Lennar said its board declared a dividend and set terms for the taxable spin-off of about 80% of Millrose Properties, Inc. stock. The company said it will distribute one share of Millrose common stock for every 2 Lennar shares 1 held of record at the close of business on January 21, 2025.

8-KOther EventsFiled Jan 13, 2025Period of report Jan 10, 2025Summary published (UTC) Oct 17, 2026

Key points

AI summary

Lennar said its board declared a dividend and set terms for the taxable spin-off of about 80% of Millrose Properties, Inc. stock. The company said it will distribute one share of Millrose common stock for every 2 Lennar shares 1 held of record at the close of business on January 21, 2025.
The distribution will be made before the opening of trading on February 7, 2025, the company said, and people who acquire Lennar stock after the close of business on the record date will not receive Millrose shares. Lennar expects when-issued trading in Class A shares to begin on or about February 5 and regular-way trading under the symbol MRP to start on February 7.
Lennar said Millrose Class A common stock will carry 1 vote per share and Class B common stock will carry 10 votes per share. The company said the election period for Class B stock runs from January 21, 2025 to February 3, and that the choice does not change the number of Millrose shares received.
The company said the distribution of Millrose shares will be taxable to the Lennar stockholders who receive them. It also said completion of the spin-off is subject to various conditions, and that its board can decide at any time before the distribution not to carry out the spin-off.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Lennar Declares Dividend and Sets Millrose Spin-Off Ratio

Lennar said its board declared a dividend and set terms for the taxable spin-off of about 80% of Millrose Properties, Inc. stock. The company said it will distribute one share of Millrose common stock for every 2 Lennar shares 1 held of record at the close of business on January 21, 2025.

Source · Based on the filing body and exhibits

Distribution, Record Date and Trading Schedule

The distribution will be made before the opening of trading on February 7, 2025, the company said, and people who acquire Lennar stock after the close of business on the record date will not receive Millrose shares. Lennar expects when-issued trading in Class A shares to begin on or about February 5 and regular-way trading under the symbol MRP to start on February 7.

Source · Based on the filing body and exhibits

Millrose Class A and Class B Voting Rights and Election Period

Lennar said Millrose Class A common stock will carry 1 vote per share and Class B common stock will carry 10 votes per share. The company said the election period for Class B stock runs from January 21, 2025 to February 3, and that the choice does not change the number of Millrose shares received.

Source · Based on the filing body and exhibits

Taxable Distribution and Conditions to Completion

The company said the distribution of Millrose shares will be taxable to the Lennar stockholders who receive them. It also said completion of the spin-off is subject to various conditions, and that its board can decide at any time before the distribution not to carry out the spin-off.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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