SCHEDULE 13D/A 0000807249-13-000213 0000807249 XXXXXXXX LIVE 19 Class B Common Stock, par value $.10 01/13/2026 false 0000920760 526057302 LENNAR CORP /NEW/

5505 WATERFORD DISTRICT DRIVE 5505 WATERFORD DISTRICT DRIVE MIAMI FL 33126

DAVID GOLDMAN 914-921-5000 191 MASON STREET GREENWICH CT 06830 0000807249 N GAMCO INVESTORS, INC. ET AL WC N NY 0.00 0.00 0.00 0.00 0.00 Y 0.0 CO HC 0001081407 N GABELLI FUNDS LLC OO N NY 1141300.00 0.00 1141300.00 0.00 1141300.00 N 3.6 CO IA 0001460612 N GAMCO Asset Management Inc. OO N NY 438906.00 0.00 454670.00 0.00 454670.00 N 1.5 CO IA Y MJG ASSOCIATES, INC. OO N CT 116000.00 0.00 116000.00 0.00 116000.00 N 0.4 CO 0001238894 N GGCP, INC. WC N WY 11400.00 0.00 11400.00 0.00 11400.00 Y 0.0 CO HC 0001642122 N Associated Capital Group, Inc. WC N DE 0.00 0.00 0.00 0.00 0.00 Y 0.0 CO HC 0001185533 N GABELLI MARIO J PF N X1 800.00 0.00 800.00 0.00 800.00 Y 0.0 IN Class B Common Stock, par value $.10 LENNAR CORP /NEW/ 5505 WATERFORD DISTRICT DRIVE 5505 WATERFORD DISTRICT DRIVE MIAMI FL 33126 This statement is being filed by one or more of the following persons: GGCP, Inc. (GGCP), GGCP Holdings LLC (GGCP Holdings), GAMCO Investors, Inc. (GBL), Associated Capital Group, Inc. (AC), Gabelli Funds, LLC (Gabelli Funds), GAMCO Asset Management Inc. (GAMCO), Teton Advisors, LLC (Teton Advisors), Keeley-Teton Advisors, LLC (Keeley-Teton), Gabelli & Company Investment Advisers, Inc. (GCIA), Morgan Group Holding Co., (MGH), G.research, LLC (G.research), MJG Associates, Inc. (MJG Associates), Gabelli Securities International (Bermuda) Limited (GSIL), Gabelli Foundation, Inc. (Foundation), Mario Gabelli, LICT and CIBL. Those of the foregoing persons signing this Schedule 13D are hereinafter referred to as the Reporting Persons. GAMCO is a New York corporation and GBL and MGH are Delaware corporations, each having its principal business office at One Corporate Center, Rye, New York 10580. GGCP is a Wyoming corporation and AC and GCIA are Delaware corporations each having its principal business office 191 Mason Street, Greenwich, CT 06830. GGCP Holdings is a Delaware limited liability corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830. G.research is a Delaware limited liability company having its principal officers at One Corporate Center, Rye, New York 10580. Gabelli Funds is a New York limited liability company having its principal business office at One Corporate Center, Rye, New York 10580. Teton Advisors is a Wyoming limited liability company having its principal place of business at 189 Mason Street, Greenwich, CT 06830. Keeley-Teton Advisors is a Delaware limited liability company having its principal place of business at 141 W. Jackson Blvd., Chicago, IL 60604. MJG Associates is a Connecticut corporation having its principal business office at 191 Mason Street, Greenwich, CT 06830. The Foundation is a Nevada corporation having its principal offices at 165 West Liberty Street, Reno, Nevada 89501. LICT is a Delaware corporation having its principal place of business as 401 Theodore Fremd Avenue, Rye, New York 10580. CIBL, Inc. is a Delaware corporation having its principal place of business as 165 West Liberty Street, Suite 220, Reno, NV 89501. Not applicable. Not applicable. United States The Reporting Persons used an aggregate of approximately $1,401,710 to purchase the additional Securities reported as beneficially owned in Item 5. GAMCO used approximately $1,378,926 of funds that were provided through the accounts of certain of their investment advisory clients (and, in the case of some of such accounts at GAMCO, may be through borrowings from client margin accounts) in order to purchase the additional Securities for such clients. Mario Gabelli used approximately $22,784 of private funds to purchase the additional Securities reported by him. On October 21, 2025, the Issuer sent correspondence to the Reporting Persons, which the Issuer filed publicly on the same date, indicating, among other things, that under the Issuer's current Restated Certificate of Incorporation (as amended), holders of the Issuer's Class B common stock are not permitted to convert such shares into Class A common stock absent a further amendment to the certificate of incorporation, and that implementing such an amendment would require stockholder approval. The Issuer further indicated that the Restated Certificate of Incorporation requires that the number of outstanding Class B shares represent at least 10% of the combined total of outstanding Class A and Class B shares in order for the Class B shares to remain outstanding, and that a failure to satisfy such requirement would result in the automatic conversion of all outstanding Class B shares into Class A shares. The Reporting Persons believe that the Issuer should allow shareholders the opportunity to vote on proposed amendments to the certificate of incorporation that would (i) permit the convertibility of the Issuer's Class B common stock into Class A common stock and (ii) eliminate the minimum outstanding Class B share requirement so that any such convertibility would not, absent