# Major News Stories - LEN
*Generated: 2026-01-09 12:16:32*
Below are 10 of the most notable Lennar (LEN) developments from January 1, 2024 through late 2025, in reverse chronological order.
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**1. December 16, 2025 – FY 2025 earnings: profit down sharply, spin-off and acquisition highlighted**
Lennar reported **Q4 2025 net earnings of $490 million ($1.93 per diluted share)**, down from $1.1 billion ($4.06 per share) in Q4 2024, on **total Q4 revenues of $9.4 billion**.[3] For fiscal 2025, deliveries rose 3% to 82,583 homes and new orders increased 9% to 83,978, but net earnings (ex one‑time items) fell to **$2.1 billion ($8.06 per share)** from $3.8 billion ($13.86 per share) in 2024, reflecting margin compression and a difficult demand environment.[1][3] The company emphasized continued use of roughly **14% incentives and price adjustments** to support volume while maintaining a “land‑light” strategy.[3] Lennar highlighted the **completed spin-off of Millrose** and the **acquisition of Rausch Coleman Homes’ homebuilding operations in February 2025**, as well as **22.1 million shares repurchased** (including 8.0 million via the Millrose exchange offer) as key capital allocation steps in 2025.[1][3] Management provided limited forward guidance but projected Q1 2026 deliveries of 17,000–18,000 homes amid continued affordability and confidence challenges.[3]
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**2. Late 2025 (reported with FY 2025 results) – Strategic portfolio actions: Millrose spin-off and Rausch Coleman acquisition**
In its FY 2025 disclosures, Lennar confirmed it **completed the spin-off of Millrose**, part of its effort to maintain a land‑light model and reallocate capital away from certain land holdings.[1][3] Concurrently, Lennar **acquired the homebuilding operations of Rausch Coleman Homes on February 10, 2025**, expanding its footprint in entry‑level and affordable segments.[1] The company noted that prior‑year comparatives exclude Rausch Coleman, underscoring the acquisition’s impact on reported volumes and mix going forward.[1] These moves, combined with significant share repurchases, were presented as core to reshaping Lennar’s capital and operating profile in a more volatile housing cycle.[1][3]
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**3. Late 2025 (disclosed in FY 2025 results) – Technology investment gains vs. Millrose exchange loss**
Lennar’s FY 2025 results showed **$130 million of mark‑to‑market gains on its portfolio of technology investments**, which contributed meaningfully to “Lennar Other” operating earnings.[1][3] These gains were partly offset by a **$156 million one‑time loss on the Millrose exchange offer**, tied to the mechanics of the transaction used to facilitate the spin-off and share exchange.[1] Excluding these adjustments, management reported **$2.1 billion in net earnings** for fiscal 2025, highlighting the underlying deterioration from the prior year once non‑core items are removed.[1] The disclosure underscored Lennar’s growing but volatile exposure to tech‑related investments alongside its core homebuilding operations.[1][3]
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**4. 2025 (date not precisely specified, but post‑Q4 earnings) – TPG takes majority interest in Lennar’s multifamily arm Quarterra**
Lennar and **TPG Real Estate** announced that TPG acquired a **majority interest in Quarterra**, Lennar’s multifamily development platform, with **TPG committing $1 billion of strategic capital** and planning to raise additional funds for future development.[4][5] Lennar retained a **minority stake** and will continue to provide market insights and synergies to Quarterra, while TPG assumed operational control.[4][5] Brad Greiwe remained CEO of Quarterra, signaling management continuity at the platform level.[5] The divestiture followed a period in which Lennar’s multifamily business generated a **$44 million loss in Q4 2025 and a $75 million loss for the year**, versus roughly breakeven performance a year earlier, motivating the shift of capital and risk off Lennar’s balance sheet.[4]
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**5. Mid‑December 2025 – Multifamily drag highlighted in financial press after Quarterra deal**
Coverage of the TPG–Quarterra transaction in commercial real estate media emphasized that Lennar’s multifamily segment had become a **meaningful earnings drag**, with the platform losing **$44 million in Q4 2025** and **$75 million for full‑year 2025**.[4] Reporters noted that this contrasted with strong overall homebuilding revenues and that shifting Quarterra to TPG would allow Lennar to focus on core for‑sale housing while still participating via a minority interest.[4][5] The deal was framed as part of a broader industry trend of homebuilders de‑risking capital‑intensive multifamily pipelines in a higher‑rate, uncertain rent‑growth environment.[4] Investors viewed the move as potentially margin‑accretive longer term by reducing volatility and losses from the multifamily segment.[4]
