Homebuilding - Weekly Coverage Update 6.15.2026

Research evidence excerpt

Homebuilding - Weekly Coverage Update 6.15.2026

Truist Securities

Equity Research Report June 15, 2026

INDUSTRIALS: Homebuilding

Homebuilding - Weekly Coverage Update

6.15.2026 Jonathan Bettenhausen The Weekly Update note provides a quick recap of the prior week in the Homebuilding

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Jonathan.Bettenhausen@truist.com sector, as well as a look forward at key dates in the weeks ahead.

13 Page Document Recap From Last Week: Last week, our coverage outperformed the S&P 500, returning

4.1% compared to the 0.6% from the index. Meritage (MTH, Buy) led the group with

an 8.9% return, and Toll Brothers (TOL, Buy) also had a good week, up 6.7%. Lennar

Reasons for this report (LEN, Hold) lagged the coverage group and was the only stock to finish the week down,

albeit only a modest -0.2%.LEN reported its FY2Q earnings and there was significant

✓ Sector Update focus on the company's land banking agreements and the impact these will have as

✓ Weekly Preview and Recap capitalized carry charges flow through to the P&L. We talked about this in our note from

last Wednesday, which we published prior to the company's results. Our view remains

unchanged that the company's financial results will continue to lag the group, but it does

seem to us that the short trade is somewhat played out at this point.

• Homebuilding - NAHB Publishes Updated Regulatory Cost Study; Our Thoughts On

The Matter

• LEN - Land Banking Commentary And Impairment Data Should Be Watched In LEN

2Q Earnings

• LEN - 2Q26 Earnings - Company Cuts Closing Guide But Brings Down Incentives

• TMHC - Quick Take - Proxy Filing Does Not Indicate Other Seriously Interested

Parties

Upcoming This Week and Further Out: This week we are hosting our annual Truist

Industrials Conference in New York.