Berkshire Buys $212M More Lennar Stock, Crosses 10% Ownership

Berkshire Hathaway spent about $212 million buying Lennar stock between September 17 and 21, adding 2,668,508 Class A shares and 75,021 Class B shares through its insurance subsidiaries and pushing its stake in the Miami-based homebuilder past the 10 percent ownership threshold, according to a Form 4 Warren Buffett and Berkshire filed with the SEC. The buying started the same day Lennar reported its third-quarter earnings miss and cut full-year delivery guidance.

Why it matters

Berkshire is adding to weakness at the country’s largest homebuilder, not buying an up quarter. Lennar’s net earnings fell to $284 million from $591 million a year earlier, and the company cut its 2026 delivery target to 80,000 to 81,000 homes on September 17, a story this site covered the same day. Berkshire’s first purchases landed that same afternoon and continued through September 21 at prices ranging from about $74.80 to $79.41 a share, meaning the conglomerate stepped in while the stock was still absorbing the earnings reaction rather than waiting for it to settle. Crossing 10 percent ownership also puts Berkshire under ongoing Section 16 disclosure rules, so every future Lennar trade it makes becomes a public data point going forward.

For developers watching where large, patient capital is willing to sit, this is one of the clearer reads available right now. The investor most closely tracked in the market added to, rather than trimmed, its position in the builder most exposed to Florida land and product decisions, in the same week that builder told Wall Street demand was softening.

The numbers

The Form 4 shows the buying broken into three days. September 17 accounted for 677,749 Class A shares and 17,265 Class B shares. September 18 was the heaviest day, with 1,346,675 Class A shares and 34,722 Class B shares, including the single largest block of the week, 1,218,429 Class A shares at $76.39. September 21 added 644,084 Class A shares and 23,034 Class B shares. That lifted Berkshire’s total stake to 23,719,109 Class A shares and 528,217 Class B shares, up from the 13,111,741 Class A shares it disclosed owning as of June 30 in its most recent 13F.

What’s next

Watch national homebuilder positioning heading into Berkshire’s next 13F, due in mid-November, for whether the buying continued past September 21. Lennar’s fourth-quarter guidance calls for 22,000 to 23,000 deliveries at a 15.5 to 16.0 percent gross margin, the same range Berkshire was buying into.