stockholder approval, result in the automatic conversion of the Issuer's Class B common stock, in order to allow shareholders to determine the appropriate capital structure and governance framework of the Issuer. As context, as of August 31, 2025, as reported in the Issuer's most recent Quarterly Report on Form 10-Q, the Issuer had 223,803,530 shares of Class A common stock and 31,217,013 shares of Class B common stock outstanding. The Issuer has also publicly disclosed the completion of the Millrose exchange offering, which reduced the number of outstanding Class A shares from the amounts reported in the Form 10-Q. The aggregate number of Securities to which this Schedule 13D relates is 1,724,170 shares, representing 5.49% of the 31,405,194 shares outstanding as reported by the Issuer. The Reporting Persons beneficially own those Securities as follows: GAMCO 454,670 shares 1.45%, Gabelli Funds 1,141,300 shares 3.63%, MJG Associates 116,000 shares 0.37%, GGCP 11,400 shares 0.04%, Mario Gabelli 800 shares 0.00%. Each of the Reporting Persons and Covered Persons has the sole power to vote or direct the vote and sole power to dispose or to direct the disposition of the Securities reported for it, either for its own benefit or for the benefit of its investment clients or its partners, as the case may be, except that (i) GAMCO does not have authority to vote 15,764 of the reported shares, (ii) Gabelli Funds has sole dispositive and voting power with respect to the shares of the Issuer held by the Funds so long as the aggregate voting interest of all joint filers does not exceed 25% of their total voting interest in the Issuer and, in that event, the Proxy Voting Committee of each Fund shall respectively vote that Funds shares, (iii) at any time, the Proxy Voting Committee of each such Fund may take and exercise in its sole discretion the entire voting power with respect to the shares held by such fund under special circumstances such as regulatory considerations, and (iv) the power of Mario Gabelli, AC, GBL, and GGCP is indirect with respect to Securities beneficially owned directly by other Reporting Persons. Information with respect to all transactions in the Securities which were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by each of the Reporting Persons and Covered Persons is set forth below: DATE SHARES PURCHASED PRICE /SOLD GABELLI FUNDS, LLC GABELLI ABC FUND 11/25/2025 -500 120.3680 11/24/2025 -500 113.6000 10/15/2025 -500 115.1935 GABELLI ASSET FUND 1/5/2026 200 97.8762 1/2/2026 400 95.9700 GABELLI EQUITY TRUST 12/29/2025 800 96.2997 GAMCO ASSET MANAGEMENT INC. 1/12/2026 -300 108.8582 1/7/2026 200 96.2500 12/31/2025 1,250 95.5143 12/30/2025 -300 96.0033 12/30/2025 -710 96.1800 12/29/2025 -200 96.2271 12/29/2025 -600 97.3500 12/26/2025 790 97.1753 12/24/2025 -200 98.2900 12/23/2025 425 96.9835 12/23/2025 -50 97.3560 12/22/2025 -100 97.0400 12/22/2025 -200 98.2698 12/19/2025 250 98.3078 12/19/2025 600 98.6950 12/18/2025 500 103.0172 12/18/2025 150 106.5000 12/16/2025 44 110.8300 12/12/2025 300 113.7950 12/10/2025 100 111.9000 12/9/2025 -20 113.6500 12/2/2025 -150 120.6500 12/2/2025 -200 120.6710 12/2/2025 -100 121.2000 11/21/2025 -111 115.1900 11/21/2025 200 115.4800 11/21/2025 -200 115.6400 11/20/2025 100 109.0500 11/5/2025 250 113.3022 11/5/2025 1,050 113.8063 11/4/2025 100 115.1179 11/3/2025 -50 115.1179 10/31/2025 200 118.0000 10/30/2025 150 117.3900 10/30/2025 50 117.5800 10/29/2025 50 119.3900 10/29/2025 400 119.5100 10/29/2025 6,308 120.4328 10/29/2025 380 121.1476 10/28/2025 860 120.2425 10/28/2025 290 120.2572 10/28/2025 200 120.3171 10/27/2025 300 120.7500 10/24/2025 -400 121.2125 10/20/2025 -200 117.5162 10/20/2025 -200 117.6400 10/20/2025 50 117.7100 10/15/2025 150 115.0000 10/15/2025 600 115.0392 10/15/2025 -200 115.3000 10/13/2025 75 110.9024 MJG ASSOCIATES, INC. GABELLI INTERNATIONAL LIMITED 12/31/2025 200 95.8200 GABELLI PERFORMANCE PARTNERSHIP 11/24/2025 -400 114.3700 11/21/2025 -300 116.0487 10/28/2025 -400 120.8612 10/27/2025 -500 120.4080 10/23/2025 -500 119.1100 10/22/2025 -1,000 120.0168 10/17/2025 -1,500 116.6052 MARIO J. GABELLI 11/7/2025 200 113.9200 The investment advisory clients of, or partnerships managed by, GAMCO, Gabelli Funds, Teton Advisors and MJG Associates have the sole right to receive and, subject to the notice, withdrawal and/or termination provisions of such advisory contracts and partnership arrangements, the sole power to direct the receipt of dividends from, and the proceeds of sale of, any of the Securities beneficially owned by such Reporting Persons on behalf of such clients or partnerships. Except as noted, no such client or partnership has an interest by virtue of such relationship that relates to more than 5% of the Securities. Not applicable. GAMCO INVESTORS, INC. ET AL PETER D. GOLDSTEIN 01/13/2026 GABELLI FUNDS LLC DAVID GOLDMAN 01/13/2026 GAMCO Asset Management Inc. DOUGLAS R. JAMIESON 01/13/2026 MJG ASSOCIATES, INC. DAVID GOLDMAN 01/13/2026 GGCP, INC. DAVID GOLDMAN 01/13/2026 Associated Capital Group, Inc. PETER D. GOLDSTEIN 01/13/2026 GABELLI MARIO J DAVID GOLDMAN 01/13/2026