Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

After graduating from Trinity College in Connecticut, I joined Eaton Vance full-time as an equity research associate. While at Eaton Vance, I completed the Chartered Financial Analyst program and earned the CFA designation. In 2013, I left Eaton Vance to join Citi Private Bank to work in the private equity research group.

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>Lennar (LEN) <a href="https://stockspinoffinvesting.us12.list-manage.com/track/click?u=7d7fc84ad2ad141d71def9000&amp;id=01ab1c5662&amp;e=b00018bf49" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://stockspinoffinvesting.us12.list-manage.com/track/click?u%3D7d7fc84ad2ad141d71def9000%26id%3D01ab1c5662%26e%3Db00018bf49&amp;source=gmail&amp;ust=1760684031188000&amp;usg=AOvVaw3ReKNmQxnWlWQIv19WMngl" rel="noopener">announced</a> an exchange offer on October 10, 2025 whereby investors can exchange their LEN shares for shares of Millrose Properties (MRP), Lennar’s land bank spin-off.</li>
<li>To incentivize the exchange, LEN investors will receive $106.43 of value in MRP shares for every $100 of value in LEN shares.</li>
<li>I expect the exchange offer to be oversubscribed, However, there is an odd lot provision such that any L:EN shareholders with 99 shares or less (odd lot provision) will not be prorated.</li>
</ul>


Lennar (LEN) announced an exchange offer on October 10, 2025 whereby investors can exchange their LEN shares for shares of Millrose Properties (MRP), Lennar’s land bank spin-off.
To incentivize the exchange, LEN investors will receive $106.43 of value in MRP shares for every $100 of value in LEN shares.
I expect the exchange offer to be oversubscribed, However, there is an odd lot provision such that any L:EN shareholders with 99 shares or less (odd lot provision) will not be prorated.


Buy 99 Shares of Lennar (LEN) - Special Situation Odd Lot

Lennar Corp A

Buy 99 Shares of Lennar (LEN) - Special Situation Odd Lot