Company: LEN
Filing Date: 2025-10-14
Form Type: 425
Source: 0001193125-25-237365
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-14
Form: 425
Chunk 0
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Filed by Lennar Corporation

pursuant to rule 425 under the Securities Act of 1933, as amended

Subject Company: Lennar Corporation

Commission File No.: 1-11749

The following is the text of the website that is being maintained at http://www.envisionreports.com/lennarexchange in connection with the offer by Lennar
Corporation to exchange up to an aggregate of 33,298,764 shares of Class A common stock, par value $0.01, of Millrose Properties, Inc., which are owned by Lennar Corporation, for shares of Class A common stock, par value $0.10, of Lennar
Corporation, as described in further detail in the Prospectus (as defined below).

Exchange Offer last Updated: October 10, 2025 Lennar Corporation Investor Information On October 10, 2025, Lennar Corporation, a Delaware corporation r Lennar”), commenced, an offer to exchange (the “Exchange Offer”) up to 33,298.764 shares of Class A COIM’IOO stock, par value $0.01 per share (.. Millrose Class A Common Stock), of Morose Properties Inc., a Maryland corporation (“Millrose), for outstanding shares of Class A common stock, par value $0.10 per share I l near Class A Common Stock”), of Lennar that are validly tendered and not validly withdrawn as further described In the prospectus dated October 10, 2025 (the “Prospectus”). The number of shares of Lennar Class A Common Stock that ‘Hill be accepted If the Exchange Offer Is completed will depend on the final exchange ratio and the number of shares of Lennar Class A Common Stock tendered. The Exchange Offer is intended to permit you to exchange your shares of Lennar Class A Common Stock for shares of Millrose Class A Camron Stock at a 6% discount to the per-share value of Millrose Class A Common Stock, calculated as set forth in the Prospectus and subject to the upper limit described below. For each $100 of Lennar Class A Common Stock accepted in the Exchange Offer. you will receive approximately $ 106.38 of Mill rose Class A Common Stock based on the indicative ratio as of October 10.2025. subject to an upper limit of 4.1367 shares of Millrose Class A Common Stock per share of Lennar