UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~May~~August 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______ To _______

Commission File Number: 1-11749

Lennar Corporation

(Exact name of registrant as specified in its charter)


Delaware						95-4337490
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

5505 Waterford District Drive, Miami, Florida 33126

(Address of principal executive offices) (Zip Code)

(305) 559-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $.10	LEN	New York Stock Exchange
Class B Common Stock, par value $.10	LEN.B	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Emerging growth company

Non-accelerated filer

Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Common stock outstanding as of ~~May~~August 31, 2025:

Class A ~~227~~223,~~601~~803,~~639~~530

Class B 31,~~405~~217,~~194~~013

LENNAR CORPORATION

FORM 10-Q

For the period ended May 31, 2025

For the period ended August 31, 2025

Part I

Financial Information

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets as of May 31, 2025 and November 30, 2024

Condensed Consolidated Balance Sheets as of August 31, 2025 and November 30, 2024

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended May 31, 2025 and 2024

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended August 31, 2025 and 2024

Condensed Consolidated Statements of Cash Flows for the six months ended May 31, 2025 and 2024

Condensed Consolidated Statements of Cash Flows for the nine months ended August 31, 2025 and 2024

Notes to Condensed Consolidated Financial Statements

Forward-Looking Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

Part II

Other Information

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3 - 4.

Not Applicable

Item 5.

Other Information

Item 6.

Exhibits

Signatures

Part I. Financial Information

Item 1. Financial Statements

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

	May 31,		November 30,
	August 31,		November 30,
	2025 (1)		2024 (1)
ASSETS
Homebuilding:
Cash and cash equivalents	$	1,~~168~~406,~~143~~215	4,662,643
Restricted cash	2329,~~987~~928		11,799
Receivables, net	~~995~~948,~~664~~295		1,053,211
Inventories:
Finished homes and construction in progress	10,~~104~~049,~~530~~466		10,884,861
Land and land under development	1,~~270~~069,~~931~~620		4,750,025
Inventory owned	11,~~375~~119,~~461~~086		15,634,886
Consolidated inventory not owned	2,~~660~~258,~~686~~568		4,084,665
Inventory owned and consolidated inventory not owned	1413,~~036~~377,~~147~~654		19,719,551
Deposits and pre-acquisition costs on real estate	56,~~265~~012,~~591~~493		3,625,372
Investments in unconsolidated entities	2,~~699~~648,~~981~~329		1,344,836
Goodwill	3,442,359		3,442,359
Other assets	1,~~759~~798,~~645~~459		1,734,698
	29,391,517		35,594,469
	29,663,732		35,594,469
Financial Services	3,~~059~~368,~~237~~588		3,516,550
Multifamily	1,~~133~~001,~~255~~478		1,306,818
Lennar Other	~~790~~844,~~537~~603		894,944
Total assets	$	34,~~374~~878,~~546~~401	41,312,781

(1)Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.

As of ~~May~~August 31, 2025, total assets include $2.31 billion related to consolidated VIEs of which $5677.06 million is included in Homebuilding cash and cash equivalents, $32.10 million in Homebuilding receivables, net, $3751.87 million in Homebuilding finished homes and construction in progress, $~~342~~336.01 million in Homebuilding land and land under development, $1.85 billion in Homebuilding consolidated inventory not owned, $7283.36 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.31 million in Homebuilding investments in unconsolidated entities, $8.26 million in Homebuilding other assets and $3525.13 million in Multifamily assets.

As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets (Continued)

(In thousands, except share amounts)

(Unaudited)

	May 31,		November 30,
	August 31,		November 30,
	2025 (2)		2024 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	21,~~126~~521,~~002~~244	1,839,440
Liabilities related to consolidated inventory not owned	21,~~317~~987,~~996~~263		3,563,934
Senior notes and other debts payable, net	23,~~791~~523,~~987~~766		2,258,283
Other liabilities	2,~~584~~809,~~497~~923		3,201,552
	9,820,482		10,863,209
	9,842,196		10,863,209
Financial Services	12,~~592~~070,~~386~~051		2,140,708
Multifamily	~~134~~116,~~922~~014		181,883
Lennar Other	9498,~~874~~585		105,756
Total liabilities	1112,~~642~~126,~~664~~846		13,291,556
Commitments and contingent liabilities (See Note 11)
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: May 31, 2025 and November 30, 2024 - 400,000,000 shares; Issued: May 31, 2025 - 261,355,858 shares and November 30, 2024 - 259,979,453 shares	26,136		25,998
Class A common stock of $0.10 par value; Authorized: August 31, 2025 and November 30, 2024 - 400,000,000 shares; Issued: August 31, 2025 - 261,530,577 shares and November 30, 2024 - 259,979,453 shares	26,153		25,998
Class B common stock of $0.10 par value; Authorized: May 31, 2025 and November 30, 2024 - 90,000,000 shares; Issued: May 31, 2025 - 36,601,215 shares and November 30, 2024 - 36,601,215 shares	3,660		3,660
Class B common stock of $0.10 par value; Authorized: August 31, 2025 and November 30, 2024 - 90,000,000 shares; Issued: August 31, 2025 - 36,601,215 shares and November 30, 2024 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	5,~~842~~884,~~732~~528		5,729,434
Retained earnings	2122,~~645~~107,~~991~~836		25,753,078
Treasury stock, at cost; May 31, 2025 - 33,754,219 shares of Class A common stock and 5,196,021 shares of Class B common stock; November 30, 2024 - 23,814,148 shares of Class A common stock and 4,532,701 shares of Class B common stock	(4,945,458)		(3,649,564)
Treasury stock, at cost; August 31, 2025 - 37,727,047 shares of Class A common stock and 5,384,202 shares of Class B common stock; November 30, 2024 - 23,814,148 shares of Class A common stock and 4,532,701 shares of Class B common stock	(5,457,876)		(3,649,564)
Accumulated other comprehensive income	6,019		7,529
Total stockholders’ equity	22,~~579~~570,~~080~~320		27,870,135
Noncontrolling interests	~~152~~181,~~802~~235		151,090
Total equity	22,~~731~~751,~~882~~555		28,021,225
Total liabilities and equity	$	34,~~374~~878,~~546~~401	41,312,781

(2)As of ~~May~~August 31, 2025, total liabilities include $1.74 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $3139.0 million is included in Homebuilding accounts payable, $1.74 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $01.83 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.

As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

~~Six~~Nine Months Ended

May 31,

August 31,

2025

2024

2025

2024

Revenues:

Homebuilding

78,~~843~~253,~~862~~675

89,~~381~~045,~~059~~692

1523,~~127~~381,~~732~~407

1524,~~312~~357,~~050~~742

Financial Services

~~298~~314,~~098~~195

~~281~~273,~~723~~270

~~575~~889,~~175~~370

~~531~~804,~~443~~713

Multifamily

~~230~~228,~~305~~465

9993,~~500~~443

~~293~~521,~~501~~966

~~229~~322,~~177~~620

Lennar Other

513,~~237~~943

3,~~310~~637

1226,~~639~~582

59,~~852~~489

Total revenues

8,~~377~~810,~~502~~278

89,~~765~~416,~~592~~042

1624,~~009~~819,~~047~~325

1625,~~078~~494,~~522~~564

Costs and expenses:

Homebuilding

7,~~147~~497,~~552~~119

7,~~106~~613,~~455~~042

1321,~~687~~184,~~512~~631

1320,~~083~~697,~~991~~033

Financial Services

~~140~~136,~~818~~323

~~134~~128,~~711~~870

~~274~~410,~~412~~735

~~253~~382,~~135~~005

Multifamily

~~254~~238,~~677~~791

~~102~~184,~~205~~708

~~328~~566,~~053~~844

~~234~~419,~~872~~580

Lennar Other

3045,~~025~~450

2617,~~841~~176

5399,~~589~~039

3553,~~929~~105

Corporate general and administrative

~~155~~171,~~853~~397

~~156~~164,~~982~~672

~~303~~474,~~231~~628

~~314~~478,~~303~~975

Charitable foundation contribution

2021,~~131~~584

1921,~~690~~516

3759,~~965~~549

3658,~~488~~004

Total costs and expenses

78,~~749~~110,~~056~~664

78,~~546~~129,~~884~~984

1422,~~684~~795,~~762~~426

1322,~~958~~088,~~718~~702

Equity in earnings (losses) from unconsolidated entities

12,116

(4,309)

45,351

(34,854)

Equity in earnings from unconsolidated entities

10,822

186,621

56,172

151,767

Other income, net and other gains

30,759

68,172

62,426

133,544

Other income (expense), net and other gains (losses), net

(18,956)

23,331

43,471

156,875

Lennar Other realized and unrealized losses from technology investments

(29,440)

(21,514)

(91,943)

(26,651)

Lennar Other realized and unrealized gains from technology investments

99,223

39,123

7,280

12,472

Earnings before income taxes

~~641~~790,~~881~~703

1,~~261~~535,~~057~~133

12,~~340~~130,~~119~~822

23,~~191~~726,~~843~~976

Provision for income taxes

(~~160~~190,~~061~~892)

(~~300~~347,~~471~~859)

(~~329~~520,~~586~~478)

(~~511~~859,~~336~~195)

Net earnings (including net earnings attributable to noncontrolling interests)

~~481~~599,~~820~~811

~~960~~1,~~586~~187,274

1,~~010~~610,~~533~~344

12,~~680~~867,~~507~~781

Less: Net earnings attributable to noncontrolling interests

48,~~371~~844

624,~~275~~600

1322,~~558~~402

631,~~862~~462

Net earnings attributable to Lennar

~~477~~590,~~449~~967

~~954~~1,~~311~~162,674

~~996~~1,~~975~~587,942

12,~~673~~836,~~645~~319

Other comprehensive income (loss), net of tax:

Net unrealized gains (losses) on securities available-for-sale

~~(1,332)~~—

~~1,355~~444

(1,510)

12,~~717~~161

Total other comprehensive income (loss), net of tax

~~(1,332)~~—

~~1,355~~444

(1,510)

