Key points
- Berkshire bought about $349 million of Lennar stock in seven trading days
- Its Class A stake is now about 12%, up from 6.2% at the end of June
- Berkshire bought all of Taylor Morrison for about $6.8 billion in July
- The filings do not say why Berkshire is buying
Berkshire Hathaway (BRK-B) bought about $349 million of Lennar (LEN) stock between September 17 and September 25, according to two Form 4 filings. After the purchases, Berkshire held about 12% of Lennar's Class A shares, compared with 6.2% at the end of June. Lennar closed at $82.15 on Friday.
The buying comes two months after Berkshire completed its approximately $6.8 billion purchase of Taylor Morrison on July 24, according to its quarterly report.
What the Lennar filings show
Berkshire filed a Schedule 13G in August that put its stake at 6.2% of Lennar's Class A shares as of June 30. The filing disclosed Berkshire's ownership above the 5% reporting threshold, as we explain in our guide to Schedule 13D and 13G.
Crossing 10% brings stricter rules. A holder that size counts as an insider and has to report each trade within two business days. Berkshire filed its Form 3, the first of those insider reports, on September 21. It showed 21,050,601 Class A shares as of September 17.
Two Form 4s then reported the purchases:
| Filing | Trade dates | Class A shares bought | Average Class A price | Class A and B total cost |
|---|---|---|---|---|
| Form 4, filed Sept. 21 | Sept. 17 to 21 | 2,668,508 | $77.46 | About $212.4 million |
| Form 4, filed Sept. 25 | Sept. 23 to 25 | 1,659,025 | $81.22 | About $136.4 million |
Average prices and costs are our arithmetic from the weighted average prices in each filing. Berkshire also bought 95,696 of Lennar's Class B shares over the same days, which are included in the total cost column. All of the trades were purchases, and none was marked as made under a pre-arranged trading plan.
Berkshire now holds 25,378,134 Class A shares through six of its insurance companies, the largest being National Indemnity. That is about 12.1% of the 210.5 million Class A shares Lennar reported in its June quarterly filing, by our arithmetic. Applying Friday's $82.15 closing price to the latest reported holding values the Class A stake at about $2.08 billion.
A position built over a year
Berkshire's quarterly 13F reports show how the stake grew. Berkshire held about 152,000 Lennar shares at the end of March 2025 and about 7.2 million by the end of June 2025. The position stayed near that level through the end of 2025, then rose to about 10.1 million Class A shares by March 31 and 13.1 million by June 30.
Lennar is not Berkshire's only homebuilder. Its 13F reports have listed 11,112 shares of NVR every quarter. Berkshire held about 1.5 million shares of D.R. Horton at the end of June 2025, but that position was gone by the end of September 2025. A much smaller one, 3,564 shares, appeared in its June 2026 report. Berkshire also owns Clayton Homes, which builds manufactured homes.
Taylor Morrison, bought outright
Berkshire agreed on May 31 to buy all of Taylor Morrison for $72.50 a share in cash, about $6.8 billion in total, according to its second-quarter report. Taylor Morrison shareholders approved the deal on July 22, and it closed on July 24. The company is now part of Berkshire's building products group.
The filings document the purchases, but they do not explain Berkshire's strategy or establish whether the company plans to keep buying.
