Stock Moe video title card on the Buffett Lennar stake: Warren Buffett bought 2.45 billion dollars of a homebuilder
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Buffett Lennar Stake: What the 12% Filings Show (2026)

ByStock Moe

Last updated October 23, 2026. By Stock Moe, former financial advisor, MBA and finance teacher.

Disclosure: Some links on this page are affiliate links. If you open an account through them, Stock Moe gets paid by Webull or Kalshi at no extra cost to you. I only link to products I use myself. This is not financial advice.

The Buffett Lennar stake is now about 29 million shares, or roughly 12% of the homebuilder, after Berkshire Hathaway bought about 7.5 million more shares between September 17 and October 2, 2026. At Lennar’s October 22 close of $84.45 that position is worth about $2.45 billion. Because Berkshire crossed the 10% line, every new purchase now shows up in an SEC Form 4 within two business days, so we can watch this bet in close to real time.

Here is what I told my viewers in today’s video, with every number checked against the filings and the data releases I link in the Sources section at the bottom.

Key takeaways

  • Berkshire’s October 5 Form 4 shows 28,438,045 Class A shares and 568,028 Class B shares of Lennar after purchases on October 1 and 2 at prices between $77.12 and $81.90.
  • That is about 29 million shares, roughly 12% of the company, and about $2.45 billion at the October 22 close of $84.45.
  • Lennar rose 8.69% on October 22 while the Nasdaq fell 2.60%. Every Berkshire purchase since mid September is now above water.
  • The housing numbers are ugly: the 30 year mortgage sits at 7.32%, new home supply is 8.5 months, and the median new home price is down 5.8% from a year ago.
  • Berkshire’s next 13F, covering the quarter that ended September 30, is due by November 14, 2026.

What did Berkshire buy and when?

Back in the summer the quarterly 13F showed Berkshire with about 13.1 million Lennar shares at the end of June. Then the buying sped up. Between September 17 and October 2 Berkshire picked up about 7.5 million more shares for roughly $595 million, at an average near $79, according to the SEC filings summarized in an October 19 report. The heaviest single day was September 18, when Berkshire bought more than 1.2 million Class A shares at a weighted average of $76.39.

The Form 4 filed on October 5 is the one I pulled up on screen. It lists purchases on October 1 and October 2 of about 2.42 million shares for about $192.6 million, at prices from $77.12 to $81.90. After those trades Berkshire held 28,438,045 Class A shares and 568,028 Class B shares. Add them up and you get a little over 29 million shares. Lennar has about 237.9 million shares outstanding, so the stake works out to roughly 12%.

Lennar closed at $84.45 on October 22. Multiply that by 29 million shares and you land at about $2.45 billion. That is a top two shareholder position in a company Wall Street has been dumping all year.

Why can we see Buffett’s Lennar buying in real time?

This is the part most people miss. Normally you learn what Berkshire owns once a quarter, 45 days after the quarter ends, when the 13F lands. That is a long time to wait. But once a holder crosses 10% of a company, Section 16 of the securities law treats it like an insider. Every purchase or sale has to be reported on a Form 4 within two business days.

Berkshire crossed 10% of Lennar in mid September. From that point on, each buy shows up on EDGAR almost right away, with Warren Buffett named as a reporting person even though he disclaims ownership beyond his own economic interest. That is why I can show you the exact share counts and prices instead of guessing. Retail does not have to live in the shadows on this one. We can see what the big dogs are doing and decide for ourselves.

One more date to circle: the 13F for the quarter that ended September 30 is due by November 14, 2026. That filing will show whether anything else in the portfolio moved while this was going on.

How bad is the housing market Buffett is buying into?

Every number in housing is ugly right now, and that is exactly the point. Freddie Mac’s October 22 survey put the 30 year fixed mortgage at 7.32%, down from 7.40% the week before, which had been the highest reading since November 2023. A little relief, but still a 7 handle. I covered what that does to a monthly payment in my piece on mortgage rates at 7.40% and the Fed decision.

The Census Bureau’s August new home sales report, released September 24, showed 8.5 months of supply and a median new home price of $393,700, down 5.8% from August 2025. Lennar’s own fiscal third quarter, reported September 16, told the same story: net income of $284 million versus $591 million a year earlier, deliveries down 3% to 20,840 homes, new orders down 9% to 20,879, and gross margin on home sales of 15.8%, down from 17.5%. Incentives are running near 12% of price. Lennar is cutting price to keep the machine moving, and that is what compresses the margin.