12,~~717~~161

Total comprehensive income attributable to Lennar

~~476~~590,~~117~~967

~~955~~1,~~666~~163,118

~~995~~1,~~465~~586,432

12,~~675~~838,~~362~~480

Total comprehensive income attributable to noncontrolling interests

48,~~371~~844

624,~~275~~600

1322,~~558~~402

631,~~862~~462

Basic and diluted earnings per share

12.8129

34.4526

36.7706

610.0126

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six Months Ended
	Nine Months Ended
	May 31,
	August 31,
	2025		2024
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	1,~~010~~610,~~533~~344	12,~~680~~867,~~507~~781
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	6599,~~157~~326		5585,~~746~~119
Amortization of discount/premium and accretion on debt, net	(~~142~~33)		~~336~~407
Equity in (earnings) losses from unconsolidated entities	(45,351)		34,854
Equity in earnings from unconsolidated entities	(56,172)		(151,767)
Distributions of earnings from unconsolidated entities	2028,~~070~~266		2034,~~894~~108
Share-based compensation expense	~~112~~138,~~858~~363		~~122~~154,~~186~~094
Deferred income tax expense	3877,~~381~~332		3699,~~848~~368
Gains on redemption/repurchase of senior notes	—		(825)
Loans held-for-sale unrealized losses	2,350		28,865
Loans held-for-sale unrealized gains	(10,293)		(1,617)
Lennar Other realized and unrealized losses from technology investments and other losses, net	100,006		6,515
Lennar Other realized and unrealized losses (gains) from technology investments and other losses (gains), net	14,218		(35,189)
Gains on sale of other assets and loans receivables	(34,~~597~~086)		(1315,~~585~~428)
Gain on sale of investments in unconsolidated entities and other	(35,~~033~~678)		—
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets	89146,~~727~~893		26125,~~526~~777
Changes in assets and liabilities:
Decrease in receivables	69,599		30,956
Increase in receivables	(10,286)		(24,170)
Increase in inventories, excluding valuation adjustments	(1,~~624~~314,~~586~~933)		(~~631~~707,~~180~~702)
Increase in deposits and pre-acquisition costs on real estate	(~~781~~1,~~716~~248,390)		(~~755~~984,~~232~~843)
(Increase) decrease in other assets	(132,671)		11,393
Increase in other assets	(209,892)		(84,751)
Decrease in loans held-for-sale	~~361~~240,~~377~~394		~~335~~245,~~788~~004
Decrease in accounts payable and other liabilities	(~~600~~978,~~026~~048)		(~~380~~176,~~966~~492)
Net cash (used in) provided by operating activities	(1,~~384~~542,~~064~~675)		~~609~~1,~~626~~428,874
Cash flows from investing activities:
Net additions of operating properties and equipment	(71103,~~259~~424)		(~~111~~130,~~733~~138)
Proceeds from sale of other assets	5054,~~696~~803		1831,~~709~~435
Proceeds from sale of investments in unconsolidated joint ventures	233,007		—
Proceeds from sale of investments in unconsolidated joint venture	233,007		—
Proceeds from sales of investments	7286,~~003~~862		—
Investments in and contributions to unconsolidated entities	(~~145~~203,~~494~~010)		(~~247~~311,~~785~~904)
Distributions of capital from unconsolidated entities	~~175~~235,~~203~~593		61236,~~807~~527
Proceeds from sale of loans receivables	114,661		—
Proceeds from sale of loan receivables	114,661		—
Acquisition, net of cash and restricted cash acquired	(254,492)		—
Decrease in Financial Services loans held-for-investment	9,466		2,960
Decrease (increase) in Financial Services loans held-for-investment	11,572		(2,479)
Purchases of investment securities	(3,456)		(24,~~063~~519)
Proceeds from maturities/sales of investment securities	23,~~546~~518		34,~~321~~254
Net cash provided by (used in) investing activities	$	~~182~~175,~~881~~634	(~~274~~176,~~784~~824)

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Continued)

(In thousands)

(Unaudited)

Six Months Ended

Nine Months Ended

May 31,

August 31,

2025

2024

Cash flows from financing activities:

Net borrowings under revolving line of credit

400,000

—

Net borrowings under revolving credit facility

1,140,000

—

Net repayments under warehouse facilities

(~~514~~67,~~818~~111)

(~~753~~618,~~703~~388)

Proceeds from issuance of senior notes

700,000

—

Redemption/repurchases of senior notes

(500,000)

(553,865)

Principal payments on notes payable and other borrowings

(4048,~~329~~659)

(4043,~~672~~995)

Net cash distributed in connection with Millrose Properties, Inc. spin-off

(416,006)

—

Proceeds from liabilities related to consolidated inventory not owned

259

~~105~~130,~~635~~440

Proceeds from other borrowings

—

6,231

Payments for liabilities related to consolidated inventory not owned

(~~385~~479,~~794~~426)

(~~250~~255,~~232~~753)

Payments related to other liabilities, net

(24,~~842~~263)

Receipts related to noncontrolling interests

2125,~~029~~982

1417,~~722~~044

Payments related to noncontrolling interests

(57,~~965~~777)

(2645,~~646~~819)

Debt issuance costs

(46,~~417~~502)

—

Common stock:

Repurchases

(1,~~295~~808,~~894~~312)

(1,~~204~~729,~~706~~308)

Dividends

(~~265~~394,~~235~~357)

(~~278~~414,~~318~~168)

Net cash used in financing activities

(21,~~310~~866,~~012~~172)

(23,~~984~~511,~~396~~844)

Net decrease in cash and cash equivalents and restricted cash

(3,~~511~~233,~~195~~213)

(2,~~649~~259,~~554~~794)

Cash and cash equivalents and restricted cash at beginning of period

4,990,210

6,570,938

Cash and cash equivalents and restricted cash at end of period

1,~~479~~756,~~015~~997

34,~~921~~311,~~384~~144

Summary of cash and cash equivalents and restricted cash:

Homebuilding

1,~~168~~406,~~143~~215

34,~~597~~037,~~493~~405

Financial Services

~~202~~216,~~647~~129

~~245~~156,~~784~~840

Multifamily

1417,~~211~~337

1124,~~555~~755

Lennar Other

22,~~693~~532

1733,~~184~~662

Homebuilding restricted cash

2329,~~987~~928

1112,~~572~~600

Financial Services restricted cash

4764,~~334~~856

3745,~~796~~882

1,~~479~~756,~~015~~997

34,~~921~~311,~~384~~144

Supplemental disclosures of non-cash investing and financing activities:

Homebuilding:

Payments of inventories financed by sellers

320

934,245

Net non-cash contributions to unconsolidated entities

162,454

—14,453

Non-cash impacts of Millrose Properties, Inc. spin-off:

Non-cash impact of Millrose Properties, Inc. spin-off:

Inventories

(5,578,704)

—

Investments in unconsolidated entities

1,197,039

—

Other assets

(60,156)

—

Notes payable

19,000

—

Retained earnings

4,422,821

—

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

(1)Basis of Presentation

Basis of Consolidation

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2024 ("2024 Form 10-K"). The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its 2024 Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.

Seasonality

The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and ~~six~~nine months ended ~~May~~August 31, 2025 are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

Homebuilding cash and cash equivalents as of ~~May~~August 31, 2025 and November 30, 2024 included $~~518~~673.07 million and $265.6 million, respectively, of cash held in escrow for approximately two days.

Share-based Payments

During both the three months ended ~~May~~August 31, 2025 and 2024, the Company granted employees an immaterial number of nonvested shares. During the ~~six~~nine months ended ~~May~~August 31, 2025 and 2024, the Company granted employees 1.4 million and 1.3 million of nonvested shares of Class A common stock, respectively.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for the Company's fiscal year ending November 30, 2025 and interim reporting periods starting in the first quarter of fiscal 2026. The Company is currently reviewing the impact that the adoption of ASU 2023-07 will have on its condensed consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):Improvements to Income Tax Disclosure ("ASU 2023-09"). ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the Company's fiscal year ending November 30, 2026 and may be applied either retrospectively or prospectively. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on its condensed consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the Company's fiscal year ending November 30, 2028. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its condensed consolidated financial statements and disclosures.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Reclassifications

As a result of the Company's change in Homebuilding reportable segments following the acquisition of Rausch Coleman Homes ("Rausch") (refer to Note 2 of the Notes to Condensed Consolidated Financial Statements for more information), the Company reclassified certain prior year segment information in the condensed consolidated financial statements to conform with the 2025 presentation. This reclassification was for operational purposes and between segments and had no impact on the Company's total assets, total equity, revenues or net earnings in the condensed consolidated financial statements. In addition, certain amounts in the prior year's statement of cash flows were reclassified to conform with the 2025 presentation.

(2)Business Transactions

Spin-off of Millrose Properties, Inc.

On February 7, 2025, the Company completed the taxable spin-off of Millrose Properties, Inc. ("Millrose") through a distribution of approximately 80% of Millrose's stock to its stockholders. The Company temporarily retains, but does not vote, the remaining 20% of the total outstanding shares of Millrose common stock, which it expects to dispose of through a ~~subsequent spin-off,~~ split-off, ~~public~~a ~~offering,~~stock ~~private~~ sale or ~~any~~another ~~combination of these potential transactions later in the year~~transaction. In connection with the spin-off, the Company contributed to Millrose $5.6 billion in land assets, representing approximately 87,000 homesites, and cash of $1.0 billion, which included $584.0 million of cash deposits related to option contracts. The spin-off transaction accelerates Lennar's longstanding strategy of becoming a pure-play, asset-light, new home manufacturing company.

Acquisition of Rausch Coleman Homes

On February 10, 2025, the Company acquired Rausch, a residential homebuilder based in Fayetteville, Arkansas. The Company acquired Rausch’s homebuilding operations while Millrose acquired Rausch's land assets and the Company has options on the land. With this acquisition, the Company expanded its footprint into new markets in Arkansas (Bentonville/Fayetteville, Little Rock and Jonesboro), Oklahoma (Tulsa and Stillwater), Alabama (Birmingham and Tuscaloosa), and Kansas/Missouri (Kansas City), while adding to its existing footprint in Texas (Houston and San Antonio), Oklahoma (Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast). The Company acquired $312.6 million of assets, primarily consisting of homes under construction, finished homesites, cash and other assets, and assumed liabilities of $73.0 million, primarily consisting of accounts payable and other liabilities. The cash consideration paid by the Company to Rausch was funded from working capital.

(3) Operating and Reporting Segments

The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments:

Homebuilding segments: (1) East (2) Central (3) South Central (4) West

(5) Financial Services

(6) Multifamily

(7) Lennar Other

The assets and liabilities related to the Company’s segments were as follows:

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(In thousands)	~~May~~At August 31, 2025
Assets:	Homebuilding		FinancialServices	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,~~168~~406,~~143~~215	~~202~~216,~~647~~129	1417,~~211~~337	22,~~693~~532	1,~~407~~662,~~694~~213
Restricted cash	2329,~~987~~928		4764,~~334~~856	—	—	7194,~~321~~784
Receivables, net (1)	~~995~~948,~~664~~295		~~440~~556,~~853~~273	3445,~~226~~715	—	1,~~470~~550,~~743~~283
Inventory owned and consolidated inventory not owned	1413,~~036~~377,~~147~~654		—	~~480~~322,~~653~~502	—	1413,~~516~~700,~~800~~156
Deposits and pre-acquisition costs on real estate	56,~~265~~012,~~591~~493		—	1315,~~965~~425	—	56,~~279~~027,~~556~~918
Investments in unconsolidated entities (2)	2,~~699~~648,~~981~~329		2,~~806~~657	~~518~~519,~~453~~510	~~367~~372,~~989~~256	3,~~589~~542,~~229~~752
Loans held-for-sale (3)	—		1,887,000	—	—	1,887,000
Loans held-for-sale (3) (6)	—		2,081,628	—	—	2,081,628
Investments in equity securities (4)	—		—	—	~~216~~285,~~188~~589	~~216~~285,~~188~~589
Investments available-for-sale (5)	—		—	—	39,069	39,069
Loans held-for-investment, net	—		52,489	—	—	52,489
Investments held-to-maturity	—		133,558	—	—	133,558
Investments held-to-maturity	—		134,280	—	—	134,280
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,~~759~~798,~~645~~459		~~102~~123,~~129~~788	7180,~~747~~989	~~144~~125,~~598~~157	2,~~078~~128,~~119~~393
Total assets	$	29,~~391~~663,~~517~~732	3,~~059~~368,~~237~~588	1,~~133~~001,~~255~~478	~~790~~844,~~537~~603	34,~~374~~878,~~546~~401
Liabilities:
Senior notes and other debts payable, net	$	23,~~791~~523,~~987~~766	1,~~416~~863,~~138~~845	—	—	45,~~208~~387,~~125~~611
Liabilities related to consolidated inventory not owned	21,~~317~~987,~~996~~263		—	—	—	21,~~317~~987,~~996~~263
Accounts payable and other liabilities	4,~~710~~331,~~499~~167		~~176~~206,~~248~~206	~~134~~116,~~922~~014	9498,~~874~~585	54,~~116~~751,~~543~~972
Total liabilities	$	9,~~820~~842,~~482~~196	12,~~592~~070,~~386~~051	~~134~~116,~~922~~014	9498,~~874~~585	1112,~~642~~126,~~664~~846

(In thousands)	At November 30, 2024
Assets:	Homebuilding		FinancialServices	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	4,662,643	175,382	30,948	40,691	4,909,664
Restricted cash	11,799		68,747	—	—	80,546
Receivables, net (1)	1,053,211		545,752	53,595	—	1,652,558
Inventory owned and consolidated inventory not owned	19,719,551		—	592,879	—	20,312,430
Deposits and pre-acquisition costs on real estate	3,625,372		—	32,643	—	3,658,015
Investments in unconsolidated entities	1,344,836		—	503,303	379,435	2,227,574
Loans held-for-sale (3)	—		2,250,718	—	—	2,250,718
Investments in equity securities (4)	—		—	—	347,810	347,810
Investments available-for-sale (5)	—		—	—	40,578	40,578
Loans held-for-investment, net	—		60,969	—	—	60,969
Loans held-for-investment, net (6)	—		60,969	—	—	60,969
Investments held-to-maturity	—		135,646	—	—	135,646
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,734,698		89,637	93,450	86,430	2,004,215
Total assets	$	35,594,469	3,516,550	1,306,818	894,944	41,312,781
Liabilities:
Senior notes and other debt payable, net	$	2,258,283	1,930,956	—	—	4,189,239
Liabilities related to consolidated inventory not owned	3,563,934		—	—	—	3,563,934
Accounts payable and other liabilities	5,040,992		209,752	181,883	105,756	5,538,383
Total liabilities	$	10,863,209	2,140,708	181,883	105,756	13,291,556

(1)~~Receivables, net for~~ Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of ~~May~~August 31, 2025 and November 30, 2024, respectively.

