Lennar Corporation published the transcript of its fourth quarter 2025 earnings conference call, which took place on December 17, 2025. The event featured key members of Lennar’s executive team, including Stuart Miller, Executive Chairman and Co-CEO; Jon Jaffe, Co-CEO and President; Diane Bessette, Chief Financial Officer; David Collins, Controller and Vice President; Katherine Lee Martin, Chief Legal Officer; and Bruce Gross, CEO of Lennar Financial Services. During the call, management provided updates on the company’s business performance, financial condition, and recent transactions. One of the major highlights was the completion of the Millrose transaction. “This quarter, Lennar launched and completed the split-off exchange offer to swap our remaining 20% stake in Millrose…for outstanding Lennar shares tendered by our stockholders,” said the Executive Chairman and Co-CEO. The transaction resulted in an approximately 8-million share cashless repurchase of Lennar shares. Management also noted a $156 million one-time paper loss on the transaction, clarifying, “This paper result was simply a function of the book value of the shares on Lennar's books on the day of the trade versus the stock price of the trade.” The management team also discussed forward-looking statements, emphasizing that actual future results could differ from those anticipated due to various risks and uncertainties. The full transcript can be accessed through the link below.