---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-022309"
form_type: "8-K"
ticker: "LEN"
cik: "0000920760"
company_name: "LENNAR CORP /NEW/"
filed_at: "2025-02-07T23:59:59+00:00"
generated_at: "2026-05-27T01:17:19.169055+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Lennar completes spin-off of Millrose Properties; distributes 80% of shares

## Summary
- Distribution: 1 Millrose share for every 2 Lennar shares; Millrose now trades on NYSE under MRP.
- Lennar retains 33.2M Millrose shares (20%) for future disposal via spin-off, split-off, or sale.
- Millrose received $5.5B in land assets and $1.0B cash from Lennar; book equity ~$5.8B as of Dec 31, 2024.
- Millrose intends to elect REIT status; externally managed by Kennedy Lewis affiliate of $25B AUM firm.
- Spin-off accelerates Lennar's land-light strategy: controlled homesites rose to 82% in 2024 from 19% in 2013.

## SEC filing metadata
- accession: 0001193125-25-022309
- form_type: 8-K
- ticker: LEN
- cik: 0000920760
- company_name: LENNAR CORP /NEW/
- filed_at: 2025-02-07T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/920760/000119312525022309/0001193125-25-022309-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920760/000119312525022309/d933374d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-022309
- JSON: https://secwatch.observer/filing/0001193125-25-022309.json
- Plain text: https://secwatch.observer/filing/0001193125-25-022309.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.