(2)Investments in unconsolidated entities as of August 31, 2025 include the carrying value of 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(23)~~Investments~~Loans inheld-for-sale ~~unconsolidated~~related ~~entities~~to asunsold ofresidential ~~May 31,~~and ~~2025~~commercial ~~include~~loans ~~the~~carried ~~carrying~~at fair value, of ~~20%~~which $50.3 million of ~~the~~residential ~~total~~loans ~~outstanding~~are ~~shares~~carried ofat ~~Millrose~~lower ~~common~~of ~~stock,~~cost ~~which~~or ~~was~~fair $1value.2 ~~billion.~~

(34)~~Loans~~Investments ~~held-for-sale~~in ~~related~~equity tosecurities ~~unsold~~include ~~residential~~investments of $118.3 million and ~~commercial~~$143.0 million ~~loans~~without ~~carried~~readily atavailable fair ~~value~~values as of August 31, 2025 and November 30, 2024, respectively.

(45)Investments inavailable-for-sale ~~equity~~are ~~securities~~carried ~~include~~at ~~investments~~fair ofvalue ~~$133.5 million~~with ~~and~~changes ~~$143.0 million~~in ~~without~~fair ~~readily~~value ~~available~~recorded ~~fair~~as ~~values~~a ascomponent of ~~May 31,~~accumulated ~~2025~~other ~~and~~comprehensive ~~November 30,~~income ~~2024,~~(loss) ~~respectively~~in the condensed consolidated balance sheets.

(56)~~Investments~~As ~~available-for-sale~~of ~~are~~August 31, ~~carried~~2025, atthe ~~fair~~Financial ~~value~~Services ~~with~~segment ~~changes~~transferred inits loans held-for-investment of $61.0 million (fair value ~~recorded~~of as$50.3 million) ato ~~component~~held-for-sale, ofbased ~~accumulated~~on ~~other~~the ~~comprehensive~~Company’s ~~income~~intent ~~(loss)~~to insell the ~~condensed~~loans ~~consolidated~~in ~~balance~~the ~~sheet~~near future.

Financial information relating to the Company’s segments was as follows:


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2025		2024	2025	2024
Revenues:
Homebuilding	$	8,253,675	9,045,692	23,381,407	24,357,742
Financial Services	314,195		273,270	889,370	804,713
Multifamily	228,465		93,443	521,966	322,620
Lennar Other	13,943		3,637	26,582	9,489

	$	8,810,278	9,416,042	24,819,325	25,494,564
Earnings (loss) before income taxes:
Homebuilding	$	759,785	1,477,918	2,297,292	3,846,869
Financial Services	177,872		144,400	478,635	422,708
Multifamily	(16,471)		78,908	(31,248)	42,795
Lennar Other	62,498		20,095	(79,680)	(48,417)
Corporate and Unallocated (1)	(192,981)		(186,188)	(534,177)	(536,979)
	$	790,703	1,535,133	2,130,822	3,726,976

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2025		2024	2025	2024
Revenues:
Homebuilding	$	7,843,862	8,381,059	15,127,732	15,312,050
Financial Services	298,098		281,723	575,175	531,443
Multifamily	230,305		99,500	293,501	229,177
Lennar Other	5,237		3,310	12,639	5,852
	$	8,377,502	8,765,592	16,009,047	16,078,522
Earnings (loss) before income taxes:
Homebuilding	$	728,234	1,340,155	1,537,507	2,368,951
Financial Services	157,280		147,012	300,763	278,308
Multifamily	(14,754)		(20,474)	(14,777)	(36,113)
Lennar Other	(52,895)		(28,964)	(142,178)	(68,512)
Corporate and Unallocated (1)	(175,984)		(176,672)	(341,196)	(350,791)
	$	641,881	1,261,057	1,340,119	2,191,843

(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.

Homebuilding Segments

Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment.

Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (losses) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. Homebuilding Other also includes management of a fund that acquires single-family homes and holds them as rental properties.

The Company renamed its Texas reportable Homebuilding segment to South Central as a result of the Rausch acquisition (see Note 2 of the Notes to Condensed Consolidated Financial Statements) in order to streamline and synergize geographic homebuilding operations, assess performance, and allocate resources across the Company’s geographic homebuilding segments. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:

East: Florida, New Jersey and Pennsylvania

Central: Alabama, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee,

and Virginia

South Central: Arkansas, Kansas, Missouri, Oklahoma and Texas

West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington

Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC (“FivePoint”), and Millrose investment.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The assets related to the Company’s Homebuilding segments were as follows:

(In thousands)	~~May~~At August 31, 2025		At November 30, 2024
East	$	5,~~720~~724,~~593~~354	6,967,571
Central	4,~~660~~848,~~446~~376		5,567,451
South Central	4,~~296~~207,~~364~~858		4,238,587
West	10,~~424~~442,~~040~~228		12,148,434
Other	2,~~859~~813,~~356~~064		1,729,407
Corporate and Unallocated	1,~~430~~627,~~718~~852		4,943,019
Total Homebuilding	$	29,~~391~~663,~~517~~732	35,594,469

Financial information relating to the Company’s Homebuilding segments was as follows:

Three Months Ended

~~Six~~Nine Months Ended

May 31,

August 31,

(In thousands)

2025

2024

2025

2024

Revenues

East

1,~~707~~703,~~226~~457

2,~~138~~074,~~410~~799

35,~~360~~064,~~981~~438

46,~~016~~091,~~347~~146

Central

12,~~771~~075,~~545~~062

12,~~771~~206,~~279~~293

35,~~331~~406,~~553~~615

35,~~212~~418,~~593~~886

South Central

1,~~523~~508,~~398~~269

1,~~196~~286,~~425~~625

24,~~690~~198,~~226~~495

23,~~268~~554,~~211~~836

West

2,~~833~~960,~~297~~730

3,~~265~~471,~~467~~591

58,~~728~~688,~~230~~960

59,~~795~~267,~~529~~120

Other

86,~~396~~157

96,~~478~~384

1622,~~742~~899

1925,~~370~~754

78,~~843~~253,~~862~~675

89,~~381~~045,~~059~~692

1523,~~127~~381,~~732~~407

1524,~~312~~357,~~050~~742

Operating earnings

Operating earnings (loss)

East

~~175~~181,~~004~~648

~~427~~401,~~048~~908

~~397~~579,~~626~~274

~~803~~1,~~958~~205,866

Central

~~163~~189,~~839~~458

~~236~~343,~~436~~490

~~299~~488,~~291~~749

~~398~~741,~~059~~549

South Central

~~136~~130,~~689~~129

~~184~~197,~~576~~767

~~258~~388,~~772~~901

~~353~~550,~~157~~924

West

~~245~~270,~~424~~323

~~478~~514,~~937~~448

~~544~~814,~~205~~528

~~787~~1,~~724~~302,172

Other

7(11,~~278~~773)

1320,~~158~~305

3725,~~613~~840

2646,~~053~~358

~~728~~759,~~234~~785

1,~~340~~477,~~155~~918

12,~~537~~297,~~507~~292

23,~~368~~846,~~951~~869

Financial Services

Operations of the Financial Services segment include mortgage financing, title and closing services primarily for buyers of the Company’s homes. They also include originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and sales of property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

At ~~May~~August 31, 2025, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

	Maximum Aggregate Commitment
(In thousands)	Committed Amount		Uncommitted Amount	Total
Residential facilities maturing:
June 2025 (1)	$	560,000	—	560,000
September 2025 (1)	$	1,000,000	—	1,000,000
August 2025	325,000		325,000	650,000
October 2025	100,000		100,000	200,000
October 2025	50,000		100,000	150,000
March 2026	250,000		250,000	500,000
May 2026	250,000		~~250~~450,000	~~500~~700,000
December 2026	375,000		—	375,000
July 2026	100,000		100,000	200,000
Total residential facilities	$	1,560,000	675,000	2,235,000
December 2026	—		375,000	375,000
Total residential facilities	$	1,700,000	1,275,000	2,975,000
LMF commercial facilities maturing:
December 2025	200,000		—	200,000
January 2026	100,000		—	100,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	23,~~535~~275,000

(1)Subsequent to ~~May~~August 31, 2025, the maturity date was extended to September ~~2025~~2026.

The Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed.

Borrowings and collateral under the facilities were as follows:

(In thousands)	~~May~~At August 31, 2025		At November 30, 2024
Borrowings under residential facilities	$	1,~~211~~682,~~428~~918	1,776,045
Collateral under residential facilities	1,~~261~~743,~~797~~688		1,837,833
Borrowings under LMF Commercial facilities	8057,~~368~~313		28,747

If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.

Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements and seeking to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving repurchase claims exceed the Company’s expectations, additional recourse expense may be incurred. The provision for loan losses was immaterial for both the three and ~~six~~nine months ended ~~May~~August 31, 2025 and 2024. Loan origination liabilities were $1617.83 million and $16.7 million as of ~~May~~August 31, 2025 and November 30, 2024, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

LMF Commercial - loans held-for-sale

LMF Commercial originated commercial loans as follows:

Three Months Ended

~~Six~~Nine Months Ended

May 31,

August 31,

(Dollars in thousands)

2025

2024

2025

2024

Originations (1)

~~180~~177,~~875~~837

71236,~~510~~665

~~308~~486,~~840~~677

~~212~~449,~~335~~000

Sold

~~190~~172,~~936~~643

~~129~~145,~~335~~325

~~285~~458,~~823~~466

~~156~~301,~~285~~610

Securitizations

(1)During both the three and ~~six~~nine months ended ~~May~~August 31, 2025 and 2024, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Investments held-to-maturity

At ~~May~~August 31, 2025 and November 30, 2024, the Financial Services segment held commercial mortgage-backed securities (“CMBS”). These securities are classified as held-to-maturity based on the segment's intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during the three or ~~six~~nine months ended ~~May~~August 31, 2025 and ~~May~~August 31, 2024. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment.

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)	~~May~~August 31, 2025		November 30, 2024
Carrying value	$	~~134~~133,~~280~~558	135,646
Outstanding debt, net of debt issuance costs	~~124~~123,~~343~~615		126,164
Incurred interest rate	3.4%		3.4%

	May 31, 2025
	August 31, 2025
	Range
Discount rates at purchase	6%	—	84%
Coupon rates	2.0%	—	5.3%
Distribution dates	October 2027	—	December 2028
Stated maturity dates	October 2050	—	December 2051

Multifamily

The Company is actively involved, primarily through unconsolidated funds and joint ventures, in the development and construction of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.