Nobody wants to be a homebuilder in this. And that is when Buffett shows up. When everybody is fearful, he gets greedy. He is being greedy right now. Berkshire already owns Clayton Homes and closed its purchase of Taylor Morrison at $72.50 a share in July, so this is a housing bet, not a one stock flyer. If you want my longer view on where rates go from here, read my mortgage rate forecast for 2027.

What about the Hunterbrook short report?

Right in the middle of Berkshire’s buying, Hunterbrook published a report on Lennar and Millrose Properties, the land company Lennar spun off in 2025. The claim is that Millrose bought more than 700 Lennar homes for an estimated $200 million or more over about a month, across at least 51 counties in 15 states, with at least 356 of those purchases landing in the final week of Lennar’s third quarter.

Why would that matter? If a related company is buying the houses, reported demand looks stronger than real demand. Hunterbrook said it was short when it published. The claims are not proven, Lennar has not answered them directly as far as I can find, and Berkshire kept buying straight through the report on October 1 and 2. I am not telling you who is right. I am telling you this is the one thing to watch, because it is still unanswered.

What happened on October 22?

Yesterday was not a sell off. It was a rotation. The Nasdaq fell 2.60% and the S&P 500 fell 1.21%, but the damage was in the AI names. Meta dropped 6.98%, the Philadelphia Semiconductor Index fell 6.72%, CoreWeave fell 10.06% and Alphabet slipped 3.15%, all on worry about how much these companies are spending on AI and how they get that money back. The 10 year Treasury yield dropped 17 basis points to 4.96%, and Brent crude jumped 4% to $113.17 after drone strikes on Saudi oil targets.

And Lennar? Up 8.69% to $84.45. On a day my portfolio was bleeding, the Buffett homebuilder bet closed above every single price Berkshire paid since September 17. That is the power of following the filings. They gave you a window to buy lower than Berkshire did, and it was open just a few days ago.

How I am playing the Buffett Lennar stake

Remember who we are following. Buffett does not go into a stock for the short term. He went 7 million, 10 million, 13 million and now 29 million shares in about 10 months. He is not trading the next earnings print. So if you ride along, ride along with his time frame, not a day trader’s. The housing bet is the real story here, not the filing we read in August.

You do not need $2.45 billion to follow this. You can start with a single share, or even a slice of one. Open a Webull account through my link (affiliate link, I get paid if you sign up). Any new account offer is subject to Webull’s current terms and eligibility, so check the offer page for the current terms before you deposit. Stocks can lose money, and past results do not predict future results.

Three things I am watching from here: whether more Form 4s land showing Berkshire buying into the rally, whether Lennar answers the Millrose claims, and whether the November 14 13F shows the rest of the portfolio leaning into housing too. I will update this page when any of those move.

Common questions

How much of Lennar does Warren Buffett own?

Berkshire Hathaway’s October 5, 2026 Form 4 shows 28,438,045 Class A shares and 568,028 Class B shares, a little over 29 million shares in total. That is roughly 12% of Lennar and about $2.45 billion at the October 22 close of $84.45.

Why does Berkshire have to report Lennar purchases within two days?

Once a holder owns more than 10% of a company, Section 16 of the securities law requires it to report each purchase or sale on a Form 4 within two business days. Berkshire crossed 10% of Lennar in mid September 2026, so its buying now shows up on EDGAR almost immediately instead of once a quarter.

What did Berkshire pay for its Lennar shares?

The October 1 and 2 purchases were made at prices between $77.12 and $81.90 per share. The roughly 7.5 million shares bought from September 17 to October 2 averaged near $79, with the heaviest day on September 18 at a weighted average of $76.39.

When is Berkshire’s next 13F filing?

The 13F for the quarter ended September 30, 2026 is due by November 14, 2026, which is 45 days after the quarter end.

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Sources

I am not a financial advisor and nothing in this article is financial advice. Everything here is my own opinion, for educational and entertainment purposes only. Do your own research and talk to a licensed professional before you make any financial decision.

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Stock Moe is a former financial advisor who worked at one of the largest financial firms in the country before moving into teaching. He holds an M.B.A. and an M.Ed. in Business Education, taught college and high school finance, and has coached teams to 15 state and 2 back to back national Stock Market Game championships. He runs the Stock Moe YouTube channel with over 720,000 subscribers, where he breaks down stocks, crypto, housing and the economy in plain English.

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