |
| Sept. 25, 8:02 p.m. | 4 | Berkshire Hathaway | 1,679,700 Class A and B shares bought Sept. 23 to 25 for $136.4 million. |
What to watch
If Berkshire still holds more than 10% of the class on Sept. 30, an amended Schedule 13G would be due within five business days after month end under SEC rules for institutional 13G filers.SEC rule
Lennar's quarterly report for the quarter ended Aug. 31, with an updated share count. It filed last year's on Oct. 3, 2025.
Sources
Public records
- Form 3, Berkshire Hathaway Inc. and Warren E. Buffett, for Lennar Corp.SEC EDGAR · Sept. 21, 2026
- Form 4, Berkshire Hathaway Inc. and Warren E. Buffett, for Lennar Corp.SEC EDGAR · Sept. 21, 2026
- Form 4, Berkshire Hathaway Inc. and Warren E. Buffett, for Lennar Corp.SEC EDGAR · Sept. 25, 2026
- Lennar Corp., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Sept. 16, 2026
- Lennar Corp., Form 10-Q for the quarter ended May 31, 2026SEC EDGAR · June 29, 2026
- Schedule 13G, Berkshire Hathaway Inc. and others, for Lennar Corp.SEC EDGAR · Aug. 14, 2026
- Berkshire Hathaway Inc., Form 13F-HR for June 30, 2023SEC EDGAR · Aug. 14, 2023
- Berkshire Hathaway Inc., Form 13F-HR/A (new holdings) for March 31, 2025SEC EDGAR · Aug. 14, 2025
- Berkshire Hathaway Inc., Form 13F-HR for June 30, 2025SEC EDGAR · Aug. 14, 2025
- Berkshire Hathaway Inc., Form 13F-HR for Sept. 30, 2025SEC EDGAR · Nov. 14, 2025
- Berkshire Hathaway Inc., Form 13F-HR for Dec. 31, 2025SEC EDGAR · Feb. 17, 2026
- Berkshire Hathaway Inc., Form 13F-HR for March 31, 2026SEC EDGAR · May 15, 2026
- Berkshire Hathaway Inc., Form 13F-HR for June 30, 2026SEC EDGAR · Aug. 14, 2026
- Taylor Morrison Home Corp., Form 8-K: merger agreement with Berkshire HathawaySEC EDGAR · June 1, 2026
- Taylor Morrison Home Corp., Form 8-K: completion of the mergerSEC EDGAR · July 24, 2026
Rules and references
- 17 CFR 240.13d-2, filing of amendments to Schedules 13D or 13GLegal Information Institute, Cornell Law School · current
- 17 CFR 240.16a-3, reporting transactions and holdings (Forms 3 and 4)Legal Information Institute, Cornell Law School · current
Reporting
- Report on analysts' Lennar rating updates after its third-quarter resultsStocktwits · Sept. 18, 2026
- Report on RBC's Lennar rating updateMarketBeat · Sept. 18, 2026
- Report on BofA Securities' Lennar rating updateInvesting.com · Sept. 14, 2026
Data
- End-of-day prices for LEN, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Sept. 25, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade and 8-K records for LENKeyVex · through Sept. 25, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. Every Lennar close in the chart's Story range is in its data table. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Lennar's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Lennar stock page: a selection, not every filing, and not only those tied to this story. KeyVex stock pages chart dividend-adjusted closes, so older prices there read slightly lower.
- Berkshire's dollar totals are the sum of shares times the weighted-average price on each of the 25 purchase lines in its two Form 4s, Class A and Class B together. Each line's price is an average of several trades within a stated range.
- The 12% figure divides Berkshire's 25,378,134 Class A shares by the 210,506,003 Class A shares Lennar reported outstanding as of May 31. Lennar reported buying back 3 million shares of its common stock in the quarter ended Aug. 31, so its current count is likely lower and Berkshire's percentage somewhat higher.
- The 7.9 million figure is the net change from Berkshire's June 30 13F (13,111,741 Class A shares) to its Form 3 (21,050,601 on Sept. 17). The Form 3 total is just over 10% of Lennar's reported Class A count, by less than one share, and the first Form 4 purchase on Sept. 17 starts from it, so any shares bought earlier that day are in the 7.9 million rather than on the Form 4s.
- 13F reports show holdings at the end of each calendar quarter. Lennar's fiscal third quarter ran from June through August 2026.