The Multifamily segment (i) manages and owns interests in, funds that are engaged in the development of multifamily residential communities with the intention of holding the newly constructed and occupied properties as income and fee generating assets, and (ii) manages and owns interests in, joint ventures that are engaged in the development of multifamily residential communities, in most instances with the intention of selling them when they are built and substantially occupied. The multifamily business is a vertically integrated platform with capabilities spanning development, construction, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and from management and promote fees generated from funds and joint ventures less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Multifamily segment also include equity in earnings (losses) from unconsolidated entities and other gains (losses), which includes proceeds of sales of investments.

Lennar Other

Lennar Other includes strategic investments in technology companies, primarily managed by the Company's LENX subsidiary, and fund interests the Company retained when it sold the Rialto Capital Management (“Rialto”) asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments, along with equity in earnings (losses) from the Rialto fund investments and technology investments, realized and unrealized gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The Company has/had investments in Blend Labs, Inc. (“Blend Labs”), Hippo Holdings, Inc. (“Hippo”), Opendoor Technologies, Inc. (“Opendoor”), SmartRent, Inc. (“SmartRent”), Sonder Holdings, Inc. (“Sonder”) and Sunnova Energy International, Inc. (“Sunnova”), which are held at market and the carrying value of which will therefore change depending on the value of the Company's shareholdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. The following is a detail of Lennar Other realized and unrealized gains from sales of shares and mark-to-market adjustments on the Company's technology investments:

	Three Months Ended			~~Six~~Nine Months Ended
	May 31,			May 31,
	August 31,			August 31,
(In thousands)	2025		2024	2025	2024
Blend Labs (BLND)	$	—	~~715~~2,270	(3,737)	35,~~651~~921
Hippo (HIPO)	~~(15~~27,~~462)~~754		106,~~737~~609	(~~28,352~~598)	2733,~~186~~795
Opendoor (OPEN)	~~(12~~71,~~921)~~345		(~~16,907~~564)	~~(31~~39,~~707)~~638	(1516,~~592~~156)
SmartRent (SMRT)	—		(45,~~609~~634)	(4,483)	(612,~~572~~206)
Sonder (SOND)	—		~~(40)~~71	(19)	1182
Sunnova (NOVA)	~~(1,057)~~124		~~(11~~36,~~410)~~371	(23,~~645~~521)	~~(35~~1,~~335)~~036
Lennar Other realized and unrealized losses from technology investments (1)	$	(29,440)	(21,514)	(91,943)	(26,651)
Lennar Other realized and unrealized gains from technology investments (1)	$	99,223	39,123	7,280	12,472

(1)During the ~~six~~nine months ended ~~May~~August 31, 2025, the Company generated $44.7 million of cash and realized a loss of $2825.49 million on the sale of its shares in Blend Labs, Hippo, SmartRent, Sonder and Sunnova ~~and, as of May 31, 2025, has a small remaining interest in Sunnova~~.

(4)Investments in Unconsolidated Entities

Homebuilding Unconsolidated Entities

The investments in the Company's Homebuilding unconsolidated entities were as follows:

(In thousands)

At ~~May~~August 31, 2025

At November 30, 2024

Investments in unconsolidated entities (1) (2)

2,~~699~~648,~~981~~329

1,344,836

Underlying equity in unconsolidated entities' net assets (1) (2)

2,~~952~~895,~~717~~562

1,636,307

(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of ~~May~~August 31, 2025 and November 30, 2024, the carrying amount of the Company's investment was $~~554~~559.93 million and $470.8 million, respectively. Additionally, included is the carrying value of approximately 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion as of ~~May~~ August 31, 2025. The Company has determined that Millrose is a VIE, but itthe Company is not the primary beneficiary. The Company uses the equity method of accounting for its 20% investment in Millrose. The Company expects to dispose of the remaining 20% inthrough a ~~subsequent spin-off,~~ split-off, ~~public~~a ~~offering,~~stock ~~private~~ sale or ~~any~~another ~~combination of these potential transactions later in the year~~transaction.

As of ~~May~~August 31, 2025 and November 30, 2024, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $~~435~~499.08 million and $287.0 million, respectively.

The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances, the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it.

As of both ~~May~~August 31, 2025 and November 30, 2024, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were ~~not material~~immaterial. The Company believes that as of ~~May~~August 31, 2025, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 8 of the Notes to Condensed Consolidated Financial Statements). The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its 2024 Form 10-K.

The Upward America Venture LP (“Upward America”) is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America could raise equity commitments totaling $1.0 billion. The commitments are primarily from institutional investors, including $78.1 million committed by the Company. As of ~~May~~August 31, 2025 and November 30, 2024, the carrying amount of the Company's investment in Upward America was $1914.56 million and $20.8 million, respectively.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Multifamily Unconsolidated Entities

The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to the Multifamily unconsolidated joint ventures, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute to the Company after the achievement of certain ~~threshold~~thresholds. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its 2024 Form 10-K. As of both ~~May~~August 31, 2025 and November 30, 2024, the fair value of the completion guarantees was immaterial. As of ~~May~~August 31, 2025 and November 30, 2024, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $~~733~~757.25 million and $907.8 million, respectively. The decrease in the non-recourse debt with completion guarantees was due to completion of projects and sale of joint ~~venture~~ventures's rental operation projects and investments in various rental projects.

In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:

Three Months Ended May 31,

Six Months Ended May 31,

Three Months Ended August 31,

Nine Months Ended August 31,

(In thousands)

2025

2024

2025

2024

General contractor services, net of deferrals

2842,~~264~~150

8467,~~434~~190

58100,~~714~~864

~~186~~253,~~070~~260

General contractor costs

2741,~~586~~766

7963,~~995~~774

5597,~~900~~665

~~175~~239,~~684~~458

Land sales to joint ventures

~~145,118~~—

—

162,447

1214,~~000~~454

Management fee income, net of deferrals

65,~~436~~126

1310,~~669~~917

1318,~~377~~503

2940,~~710~~627

The Multifamily segment includes managing and investing in Multifamily Venture Fund I LP (“LMV I”), Multifamily Venture Fund II LP (“LMV II”), Canada Pension Plan Investments Fund (the “CPPIB Fund”) and a new joint venture with an institutional investor (the “Institutional JV”), which are long-term multifamily development investment vehicles involved in the development and construction of class-A multifamily assets. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of ~~May~~August 31, 2025, the Company has a $2728.80 million investment in the CPPIB Fund. ~~Additional dollars will be committed as opportunities are identified by the CPPIB Fund.~~ During the ~~three~~nine ~~and six~~ months ended ~~May~~August 31, 2025, the Multifamily segment completed the closing of the Institutional JV. The Multifamily segment expects the Institutional JV to acquire certain portfolio assets and invest additional capital to support pipeline opportunities. The Company's ownership percentage in the Institutional JV is 10%. As of ~~May~~August 31, 2025, the Company ~~has~~holds a $3841.29 million investment in the Institutional JV. Additional dollars will be committed as opportunities are identified by the CPPIB Fund and the Institutional JV.

Details of LMV I and LMV II are included below:

	May 31, 2025
	August 31, 2025
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	107,~~616~~907	~~218~~215,~~239~~927
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,~~218~~229,~~619~~585
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		~~368~~371,~~170~~492
Lennar's remaining commitments (1)	3,635		129,~~830~~508
Distributions to Lennar during the six months ended May 31, 2025	19,690		770
Distributions to Lennar during the nine months ended August 31, 2025	19,690		770

(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls.

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects ~~of LMV I~~ as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. During the ~~six~~nine months ended ~~May~~ August 31, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Lennar Other Unconsolidated Entities

Lennar Other's unconsolidated entities include fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds totaled $~~132~~134.93 million and $140.1 million as of ~~May~~August 31, 2025 and November 30, 2024, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The Company also had strategic technology investments in unconsolidated entities and investment funds accounted for under the equity method of accounting with a carrying value of $~~235~~238.10 million and $239.3 million, as of ~~May~~August 31, 2025 and November 30, 2024, respectively.

(5)Stockholders' Equity

The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and ~~six~~nine months ended ~~May~~August 31, 2025 and 2024:

	Three Months Ended May 31, 2025
	Three Months Ended August 31, 2025
(In thousands)	TotalEquity		Class ACommon Stock	Class BCommon Stock	AdditionalPaid - in Capital	TreasuryStock	Accumulated Other Comprehensive Income ~~(Loss)~~	RetainedEarnings	NoncontrollingInterests
Balance at February 28, 2025	$	22,867,344	26,133	3,660	5,812,802	(4,424,039)	7,351	21,302,131	139,306
Net earnings (including net earnings attributable to noncontrolling interests)	481,820		—	—	—	—	—	477,449	4,371
Employee stock and directors plans	722		3	—	1,157	(438)	—	—	—
Purchases of treasury stock	(520,981)		—	—	—	(520,981)	—	—	—
Amortization of restricted stock	28,773		—	—	28,773	—	—	—	—
Cash dividends	(133,589)		—	—	—	—	—	(133,589)	—
Receipts related to noncontrolling interests	9,701		—	—	—	—	—	—	9,701
Payments related to noncontrolling interests	(576)		—	—	—	—	—	—	(576)
Total other comprehensive loss, net of tax	(1,332)		—	—	—	—	(1,332)	—	—
Balance at May 31, 2025	$	22,731,882	26,136	3,660	5,842,732	(4,945,458)	6,019	21,645,991	152,802
Net earnings (including net earnings attributable to noncontrolling interests)	599,811		—	—	—	—	—	590,967	8,844
Employee stock and directors plans	15,563		17	—	16,291	(745)	—	—	—
Purchases of treasury stock	(511,673)		—	—	—	(511,673)	—	—	—
Amortization of restricted stock	25,505		—	—	25,505	—	—	—	—
Cash dividends	(129,122)		—	—	—	—	—	(129,122)	—
Receipts related to noncontrolling interests	4,953		—	—	—	—	—	—	4,953
Payments related to noncontrolling interests	(1,812)		—	—	—	—	—	—	(1,812)
Non-cash purchase or activity of noncontrolling interests, net	16,448		—	—	—	—	—	—	16,448
Balance at August 31, 2025	$	22,751,555	26,153	3,660	5,884,528	(5,457,876)	6,019	22,107,836	181,235

	Three Months Ended May 31, 2024
	Three Months Ended August 31, 2024
(In thousands)	TotalEquity		Class ACommon Stock	Class BCommon Stock	AdditionalPaid - in Capital	TreasuryStock	Accumulated Other Comprehensive Income	RetainedEarnings	NoncontrollingInterests
Balance at February 29, 2024	$	26,777,930	25,983	3,660	5,651,836	(1,988,200)	5,241	22,949,315	130,095
Net earnings (including net earnings attributable to noncontrolling interests)	960,586		—	—	—	—	—	954,311	6,275
Employee stock and directors plans	(1,046)		13	—	1,277	(2,336)	—	—	—
Purchases of treasury stock	(607,270)		—	—	—	(607,270)	—	—	—
Amortization of restricted stock	34,506		—	—	34,506	—	—	—	—
Cash dividends	(138,931)		—	—	—	—	—	(138,931)	—
Receipts related to noncontrolling interests	8,926		—	—	—	—	—	—	8,926
Payments related to noncontrolling interests	(24,667)		—	—	—	—	—	—	(24,667)
Non-cash purchase or activity of noncontrolling interests, net	4,364		—	—	(12,886)	—	—	—	17,250
Total other comprehensive income, net of tax	1,355		—	—	—	—	1,355	—	—
Balance at May 31, 2024	$	27,015,753	25,996	3,660	5,674,733	(2,597,806)	6,596	23,764,695	137,879
Net earnings (including net earnings attributable to noncontrolling interests)	1,187,274		—	—	—	—	—	1,162,674	24,600
Employee stock and directors plans	10		2	—	70	(62)	—	—	—
Purchases of treasury stock	(524,540)		—	—	—	(524,540)	—	—	—
Amortization of restricted stock	31,908		—	—	31,908	—	—	—	—
Cash dividends	(135,850)		—	—	—	—	—	(135,850)	—
Receipts related to noncontrolling interests	2,322		—	—	—	—	—	—	2,322
Payments related to noncontrolling interests	(19,173)		—	—	—	—	—	—	(19,173)
Non-cash purchase or activity of noncontrolling interests, net	(440)		—	—	—	—	—	—	(440)
Total other comprehensive income, net of tax	444		—	—	—	—	444	—	—
Balance at August 31, 2024	$	27,557,708	25,998	3,660	5,706,711	(3,122,408)	7,040	24,791,519	145,188

