Warren Buffett's Berkshire Hathaway Purchases Over $192M in Lennar Corp ($LEN)

Executive Summary

Between October 1 and October 2, 2026, Berkshire Hathaway Inc. and Warren E. Buffett disclosed the open-market purchase of 2,418,637 shares of Lennar Corp ($LEN) across multiple tranches, representing an aggregate capital deployment of approximately $192.64 million.

The purchases comprised 2,403,609 Class A Common shares (ranging from $78.37 to $81.90 weighted average prices) and 15,028 Class B Common shares (ranging from $77.12 to $80.00 weighted average prices).

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Transaction Breakdown

1. Class A Common Stock Purchases

• October 1, 2026:
  • 425,869 shares at a weighted average of $79.49
  • 92,830 shares at a weighted average of $80.57
  • 186,991 shares at a weighted average of $81.46
• October 2, 2026:
  • 448,113 shares at a weighted average of $78.37
  • 342,553 shares at a weighted average of $79.03
  • 842,753 shares at a weighted average of $80.04
  • 44,300 shares at a weighted average of $81.14
  • 20,200 shares at a weighted average of $81.90
• Class A Total: 2,403,609 shares purchased for ~$191.46M.
• Ending Class A Holdings: 28,438,045 shares.

2. Class B Common Stock Purchases

• October 1, 2026: 4,852 shares purchased across 3 tranches ($78.26 to $80.00).
• October 2, 2026: 10,176 shares purchased across 4 tranches ($77.12 to $79.74).
• Class B Total: 15,028 shares purchased for ~$1.18M.
• Ending Class B Holdings: 568,028 shares.

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Ownership Structure

The shares are held indirectly through several operating and insurance subsidiaries of Berkshire Hathaway, including National Indemnity Company (12.37M Class A / 275.6K Class B), Medical Protective Company (6.30M Class A), BHG Life Insurance Company (3.63M Class A), AZGUARD Insurance Company (3.10M Class A / 292.4K Class B), NorGUARD Insurance Company, WestGUARD Insurance Company, and Berkshire Hathaway Homestate Insurance Co. Warren E. Buffett disclaims beneficial ownership except to the extent of his pecuniary interest.

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Market & Strategic Significance

• High-Conviction Buying: Large-scale open-market purchases by Berkshire Hathaway typically indicate long-term fundamental conviction in homebuilding sector valuations and cash-flow generation.
• Significance Level: High, given the scale (nearly $200M in two trading days) and the market profile of the reporting owner.