On October 13, 2025, GAMCO Investors Inc announced that it has sent a letter to Lennar Corporation regarding Company?s October 10, 2025, announcement that it intends to exchange up to an aggregate of 33,298,764 shares of the Class A common stock of Millrose Properties Inc owned by the Company for outstanding Class A shares of Lennar, and GAMCO mentioned its concerns regarding Company?s proposed transaction which excludes Class B shareholders, where including Class B shares in the exchange could unlock value for all shareholders, as Class B shares have equal economic rights and superior voting rights compared to Class A shares. In addition, GAMCO urged the Company board to reconsider the decision to exclude Company Class B shareholders from the offering and urged the Board to act to maximize value creation for all shareholders and include Class B shareholders in the proposed transaction, and GAMCO proposed that the Board allow Lennar Class B shareholders to convert their shares to Class A shares for the purpose of participating in this exchange.