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

	Six Months Ended May 31, 2025
	Nine Months Ended August 31, 2025
(In thousands)	TotalEquity		Class ACommon Stock	Class BCommon Stock	AdditionalPaid - in Capital	TreasuryStock	Accumulated Other Comprehensive Income (Loss)	RetainedEarnings	NoncontrollingInterests
Balance at November 30, 2024	$	28,021,225	25,998	3,660	5,729,434	(3,649,564)	7,529	25,753,078	151,090
Net earnings (including net earnings attributable to noncontrolling interests)	1,~~010~~610,~~533~~344		—	—	—	—	—	~~996~~1,~~975~~587,942	1322,~~558~~402
Employee stock and directors plans	(6348,~~671~~108)		~~138~~155	—	117,~~389~~680	(65,~~198~~943)	—	—	—
Retirement of treasury stock	—		—	—	—	—	—	—	—
Purchases of treasury stock	(1,~~230~~742,~~696~~369)		—	—	—	(1,~~230~~742,~~696~~369)	—	—	—
Amortization of restricted stock	~~112~~138,~~858~~363		—	—	~~112~~138,~~858~~363	—	—	—	—
Cash dividends	(~~265~~394,~~235~~357)		—	—	—	—	—	(~~265~~394,~~235~~357)	—
Receipts related to noncontrolling interests	2125,~~029~~982		—	—	—	—	—	—	2125,~~029~~982
Payments related to noncontrolling interests	(57,~~965~~777)		—	—	—	—	—	—	(57,~~965~~777)
Millrose Properties, Inc. spin-off	(4,838,827)		—	—	—	—	—	(4,838,827)	—
Non-cash purchase or activity of noncontrolling interests, net	(2711,~~859~~411)		—	—	(949)	—	—	—	(2610,~~910~~462)
Total other comprehensive income, net of tax	(1,510)		—	—	—	—	(1,510)	—	—
Total other comprehensive loss, net of tax	(1,510)		—	—	—	—	(1,510)	—	—
Balance at May 31, 2025	$	22,731,882	26,136	3,660	5,842,732	(4,945,458)	6,019	21,645,991	152,802
Balance at August 31, 2025	$	22,751,555	26,153	3,660	5,884,528	(5,457,876)	6,019	22,107,836	181,235

	Six Months Ended May 31, 2024
	Nine Months Ended August 31, 2024
(In thousands)	TotalEquity		Class ACommon Stock	Class BCommon Stock	AdditionalPaid - in Capital	TreasuryStock	Accumulated Other Comprehensive Income	RetainedEarnings	NoncontrollingInterests
Balance at November 30, 2023	$	26,701,966	25,848	3,660	5,570,009	(1,393,100)	4,879	22,369,368	121,302
Net earnings (including net earnings attributable to noncontrolling interests)	12,~~680~~867,~~507~~781		—	—	—	—	—	12,~~673~~836,~~645~~319	631,~~862~~462
Employee stock and directors plans	(84,~~519~~509)		~~148~~150	—	1,~~212~~282	(85,~~879~~941)	—	—	—
Purchases of treasury stock	(1,~~118~~643,~~827~~367)		—	—	—	(1,~~118~~643,~~827~~367)	—	—	—
Amortization of restricted stock	~~122~~154,~~186~~094		—	—	~~122~~154,~~186~~094	—	—	—	—
Cash dividends	(~~278~~414,~~318~~168)		—	—	—	—	—	(~~278~~414,~~318~~168)	—
Receipts related to noncontrolling interests	1417,~~722~~044		—	—	—	—	—	—	1417,~~722~~044
Payments related to noncontrolling interests	(2645,~~646~~819)		—	—	—	—	—	—	(2645,~~646~~819)
Non-cash purchase or activity of noncontrolling interests, net	2,~~965~~525		—	—	(18,674)	—	—	—	21,~~639~~199
Total other comprehensive income, net of tax	12,~~717~~161		—	—	—	—	12,~~717~~161	—	—
Balance at May 31, 2024	$	27,015,753	25,996	3,660	5,674,733	(2,597,806)	6,596	23,764,695	137,879
Balance at August 31, 2024	$	27,557,708	25,998	3,660	5,706,711	(3,122,408)	7,040	24,791,519	145,188

On ~~June~~September 1926, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.50 per share on both its Class A and Class B common stock, payable on ~~July~~October 1827, 2025 to holders of record at the close of business on ~~July~~October 310, 2025. On ~~May~~July 718, 2025, the Company paid a quarterly cash dividend of 0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business day ~~April~~July 233, 2025. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2024 for both its Class A and Class B common stock.

In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At May 31, 2025, we have a remaining authorization to repurchase $2.2 billion in value of the Company's Class A or Class B common stock. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

	Three Months Ended May 31,								Six Months Ended May 31,
	2025				2024				2025				2024
(Dollars in thousands, except price per share amounts)	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Shares repurchased	4,501,936		204,515		3,393,475		406,525		9,271,936		663,320		6,419,603		780,397
Total purchase price	$	495,230	$	21,504	$	543,276	$	59,570	$	1,139,849	$	79,625	$	998,064	$	111,207
Average price per share	$	110.00	$	105.15	$	160.09	$	146.54	$	122.94	$	120.04	$	155.47	$	142.50

In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At August 31, 2025, we have a remaining authorization to repurchase $1.7 billion in value of the Company's Class A or Class B common stock. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:


	Three Months Ended August 31,								Nine Months Ended August 31,

	2025				2024				2025				2024
(Dollars in thousands, except price per share amounts)	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Shares repurchased	3,931,000		188,066		2,892,320		462,906		13,202,936		851,386		9,311,923		1,243,303
Total purchase price	$	484,372	$	22,154	$	447,845	$	71,434	$	1,624,220	$	101,779	$	1,445,909	$	182,641
Average price per share	$	123.22	$	117.80	$	154.84	$	154.32	$	123.02	$	119.55	$	155.27	$	146.90

(6)Income Taxes

The provision for income taxes and effective tax rate were as follows:

	Three Months Ended		~~Six~~Nine Months Ended
	May 31,		May 31,
	August 31,		August 31,
(Dollars in thousands)	2025	2024	2025		2024
Provision for income taxes	$~~160~~190,~~061~~892	~~300~~347,~~471~~859	~~329~~520,~~586~~478		~~511~~859,~~336~~195
Effective tax rate (1)	2524.14%	23.90%	24.87	%	23.42	%

(1)For the three and ~~six~~nine months ended ~~May~~August 31, 2025 and 2024, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the three months ended ~~May~~ August 31, 2025 from the prior year was primarily due to a decrease in ~~solar~~ tax credits. The increase in the effective tax rate for the ~~six~~nine months ended ~~May~~August 31, 2025 from the prior year was primarily due to a decrease in excess tax benefits from ~~share~~shared-based compensation and a decrease in ~~solar~~ tax credits.

On July 4, 2025, the One Big Beautiful Bill Act (7the "Act")~~Earnings~~ ~~Per~~was ~~Share~~enacted, introducing various changes to U.S. federal tax law. The Company does not expect the Act to have a material impact on its consolidated financial statements for the fiscal year ending November 30, 2025, and is currently evaluating the potential impact of the Act on future periods.

Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities.

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands, except per share amounts)	2025		2024	2025	2024
Numerator:
Net earnings attributable to Lennar	$	477,449	954,311	996,975	1,673,645
Less: distributed earnings allocated to nonvested shares	2,973		2,693	3,929	3,715
Less: undistributed earnings allocated to nonvested shares	3,304		8,007	7,160	13,923
Numerator for basic and diluted earnings per share	471,172		943,611	985,886	1,656,007
Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding	260,286		273,703	261,510	275,325
Basic and diluted earnings per share	$	1.81	3.45	3.77	6.01

For both the three and six months ended May 31, 2025 and 2024, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(7)Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands, except per share amounts)	2025		2024	2025	2024
Numerator:
Net earnings attributable to Lennar	$	590,967	1,162,674	1,587,942	2,836,319
Less: distributed earnings allocated to nonvested shares	855		635	4,784	4,351
Less: undistributed earnings allocated to nonvested shares	4,393		10,257	11,572	24,177
Numerator for basic and diluted earnings per share	585,719		1,151,782	1,571,586	2,807,791





Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding	255,601		270,164	259,540	273,604




Basic and diluted earnings per share	$	2.29	4.26	6.06	10.26

For both the three and nine months ended August 31, 2025 and 2024, there were no options to purchase shares of common stock that were outstanding and anti-dilutive.

(8)Homebuilding Senior Notes and Other Debt Payable

(Dollars in thousands)	At ~~May~~August 31, 2025		At November 30, 2024
Unsecured revolving credit facility	$	~~400~~1,140,000	—
5.25% senior notes due 2026	~~401~~400,~~216~~912		401,824
5.00% senior notes due 2027	350,~~782~~686		350,974
4.75% senior notes due 2027	698,~~555~~700		698,266
5.20% senior notes due 2030	693,~~540~~853		—
4.75% senior notes due 2025	—		499,779
Mortgage notes on land and other debt	~~247~~239,~~894~~615		307,440
	$	23,~~791~~523,~~987~~766	2,258,283

The carrying amounts of the senior notes in the table above are net of debt issuance costs of $87.05 million and $2.4 million as of ~~May~~August 31, 2025 and November 30, 2024, respectively.

In May 2025, the Company issued $700 million in aggregate principal amount of 5.20% senior notes due 2030 (the "5.20% senior notes") at a price of 99.969% of the principal amount. Proceeds from the offering, after payment of expenses, totaled $695.6 million. The 5.20% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries. Interest on the 5.20% Senior Notes is due semi-annually beginning January 30, 2026.

The Company utilized the net proceeds from the sale of the 5.20% senior notes primarily to pay off $500 million aggregate principal amount of its 4.75% senior notes due May 2025. The redemption price, which was paid in cash, was 100% of the principal amount outstanding.

