Berkshire Hathaway raised its stake in Lennar to 11%, a position worth about $2.1B, after buying roughly 1.7 million more shares last week.
The conglomerate now holds close to 26 million shares of the No. 2 US homebuilder, per a Form 4 filing with the SEC late Friday.
It has nearly doubled the holding since the end of June.
Berkshire bought on six dated occasions between Sept. 17 and Sept. 25, spending about $348M over that stretch.
Crossing 10% ownership forces disclosure of new purchases within two business days, a level Berkshire usually avoids because it prefers to trade quietly.
The last average price was about $81 a share.
Lennar is one of the worst homebuilder performers this year
The stock has fallen about 20% in 2026 and trades at less than half its 2024 high of almost $185.
It changes hands below its book value of roughly $90 a share, with a market value near $20B.
Third-quarter profit dropped almost 50% to $1.19 a share, and full-year earnings are expected around $5, down from $8 in fiscal 2025.
Gross margin contracted to 15.8% from 17.5% as the company leaned on incentives including mortgage rate buydowns. Management cut full-year delivery guidance to 80,500 from 82,500.
Analysts are not following Berkshire in. Two Sigma, D. E. Shaw, Renaissance Technologies, and Millennium Management all cut Lennar in the June quarter.
The bet fits a wider housing push
Berkshire bought Taylor Morrison for $8.5B including debt in late July and folded operations in with Clayton Homes, the manufactured housing leader it acquired in 2003 for under $2B.
Clayton controls around half of a ~100K-home annual market. Last year, it generated ~$13B in revenue and $1.9B in pretax profit.
Barron's estimates Clayton could be worth $25B or more. The purchases are likely driven by investment manager Ted Weschler, who runs about 6% of Berkshire's $350B equity portfolio and reports to CEO Greg Abel.
Warren Buffett stepped down as chairman on Sept. 18, three days before the 10% disclosure landed.
Any full takeover would need the blessing of CEO Stuart Miller, who controls Lennar through its super-voting Class B shares.
Berkshire's intentions should become clearer as filings keep arriving.
