Core Viewpoint - Berkshire Hathaway has made significant investments in Lennar, increasing its stake to $910 million, indicating confidence in the housing market and Lennar's long-term potential [1][2] Company Overview - Lennar is recognized for its well-run operations and a unique land-light business model, which mitigates risks associated with land ownership during market fluctuations [7][9] - The company has successfully spun off its land assets to create Millrose Properties, a REIT that develops land into finished homesites, allowing Lennar to focus on core homebuilding operations [9][10] Financial Performance - Lennar's current market capitalization stands at $27 billion, with a gross margin of 17.91% and a dividend yield of 1.91% [7] Strategic Initiatives - The formation of Millrose Properties has reduced Lennar's land risk and opened new opportunities, including the acquisition of Rausch Coleman Homes, which expands its market presence [10] - The land-light strategy allows Lennar to allocate capital more efficiently, enhancing its growth potential and shareholder value over the long term [10][11]

Company Overview - Century Communities operates in 16 states and over 45 markets across the U S [9] - The company reported revenues of $4 3 billion for the LTM 2Q 2025 period[14] - As of June 30, 2025, the company has 68,701 lots[14] Financial Performance & Growth - Total revenues increased by 70% from $2 5 billion in 2019 to $4 3 billion in LTM Q2 2025[25] - EBITDA increased by 108% from $207 million in 2019 to $432 million in LTM Q2 2025[25] - Book value per share increased by 169% from $32 11 in 2019 to $86 39 in LTM Q2 2025[25] - Home sale deliveries increased by 36% from 8,000 in 2019 to 10,903 in LTM Q2 2025[25] - Community count increased by 23% year-over-year[23] - Book value per share increased by 10% year-over-year to $86 39[23] Business Strategy - 93% of total company home deliveries are priced below FHA limits[30] - 99% of total company home deliveries are spec builds[32] - The company maintains a strong balance sheet with significant liquidity of $858 million[43]