In May 2025, the Company also entered into a new unsecured delayed draw term loan facility with an initial committed borrowing availability of approximately $1.6 billion (the “Delayed Draw Term Loan Facility”), which can be increased by an additional $500 million via an accordion feature. ~~The~~In ~~credit~~July ~~agreement~~2025, ~~governing~~ the ~~Company’s~~total ~~new~~commitment ~~unsecured~~under the Delayed Draw Term Loan Facility ~~permits~~was ~~the~~increased ~~Company~~by to$100 ~~draw up to six times in the first 180 days after the effective date of the credit agreement or May 2028. Once drawn~~million, ~~the~~thereby ~~Company~~increasing ~~may at any time prepay~~ the ~~loan,~~borrowing inavailable ~~whole~~capacity or in part, without premium or penalty. The term loan’s maturity date is three years from the initial effectiveness date of the credit agreement, and at the Company’s discretion, it can be extended for an additional year, subject to ~~the satisfaction of certain conditions~~$1.7 ~~Under the Delayed Draw Term Loan Facility, interest rates equal the adjusted term SOFR determined for the interest period plus the applicable margin~~billion. AsThe ~~of May 31, 2025, there were no borrowings under the~~ credit ~~agreement governing the Delayed Draw Term Loan Facility.~~

In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). In the first quarter of 2025, the Company received an additional $150 million in commitments. The maximum available borrowings on the Credit Facility were as follows:

(In thousands)	At May 31, 2025
Commitments - maturing in May 2027	$	225,000
Commitments - maturing in November 2029	2,800,000
Total commitments	$	3,025,000
Accordion feature	475,000
Total maximum borrowings capacity	$	3,500,000

The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2024 Form 10-K for the year ended November 30, 2024. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

agreement governing the Company’s new unsecured Delayed Draw Term Loan Facility permits the Company to draw up to six times in the first 180 days after the effective date of the credit agreement. Once drawn, the Company may at any time prepay the loan, in whole or in part, without premium or penalty. The term loan’s maturity date is three years from the initial effectiveness date of the credit agreement or May 2028, and at the Company’s discretion, it can be extended for an additional year until May 2029, subject to the satisfaction of certain conditions. Under the Delayed Draw Term Loan Facility, interest rates equal the adjusted term SOFR determined for the interest period plus the applicable margin. As of August 31, 2025, there were no borrowings under the credit agreement governing the Delayed Draw Term Loan Facility.

In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). In the first quarter of 2025, the Company received an additional $150 million in commitments. In the third quarter of 2025, the Company secured an additional $100 million in commitments. The maximum available borrowings on the Credit Facility were as follows:


(In thousands)	At August 31, 2025
Commitments - maturing in May 2027	$	225,000
Commitments - maturing in November 2029	2,900,000
Total commitments	$	3,125,000
Accordion feature	375,000
Total maximum borrowings capacity	$	3,500,000

The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2024 Form 10-K. The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands)

At ~~May~~August 31, 2025

At November 30, 2024

Performance letters of credit

1,~~843~~889,~~332~~234

1,668,061

Financial letters of credit

~~909~~874,~~960~~904

745,578

Surety bonds

5,~~453~~495,~~277~~538

5,140,432

Anticipated future costs primarily for site improvements related to performance surety bonds

3,~~025~~075,~~462~~021

2,766,088

All of the senior notes are guaranteed by certain of the Company's 100% owned subsidiaries, which are primarily homebuilding subsidiaries. The guarantees are full and unconditional. Other than as set forth in the Supplemental Financial Information, the terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2024 Form 10-K.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(9)Financial Instruments and Fair Value Disclosures

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at August 31, 2025 and November 30, 2024, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

		At May 31, 2025			At November 30, 2024
		At August 31, 2025			At November 30, 2024
(In thousands)	Fair Value Hierarchy	Carrying Amount		Fair Value	Carrying Amount	Fair Value
ASSETS
Financial Services:
Loans held-for-investment, net	Level 3	$	52,489	52,489	60,969	61,044
Loans held-for-investment, net (1)	Level 3	$	—	—	60,969	61,044
Investments held-to-maturity	Level 3	134,280		134,383	135,646	138,160
Loans held-for-sale (1)	Level 3	50,284		50,284	—	—
Investments held-to-maturity	Level 3	133,558		133,413	135,646	138,160
LIABILITIES
Homebuilding senior notes and other debt payable, net	Level 2	$	23,~~791~~523,~~987~~766	23,~~810~~562,~~004~~272	2,258,283	2,264,375
Financial Services notes and other debt payable, net	Level 2	1,~~416~~863,~~138~~845		1,~~416~~864,~~639~~336	1,930,956	1,931,515

(1)As of August 31, 2025, loans held-for-investment of $61.0 million (fair value of $50.3 million) were transferred to loans held-for-sale, based on the Company’s intent to sell the loans in the near future.

The following methods and assumptions are used by the Company in estimating fair values:

Financial Services - The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. The fair value of residential loans held-for-sale for which there is no active market for similar mortgage loans is determined using an independent third-party valuation that uses a discounted cash flow model to estimate fair value and is categorized as Level 3. The key assumptions used in the model, which are generally unobservable inputs, are mortgage prepayment rates, default rates, loss severity rates, and discount rates. Loans held-for-sale are carried at the lower of cost or fair value. For notes and other debt payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings.

Homebuilding - For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates.

Fair Value Measurements:

GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows:

Level 1: Fair value determined based on quoted prices in active markets for identical assets.

Level 2: Fair value determined using significant other observable inputs.

Level 3: Fair value determined using significant unobservable inputs.

The Company’s financial instruments measured at fair value on a recurring basis are summarized below:


	Fair Value Hierarchy	Fair Value at
(In thousands)		August 31, 2025		November 30, 2024
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,953,557	2,200,402

LMF Commercial loans held-for-sale	Level 3	77,787		50,316



Mortgage servicing rights	Level 3	3,290		3,463
Forward options	Level 1	1,776		1,458
Lennar Other Assets:
Investments in equity securities	Level 1	$	167,325	204,777
Investments available-for-sale	Level 3	39,069		40,578

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

	Fair Value Hierarchy	Fair Value at
(In thousands)		May 31, 2025		November 30, 2024
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,814,797	2,200,402
LMF Commercial loans held-for-sale	Level 3	72,203		50,316
Mortgage servicing rights	Level 3	3,467		3,463
Forward options	Level 1	2,037		1,458
Lennar Other Assets:
Investments in equity securities	Level 1	$	82,714	204,777
Investments available-for-sale	Level 3	39,069		40,578

Residential and LMF Commercial loans held-for-sale in the table above include:

At May 31, 2025

At November 30, 2024

At August 31, 2025

At November 30, 2024

(In thousands)

Aggregate Principal Balance

Change in Fair Value

Aggregate Principal Balance

Change in Fair Value

Residential loans held-for-sale

1,~~880~~995,~~054~~453

(6541,~~257~~896)

2,263,310

(62,907)

LMF Commercial loans held-for-sale

7278,~~950~~050

(~~747~~263)

50,020

296

The estimated fair values of the Company's financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgement is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values.

Financial Services residential loans held-for-sale - ~~Fair~~The fair value of residential loans held-for-sale that trade in active secondary markets is determined based onupon ~~independent~~ quoted market prices, ~~where~~for ~~available,~~similar ormortgage ~~the~~loans, ~~prices~~adjusted for credit risk and other ~~mortgage~~loan ~~whole~~characteristics, ~~loans~~and ~~with~~is ~~similar~~categorized ~~characteristics~~as Level 2. The Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these are included in Financial Services’ loans held-for-sale as of ~~May~~August 31, 2025 and November 30, 2024. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics.

LMF Commercial loans held-for-sale - The fair value of commercial loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its 2024 Form 10-K. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust.

Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:

	May 31, 2025	November 30, 2024
	August 31, 2025	November 30, 2024
Unobservable inputs:
Mortgage prepayment rate	89%	8%
Discount rate	13%	13%
Delinquency rate	1112%	12%

Forward contracts, forward options and interest rate swaps - Fair value of forward contracts, forward options and interest rate swaps is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and other liabilities and the Company recognizes the changes in the fair value of the premium paid as Financial Services' revenues.

Lennar Other investments in equity securities - The fair value of investments in equity securities was calculated based on independent quoted market prices. The Company’s investments in equity securities were recorded at fair value with all changes in fair value recorded to Lennar Other unrealized gains (losses) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income (loss).

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

changes in fair value recorded to Lennar Other unrealized gains (losses) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income (loss).

Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads.

The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2025		2024	2025	2024
Changes in fair value included in Financial Services revenues:
Loans held-for-sale	$	(32,753)	17,187	(2,350)	(28,865)
Mortgage loan commitments	(22,583)		(1,447)	10,921	(32,102)
Forward contracts	76,955		(27,375)	28,492	72,917
Forward options	(931)		(710)	203	(1,054)
Interest rate swaps	3,458		(1,598)	162	(44)
Changes in fair value included in Lennar Other realized and unrealized losses from technology investments:
Investments in equity securities	$	(29,440)	(21,514)	(91,943)	(26,651)
Changes in fair value included in other comprehensive income (loss), net of tax:
Lennar Other investments available-for-sale	$	(1,332)	1,355	(1,510)	1,717

Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2025		2024	2025	2024
Changes in fair value included in Financial Services revenues:
Loans held-for-sale	$	23,361	30,482	21,011	1,617
Mortgage loan commitments	34,590		22,400	45,511	(9,702)
Forward contracts	(36,411)		(30,043)	(7,919)	42,874
Forward options	68		2,687	271	1,633
Interest rate swaps	(6,652)		(1,621)	(6,490)	(1,665)
Changes in fair value included in Lennar Other realized and unrealized gains from technology investments:
Investments in equity securities	$	99,223	39,123	7,280	12,472
Changes in fair value included in other comprehensive income (loss), net of tax:
Lennar Other investments available-for-sale	$	—	444	(1,510)	2,161

The following table sets forth the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:

	Three Months Ended May 31,
	Three Months Ended August 31,
	2025			~~2024~~	2024
(In thousands)	Mortgage servicing rights		LMF Commercial loans held-for-sale	~~Mortgage servicing rights~~		~~LMF~~Mortgage ~~Commercial~~servicing ~~loans held-for-sale~~rights	LMF Commercial loans held-for-sale
Beginning balance	$	3,~~297~~467	8272,~~794~~203	~~3,475~~		~~125~~3,~~397~~652	66,715
Purchases/loan originations	~~251~~45		~~180~~177,~~875~~837	~~171~~		~~71,510~~174	236,665
Sales/loan originations sold, including those not settled	—		(~~190~~172,~~936~~643)	—		~~(129,335)~~—	(145,325)
Disposals/settlements	(56104)		—	~~(44)~~		—(122)	(9,500)
Changes in fair value (1)	(25118)		~~(466)~~483	50		(~~857~~338)	2,312
Interest and principal paydowns	—		(6493)	—		—	—
Ending balance	$	3,~~467~~290	7277,~~203~~787	~~3,652~~		663,~~715~~366	150,867

	Six Months Ended May 31,
	Nine Months Ended August 31,
	2025			2024
(In thousands)	Mortgage servicing rights		LMF Commercial loans held-for-sale	~~Mortgage servicing rights~~	Mortgage servicing rights	~~LMF Commercial loans held-for-sale~~	LMF Commercial loans held-for-sale
Beginning balance	$	3,463	50,316	~~3,440~~	3,440	~~13,459~~	13,459
Purchases/loan originations	~~277~~322		~~308~~486,~~840~~677	~~232~~	406	~~212,335~~	449,000
Sales/loan originations sold, including those not settled	—		(~~285~~458,~~823~~466)	—	—	~~(156,285)~~	(301,610)
Disposals/settlements	(~~153~~257)		—	~~(70)~~	(193)	—	(9,500)
Changes in fair value (1)	(~~120~~238)		(~~747~~264)	50	(287)	~~(2,985)~~	(673)
Interest and principal paydowns	—		(~~383~~476)	—	—	~~191~~	191
Ending balance	$	3,~~467~~290	7277,~~203~~787	~~3,652~~	3,366	~~66,715~~	150,867

(1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.

