Lennar Corporation has released the final results of its previously announced exchange offer involving Millrose Properties, Inc. Lennar exchanged 33,298,754 shares of Millrose Class A common stock, representing approximately 20% of Millrose's total outstanding stock, for 8,049,594 shares of Lennar Class A common stock. The exchange offer was oversubscribed, resulting in a proration factor of 8.604228% for shares tendered, except for "odd-lot" holders-those owning fewer than 100 shares-whose tenders were accepted in full. Shares of Lennar Class A common stock that were tendered but not accepted will be returned to the respective stockholders, and Millrose shares will be credited to those whose Lennar shares were accepted.