Berkshire Hathaway & Warren Buffett File Initial Form 3 as 10% Owner of Lennar Corp

Executive Summary

On September 21, 2026, Berkshire Hathaway Inc. and Warren E. Buffett filed an initial Form 3 statement of beneficial ownership disclosing a position exceeding 10% in Lennar Corp ($LEN, $LEN.B). The filing indicates an effective date of September 17, 2026, revealing substantial holdings across Lennar's Class A and Class B common stock.

Position Breakdown

• Class A Common Stock ($LEN): 21,050,601 shares held indirectly.
  • Key subsidiary holders include:
    • National Indemnity Company: 12,366,349 shares
    • AZGUARD Insurance Company: 3,098,000 shares
    • BHG Life Insurance Company: 2,947,251 shares
    • WestGUARD Insurance Company: 1,218,000 shares
    • NorGUARD Insurance Company: 1,195,000 shares
    • Medical Protective Company: 226,001 shares
• Class B Common Stock ($LEN.B): 453,196 shares held indirectly.
  • Key subsidiary holders include:
    • National Indemnity Company: 275,628 shares
    • AZGUARD Insurance Company: 177,568 shares

Significance & Market Context

Crossing the 10% threshold requires Berkshire Hathaway to make filings under Section 16 of the Securities Exchange Act of 1934, submitting initial Form 3s and subsequent Form 4s within two business days of future transactions. This disclosure underscores a major long-term institutional commitment by Warren Buffett and Berkshire Hathaway to the US homebuilding sector.