The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:

		Three Months Ended May 31,
		2025				2024
(In thousands)	Fair ValueHierarchy	Carrying Value		Fair Value	Total Losses, Net (1)	Carrying Value	Fair Value	Total Losses, Net (1)
Homebuilding - non-financial assets:
Finished homes and construction in progress (2)	Level 3	$	470,734	421,051	(49,683)	120,553	100,968	(19,585)
Deposits and pre-acquisition costs on real estate (3)	Level 3	8,661		—	(8,661)	332	—	(332)
Multifamily - non-financial assets:
Investments in unconsolidated entities (4)	Level 3	$	3,122	—	(3,122)	—	—	—

		Six Months Ended May 31,
		2025				2024
(In thousands)	Fair ValueHierarchy	Carrying Value		Fair Value	Total Losses, Net (1)	Carrying Value	Fair Value	Total Losses, Net (1)
Homebuilding - non-financial assets:
Finished homes and construction in progress (2)	Level 3	$	742,658	672,632	(70,026)	192,309	168,985	(23,324)
Land and land under development (2)	Level 3	191		134	(57)	—	—	—
Deposits and pre-acquisition costs on real estate (3)	Level 3	8,928		—	(8,928)	3,202	—	(3,202)
Multifamily - non-financial assets:
Investments in unconsolidated entities (4)	Level 3	$	10,716	—	(10,716)	—	—	—

(1)Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)


		Three Months Ended August 31,

		2025				2024
(In thousands)	Fair Value Hierarchy	Carrying Value		Fair Value	Total Losses, Net (1)	Carrying Value	Fair Value	Total Losses, Net (1)



Homebuilding - non-financial assets:
Finished homes and construction in progress (2)	Level 3	$	479,233	430,986	(48,247)	120,811	111,776	(9,035)

Deposits and pre-acquisition costs on real estate (3)	Level 3	8,919		—	(8,919)	206	—	(206)

Financial Services - financial assets:
Loans held-for-sale (4)	Level 3	$	61,001	50,284	(10,717)	—	—	—
Multifamily - non-financial assets:
Investments in unconsolidated entities (5)	Level 3	$	—	—	—	139,980	49,970	(90,010)


		Nine Months Ended August 31,

		2025				2024
(In thousands)	Fair Value Hierarchy	Carrying Value		Fair Value	Total Losses, Net (1)	Carrying Value	Fair Value	Total Losses, Net (1)




Homebuilding - non-financial assets:
Finished homes and construction in progress (2)	Level 3	$	1,221,892	1,103,619	(118,273)	313,120	280,761	(32,359)
Land and land under development (2)	Level 3	191		134	(57)	—	—	—
Deposits and pre-acquisition costs on real estate (3)	Level 3	17,847		—	(17,847)	3,408	—	(3,408)

Financial Services - financial assets:
Loans held-for-sale (4)	Level 3	$	61,001	50,284	(10,717)	—	—	—
Multifamily - non-financial assets:
Investments in unconsolidated entities (5)	Level 3	$	10,716	—	(10,716)	139,980	49,970	(90,010)

(1)Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.

(2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses in the Company's condensed consolidated financial statements.

(3)Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).

(4)~~Valuation~~Changes ~~adjustments~~in ~~related~~fair tovalue ~~investments~~below inamortized ~~unconsolidated~~cost ~~entities~~basis ~~were~~are ~~primarily~~recognized ~~included~~through ina ~~Multifamily~~valuation ~~other income (expense)~~allowance, ~~net~~with in the ~~Company's~~adjustment ~~condensed~~included ~~consolidated~~in ~~statements~~Financial ofServices ~~operations~~earnings ~~and~~in ~~comprehensive income (loss) for~~ the ~~three~~Company's ~~and~~condensed ~~six~~consolidated ~~months~~financial ~~ended May 31, 2025~~statements.

(5)Valuation adjustments related to investments in unconsolidated entities were primarily included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss).

Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its 2024 Form 10-K.

The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.

On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:

			Communities with valuation adjustments
At or for the Six Months Ended	# of active communities	# of communities with potential indicator of impairment	# of communities	Fair Value(in thousands)		Valuation Adjustments(in thousands)
May 31, 2025	1,617	102	14	$	35,482	$	17,918
May 31, 2024	1,245	32	4	25,769		15,263

The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:

	Six Months Ended May 31,
	2025			2024
Unobservable inputs	Range			Range
Average selling price (1)	$168,000	—	872,000	178,000	—	282,000
Absorption rate per quarter (homes)	2	—	7	10	—	15
Discount rate	20%			20%

(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the six months ended May 31, 2025 and 2024.

The Company disclosed its accounting policy related to investments in unconsolidated entities and its review for indicators of impairment for the long-lived assets of an unconsolidated entity and the decline in the fair value of an investment below the carrying value in the Summary of Significant Accounting Policies in its 2024 Form 10-K.

The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions, (3) the length of the time and the extent to which the market value has been less than cost and (4) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status, length of the time and the extent to which the market value has been below the carrying value, and liquidity needs of the unconsolidated entity. The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from the unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams. During the three and six months ended May 31, 2025, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had an other-than-temporary impairment of $3.1 million and $10.7 million, respectively, included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss). During the three and six months ended May 31, 2024, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment.

The Company estimates the fair value of investments in unconsolidated entities evaluated for impairment based on market conditions and assumptions made by management at the time the investment is evaluated, which may differ materially from actual results if market conditions or assumptions change.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)


			Communities with valuation adjustments
At or for the Nine Months Ended	# of active communities	# of communities with potential indicator of impairment	# of communities	Fair Value (in thousands)		Valuation Adjustments (in thousands)

August 31, 2025	1,664	113	21	$	49,884	$	25,633
August 31, 2024	1,283	24	4	25,769		15,263


	Nine Months Ended August 31,

	2025			2024
Unobservable inputs	Range			Range
Average selling price (1)	$168,000	—	872,000	178,000	—	282,000
Absorption rate per quarter (homes)	2	—	11	10	—	15
Discount rate	20%			20%

(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the nine months ended August 31, 2025 and 2024.

The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions, (3) the length of the time and the extent to which the market value has been less than cost and (4) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status, and liquidity needs of the unconsolidated entity. The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from the unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams. During the three months ended August 31, 2025, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment. During the nine months ended August 31, 2025, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had an other-than-temporary impairment of $10.7 million, included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss). During the three and nine months ended August 31, 2024, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had an immaterial amount of other-than-temporary impairment.

(10)Variable Interest Entities

During the ~~six~~nine months ended ~~May~~August 31, 2025, the Company evaluated the joint venture (“JV”) agreements of its JVs that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements. Based on the Company's evaluation, there were no VIEs that were consolidated during the ~~six~~nine months ended ~~May~~August 31, 2025. During the ~~six~~nine months ended ~~May~~August 31, 2025, there was a deconsolidation of a VIE that had total assets and liabilities of $315.8 million and $19.5 million, respectively.

The carrying amount of the Company's consolidated VIEs' assets and non-recourse liabilities are disclosed in the footnote to the condensed consolidated balance sheets.

A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debt payable. The assets held by a VIE are usually collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with VIE’s lenders. Other than debt guarantee agreements with VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts, but that would require forfeiture of deposits and pre-acquisition costs.

Unconsolidated VIEs

	At May 31, 2025			At November 30, 2024
(In thousands)	Investments inUnconsolidated VIEs		Lennar’s MaximumExposure to Loss	Investments inUnconsolidated VIEs	Lennar’s MaximumExposure to Loss
Homebuilding (1)	$	2,059,107	2,123,473	802,901	876,035
Multifamily (2)	156,428		157,137	136,158	140,120
Financial Services (3)	137,086		137,086	135,646	135,646
Lennar Other (4)	112,974		112,974	119,258	119,258
	$	2,465,595	2,530,670	1,193,963	1,271,059

(1)As of May 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining commitment to fund capital in Upward America of $20.2 million and $20.4 million, respectively. In addition, as of May 31, 2025 and November 30, 2024, there was recourse debt of VIEs of $33.9 million and $44.2 million, respectively. As of May 31, 2025, the increase in Homebuilding’s investment in VIEs was primarily due to the Company’s temporary 20% investment in the total outstanding shares of Millrose common stock, which was $1.2 billion.

(2)As of both May 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs.

(3)As of both May 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and primarily related to the Financial Services' CMBS investments held-to-maturity investments.

(4)As of both May 31, 2025 and November 30, 2024, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs.

The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of May 31, 2025 in accordance with ASC 810 due to insufficient equity at risk. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent.

There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Unconsolidated VIEs

The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:


	At August 31, 2025			At November 30, 2024
(In thousands)	Investments in Unconsolidated VIEs		Lennar’s Maximum Exposure to Loss	Investments in Unconsolidated VIEs	Lennar’s Maximum Exposure to Loss
Homebuilding (1)	$	1,971,692	2,006,742	802,901	876,035
Multifamily (2)	161,005		162,070	136,158	140,120
Financial Services (3)	136,215		136,215	135,646	135,646
Lennar Other (4)	110,728		110,728	119,258	119,258
	$	2,379,640	2,415,755	1,193,963	1,271,059

(1)As of August 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs. In addition, as of August 31, 2025 and November 30, 2024, there was recourse debt of VIEs of $31.4 million and $44.2 million, respectively. As of August 31, 2025, the increase in Homebuilding’s investment in VIEs was primarily due to the Company’s temporary 20% investment in the total outstanding shares of Millrose common stock, which was $1.2 billion.

(2)As of both August 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs.

(3)As of both August 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and primarily related to the Financial Services' CMBS investments held-to-maturity investments.

(4)As of both August 31, 2025 and November 30, 2024, the Company's maximum exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs.

The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of August 31, 2025 in accordance with ASC 810 due to insufficient equity at risk. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent.

Option Contracts

The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land banks) until the Company has determined whether to exercise the options.

The Company evaluates option contracts with third party land holding companies for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary and makes a significant deposit or pre-acquisition cost investment for optioned land, or is otherwise economically compelled to takedown the optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. As of ~~May~~August 31, 2025, land under option with third parties that the Company was compelled to takedown was $1.85 billion, of which $1497.14 ~~billion~~million were land purchase contract obligations due to land banks upon maturity of the contracts. The Company's intention is to have other land banks close on the land purchase commitments and the Company will option the land from the land banks. Land under option with third parties is included in consolidated inventory not owned. Consolidated inventory not owned related to land financing transactions, which are land sale transactions that did not meet the criteria for revenue recognition and derecognition of land by the Company as a result of the Company maintaining an option to repurchase the land in the future, was $~~869~~778.0 million as of ~~May~~August 31, 2025.

During the ~~six~~nine months ended ~~May~~August 31, 2025, consolidated inventory not owned decreased by $1.48 billion with a $1.26 billion decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of ~~May~~August 31, 2025. The decrease was primarily due to the reassessment of certain option contracts ~~due~~terms tothat ~~the~~were ~~amendment of various contract terms~~amended. This reassessment resulted in a decrease of $12.60 billion of consolidated ~~inventories~~inventory not owned with a corresponding decrease of $1.4 billion of liabilities related to consolidated inventories not owned. The decrease was partially offset by the consolidation of homesites under option that the Company is economically compelled to takedown, which resulted in an increase of $668.9 million of consolidated inventories not owned with a corresponding increase of $612.7 million of liabilities related to consolidated inventories not owned. To reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes and construction in progress in the accompanying condensed consolidated balance sheet as of May 31, 2025. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits.

The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows:

(In thousands)	At May 31, 2025		At November 30, 2024
Non-refundable option deposits and pre-acquisition costs on real estate	$	5,172,351	3,529,889
Non-refundable option deposits included in consolidated inventory not owned	342,690		520,731
Letters of credit in lieu of cash deposits under certain land and option contracts	419,211		341,834

For the six months ended May 31, 2025, the Company purchased a significant portion of land from two land banks (the “Land Banks”). There were no amounts due to the Land Banks as of May 31, 2025, resulting from land purchases as the full purchase price of the land is typically paid to the Land Banks at closing when land is purchased by the Company. As of May 31, 2025, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $2.3 billion. As of May 31, 2025, total consolidated inventory not owned and liabilities related to consolidated inventory not owned for the option contracts with the Land Banks were $498.1 million and $409.3 million, respectively.