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**6. March 13, 2025 – Q1 2025 earnings: volume growth despite rate and affordability pressures**
In its Q1 2025 results (for quarter ended February 28, 2025), Lennar reported **higher home deliveries and new orders vs. the prior year**, continuing a volume‑focused strategy in the face of affordability challenges and high mortgage rates.[2] Management reiterated its commitment to incentives and price flexibility to sustain absorption, accepting lower margins to defend market share.[2] The quarter also reflected early contributions from the **Rausch Coleman acquisition**, supporting entry‑level and affordable product positioning.[1][2] Analysts noted persisting pressure on gross margin and net margin relative to 2023–2024 levels, consistent with the broader downward trend in Lennar’s ROIC and profitability metrics through 2025.[2]
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**7. December 13, 2024 – Q4 and FY 2024 earnings: strong volumes but margin and earnings compression**
For Q4 2024 (ended November 30, 2024), Lennar reported **net earnings of approximately $1.1 billion, or $4.06 per diluted share**, on solid year‑over‑year delivery growth and robust order trends.[1][3] However, the company signaled growing margin compression due to aggressive incentives and rate buydowns used to counter affordability issues and higher mortgage rates.[1][2] Fiscal 2024 revenues reached roughly **$34+ billion** in homebuilding and related operations, but **net margin and EPS contracted significantly**, setting up a weaker earnings base heading into 2025.[1][2] Lennar also recorded **$25 million of mark‑to‑market gains** on technology investments and other one‑time items in 2024, which slightly boosted reported earnings.[1]
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**8. September 12, 2024 – Q3 2024 earnings: demand resilience as Lennar leans into price and incentives**
Lennar’s Q3 2024 (ended August 31, 2024) results showed **healthy new order growth and steady deliveries**, indicating underlying demand resilience despite high borrowing costs.[2] The company continued to emphasize price reductions and incentives to keep monthly payments affordable, which weighed on gross margins but maintained community traffic and sales pace.[2] Analysts highlighted that while revenue growth remained positive, **EBIT and net margins declined sharply year‑over‑year**, pointing to an increasingly volume‑over‑margin strategy.[2] This quarter reinforced concerns about Lennar’s **ROIC trending below its WACC**, reflecting weaker value creation despite strong top‑line levels.[2]
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**9. June 17, 2024 – Q2 2024 earnings: margins under pressure; profitability metrics deteriorate**
In Q2 2024, Lennar reported continued **revenue growth versus 2023**, but financial analysis pointed to **gross profit down more than 20% year‑over‑year** and sizable declines in both EBIT and net margins.[2] Over the trailing year at that point, EBIT fell roughly **46%** and net margin declined about **45%**, underscoring the impact of discounting, incentives and product mix shifts toward lower‑priced homes.[2] Commentators noted that despite its scale and strong balance sheet, Lennar’s **ROIC had fallen well below its cost of capital**, raising questions about the sustainability of its pricing strategy.[2] These trends were seen as an early marker of the more pronounced profitability squeeze that became evident in 2025 results.[1][2]
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**10. March 14, 2024 – Q1 2024 earnings: early signs of a volume‑first strategy**
For Q1 2024, Lennar’s results showed **solid year‑over‑year growth in deliveries and new orders**, supported by widespread use of incentives and interest‑rate buydowns to keep monthly payments manageable.[2] Management signaled a strategic emphasis on **“driving volume and market share”** even at the expense of near‑term margins, given the structural housing shortage and long‑term demand outlook.[2] Analysts observed that while top‑line growth remained robust, **margin compression and declining returns** were already visible, foreshadowing the profitability challenges that intensified through 2024–2025.[2] The quarter set the tone for Lennar’s operating playbook in a high‑rate, affordability‑constrained environment across the subsequent two fiscal years.[1][2]
