Company: LEN
Filing Date: 2025-11-24
Form Type: 425
Source: 0001193125-25-293645
Chunk: 1

Company: LENNAR CORP /NEW/
Filing Date: 2025-11-24
Form: 425
Chunk 1
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 tendered all of their shares, will not be subject to proration, in accordance with the terms of the Exchange Offer. Based on the total number of shares of Lennar Class A common stock reported to be tendered prior to the Expiration Date, approximately 7.97% of the tendered shares of Lennar Class A common stock will be exchanged, assuming all shares tendered by guaranteed delivery procedures are delivered under the terms of the Exchange Offer. This preliminary proration factor is subject to change based on the number of tendered shares that fail to satisfy the guaranteed delivery procedures, as well as the number of “odd-lot”shares that were validly tendered and are not subject to proration. Lennar expects to announce the final proration factor promptly following the expiration of the guaranteed delivery period. Based on the preliminary count by the exchange agent, Computershare Trust Company, N.A. (the “Exchange Agent”), the preliminary results of the Exchange Offer are as follows (assuming all shares tendered by guaranteed delivery procedures are delivered under the terms of the Exchange Offer):

| • |     | Total number of shares of Lennar Class A common stock validly tendered and not validly withdrawn: 91,972,752 |

| • |     | Shares tendered that were subject to proration: 91,193,971 |

| • |     | Proration factor: 7.97% |

| • |     | “Odd-lot” shares tendered that were not subject to proration: 
 778,780                                                       |

| • |     | Total number of shares of Lennar Class A common stock accepted: 8,049,596 |

Shares of Lennar Class A common stock tendered but not accepted for exchange will be returned to the
tendering stockholders in book-entry form promptly after the final proration factor is announced. In addition, the Exchange Agent will promptly credit shares of Millrose Class A common in book-entry form to accounts maintained by the Millrose
transfer agent for tendering stockholders whose shares of Lennar Class A common stock were accepted in the Exchange Offer. Checks in lieu of fractional shares of Millrose Class A common stock will be delivered after the Exchange Agent has
aggregated all fractional shares and sold them in the open market.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as dealer
managers for the Exchange Offer. Vestra Advisors, LLC acted as exclusive financial advisor to Mill