Company: LEN
Filing Date: 2025-11-26
Form Type: 425
Source: 0001193125-25-300475
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-11-26
Form: 425
Chunk 0
---
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 Lennar Announces Final Results of Exchange Offer MIAMI, Nov. 26, 2025 /PRNewswire/—Lennar Corporation (NYSE: LEN and LEN.B) (“Lennar”) announced today the final results of its previously announced offer to exchange up to 33,298,764 shares of Millrose Properties, Inc. (NYSE: MRP) (“Millrose”) Class A stock it owns (approximately 20% of the total outstanding Millrose stock) for outstanding shares of Lennar Class A common stock (the “Exchange Offer”). The Exchange Offer expired at 12:00 midnight, New York City time, on November 21, 2025 (the “Expiration Date”). Pursuant to the terms of the Exchange Offer, Lennar has accepted 8,049,594 shares of Lennar Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock. Because the Exchange Offer was oversubscribed, Lennar accepted only a portion of the shares of Lennar Class A common stock that were validly tendered and not validly withdrawn, on a pro rata basis in proportion to the number of shares tendered. Stockholders who owned fewer than 100 shares of Lennar Class A common stock, or an “odd-lot,”who have validly tendered all of their shares, were not subject to proration, in accordance with the terms of the Exchange Offer. All shares validly tendered by eligible “odd-lot”shareholders were accepted. The final proration factor of 8.604228% was applied to all other validly tendered and not validly withdrawn shares of Lennar Class A common stock to determine the number of such shares that were accepted and exchanged for Millrose Class A common stock. Based on the final count by the exchange agent, Computershare Trust Company, N.A. (the “Exchange Agent”), the final results of the Exchange Offer are as follows:

| • |     | Total number of shares of Lennar Class A common stock validly tendered and not validly withdrawn: 85,296,924 |

| • |     | Shares tendered that were subject to proration: 84,518,299 |

| • |     | Pr