The Company believes there are other land banks that could be substituted should the Land Banks become unavailable or non-competitive with respect to land banking of future land. Thus, the Company does not believe that the loss of the Company’s relationship with these Land Banks would have a material adverse effect on the Company’s business, financial condition or cash flows.

As discussed in Note 2, on February 7, 2025, the Company completed the spin-off of Millrose. The spin-off involved $5.6 billion of land assets, representing approximately 87,000 homesites. The Company entered into a Master Option Agreement ("Agreement") to option the land back from Millrose. As a result of entering into the Agreement with Millrose, the Company paid $584.0 million of option deposits to Millrose at the spin-off. Subsequently, on February 10, 2025, Millrose acquired Rausch’s land assets (except for any homesites with homes under construction which were acquired by the Company) and Lennar paid Millrose an additional $90.4 million in option deposits. As of May 31, 2025, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose were $720.8 million.

(11)Commitments and Contingent Liabilities

The Company is party to various claims, legal actions and complaints relating to homes sold by the Company arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. From time to time, the Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits often include claims regarding representations

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

~~and~~decrease ~~warranties~~of ~~made~~$1.9 billion of liabilities related to consolidated inventory not owned. The decrease was partially offset by the consolidation of homesites under option contracts that the Company is compelled to takedown, which resulted in ~~connection~~an increase of $668.9 million of consolidated inventory not owned with a corresponding increase of $612.7 million of liabilities related to consolidated inventory not owned. To reflect the ~~transfer~~purchase price of ~~properties~~the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes and ~~disputes~~construction ~~regarding~~in progress in the ~~obligation~~accompanying condensed consolidated balance sheet as of August 31, 2025. The liabilities related to ~~purchase~~consolidated orinventory ~~sell~~not ~~properties~~owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits.

The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows:


(In thousands)	At August 31, 2025		At November 30, 2024
Non-refundable option deposits and pre-acquisition costs on real estate	$	5,922,329	3,529,889
Non-refundable option deposits included in consolidated inventory not owned	271,305		520,731
Letters of credit in lieu of cash deposits under certain land and option contracts	436,489		341,834

For the nine months ended August 31, 2025, the Company purchased a significant portion of land from two land banks (the “Land Banks”). There were no amounts due to the Land Banks as of August 31, 2025, resulting from land purchases as the full purchase price of the land is typically paid to the Land Banks at closing when land is purchased by the Company. As of August 31, 2025, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $2.2 billion, which are included in the corresponding line item presented in the table above. As of August 31, 2025, total consolidated inventory not owned and liabilities related to consolidated inventory not owned for the option contracts with the Land Banks were $345.0 million and $298.2 million, respectively.

As discussed in Note 2, on February 7, 2025, the Company completed the spin-off of Millrose. The spin-off involved $5.6 billion of land assets, representing approximately 87,000 homesites. The Company entered into a Master Option Agreement ("Agreement") to option the land back from Millrose. As a result of entering into the Agreement with Millrose, the Company paid $584.0 million of option deposits to Millrose at the spin-off. Subsequently, on February 10, 2025, Millrose acquired Rausch’s land assets (except for any homesites with homes under construction which were acquired by the Company) and Lennar paid Millrose an additional $90.4 million in option deposits. As of August 31, 2025, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose were $969.3 million.

(11)Commitments and Contingent Liabilities

The Company does not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on its business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into.

Product Warranty

Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2025		2024	2025	2024
Warranty reserve, beginning of the period	$	428,926	405,558	446,240	414,796
Warranties issued	63,164		72,572	123,632	134,348
Adjustments to pre-existing warranties from changes in estimates	11,824		(381)	14,386	(3,285)
Payments	(61,856)		(74,301)	(142,200)	(142,411)
Warranty reserve, end of period	$	442,058	403,448	442,058	403,448

(1)The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2025 and May 31, 2024 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Leases

(Dollars in thousands)	At May 31, 2025		At November 30, 2024
Right-of-use assets	$	277,127	275,248
Lease liabilities	266,270		262,119
Weighted-average remaining lease term (in years)	5.2		4.7
Weighted-average discount rate	5.1%		5.0%

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at May 31, 2025 were as follows:


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2025		2024	2025	2024
Warranty reserve, beginning of the period	$	442,058	403,448	446,240	414,796
Warranties issued	62,241		76,653	185,873	211,001
Adjustments to pre-existing warranties from changes in estimates	(11,260)		18,768	3,126	15,483

Payments	(70,154)		(76,589)	(212,354)	(219,000)
Warranty reserve, end of period	$	422,885	422,280	422,885	422,280

(In thousands)	Lease Payments
2025	$	48,623
2026	73,824
2027	46,918
2028	35,963
2029 and thereafter	99,756
Total future minimum lease payments (1)	$	305,084
Less: Interest (2)	38,814
Present value of lease liabilities (2)	$	266,270

(1)The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2025 and August 31, 2024 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

~~(1)Total future minimum lease payments exclude variable lease costs of $32.8 million and short-term lease costs of $2.1 million.~~ Leases

The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases:

(2)The Company's leases do not include a readily determinable implicit rate. As such, the Company estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date. As of May 31, 2025, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.


(Dollars in thousands)	At August 31, 2025		At November 30, 2024
Right-of-use assets	$	285,185	275,248
Lease liabilities	275,595		262,119
Weighted-average remaining lease term (in years)	5.4		4.7
Weighted-average discount rate	5.0%		5.0%


(In thousands)	Lease Payments
2025	$	25,889
2026	86,327
2027	54,417
2028	39,013
2029 and thereafter	109,099

Total future minimum lease payments (1)	$	314,745
Less: Interest (2)	39,150
Present value of lease liabilities (2)	$	275,595

(1)Total future minimum lease payments exclude variable lease costs of $34.3 million and short-term lease costs of $2.0 million.

(2)The Company's leases do not include a readily determinable implicit rate. As such, the Company estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date. As of August 31, 2025, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.

The Company's rental expense on lease liabilities were as follows:

	Six Months Ended May 31,
	Nine Months Ended August 31,
(In thousands)	2025		2024
Rental expense	$	~~102~~148,~~628~~271	5482,~~684~~512

In December 2023, the Company purchased its corporate headquarters building in which the Company had previously leased office space. This building contains approximately 213,200 square feet of office space, of which the Company leases approximately 53,000 square feet of unused office space to other tenants. On occasion, the Company may sublease other rented space which is no longer used for the Company's operations. For both the ~~six~~nine months ended ~~May~~August 31, 2025 and 2024, the Company had an immaterial amount of sublease income.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “will,” “may” or other words of similar meaning. Some of them are opinions formed based upon general observations, anecdotal evidence and industry experience, but that are not supported by specific investigation or analysis.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from what is anticipated by our forward-looking statements. The most important factors that could cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limited to: slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials ~~and labor~~, including lumber, and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that may impact the cost of raw materials and other goods related to our homebuilding business; changes in U.S. and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business and operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy; any potential subsequent transactions we may enter into following our spin-off of Millrose Properties, Inc.("Millrose") involving the Millrose stock we still hold; a decline in the value of the land and home inventories we maintain and resulting possible future write downs of the carrying value of our real estate assets; the forfeiture of deposits and pre-acquisition costs on real estate related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration; possible unfavorable outcomes and/or results in legal proceedings; conditions in the capital, credit and financial markets; and changes in laws, regulations or the regulatory environment affecting our business.

Please see our Annual Report on Form 10-K for the fiscal year ended November 30, 2024 ("2024 Form 10-K"), filed with the Securities and Exchange Commission (the “SEC”) on January 23, 2025 and our other filings with the SEC for a further discussion of these and other risks and uncertainties which could affect our future results. We undertake no obligation, other than those imposed by securities laws, to publicly revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes included under Item 1 of this Quarterly Report on Form 10-Q and our audited consolidated financial statements and accompanying notes included in our 2024 Form 10-K.

Outlook

InOur third quarter results reflect the ~~second~~continued ~~quarter~~softening of ~~2025,~~market ~~our~~conditions ~~company~~and ~~navigated~~affordability ~~through~~challenges aagainst ~~challenging~~the ~~economic~~backdrop ~~environment.~~of ~~Despite~~what ~~these~~might ~~challenges,~~be wethe ~~remained~~beginnings ~~steadfast~~of inan improving economic landscape for the housing market. While our ~~strategy~~deliveries towere ~~drive~~just ~~volume~~below our goal and ~~growth,~~we ~~matching~~sold ~~production~~more ~~and~~homes ~~sales~~than ~~pace~~expected ~~while~~during ~~using~~the ~~margin~~quarter, asit was at the ~~shock~~expense ~~absorber~~of margin deterioration. Sales volume was difficult to ~~enable~~maintain ~~affordability~~and required additional incentives in order to achieve our expected pace and avoid ~~the~~a ~~build-up~~buildup of excess inventory. ~~Our~~Accordingly, ~~focus~~we remained focused on volume and even- flow production, ~~enabled~~although usat a slightly slower pace. We will maintain responsible volume to ~~re-rationalize~~maintain ~~our~~an affordable cost structure inand ~~order~~relieve topressure ~~find~~on sales and deliveries which will establish a floor ~~and~~on ~~rebuild~~ margin ~~even~~ as the overall housing market continues to ~~soften~~remain short on supply.

The macroeconomic landscape remains challenging, ~~with higher mortgage interest rates~~ and diminished consumer confidence is being affected by a wide range of uncertainties, both domestic and global. AtWe have begun to see interest rates drift downwards and we’re just beginning to see consumers return to the ~~same~~market. ~~time~~Against that backdrop, supply remains constrained in most markets driven by years of underproduction. New construction has slowed as builders have pulled back on production due to ~~mixed~~slow ~~demand~~sales ~~signals,~~and affordability concerns therefore exacerbating the chronic supply shortage. ~~Additionally, restrictive land permitting, along with higher impact fees, remain as constraints on supply, while labor and material costs, and costs of lumber, in particular, are generally increasing.~~ Demand, ~~however,~~ is still high, as people want and need homes., ~~Millennials~~but ~~are~~affordability ~~reaching~~and ~~the~~waning ~~prime~~confidence around buying ~~age~~now ~~and~~have ~~are~~been ~~realizing~~constraining ~~the~~that ~~benefit,~~demand. ~~and~~We ~~perhaps~~are ~~importance,~~optimistic ofthat ~~homeownership.~~if ~~But~~mortgage ~~affordability~~rates ~~and~~approach ~~waning~~the ~~confidence~~6% ~~are~~level, ~~sending~~or ~~confusing~~even ~~signals.~~lower, ~~Actionable~~we ~~demand~~will ~~continues~~soon tosee ~~cool.~~some ~~This~~firming isin athe ~~difficult cycle~~market, asand ~~low~~we ~~supply~~will ~~fuels~~benefit ~~high~~from ~~prices~~stronger ~~which~~affordability ~~lock~~and ~~out~~therefore ~~many of our homebuyers~~demand.

~~Our~~Operationally, ~~operational~~we ~~strategy~~will iscontinue ~~clear:~~to wedrive ~~are~~growth, ~~building~~production and ~~delivering consistent~~ volume byto ~~meeting~~fill the ~~market~~housing atshortage ~~affordability~~that ~~and~~we ~~pushing~~know ~~efficiencies~~persists ~~through~~across our ~~platform~~markets. We ~~strongly~~remain ~~believe this will produce greater efficiencies and drive down costs. Financially, we are~~ focused on ~~driving~~leveraging anadvanced ~~efficient,~~technology ~~land-light~~throughout ~~balance sheet to effectively have land banks and third parties hold and develop~~ our ~~land~~homebuilding ~~assets while we build cash flow~~operations. We ~~have~~look ~~intentionally~~to ~~maintained~~position ~~volume~~ourselves ~~rather~~as ~~than protecting our margin. In~~ the ~~past~~leading technology-enabled, welow-cost ~~protected~~homebuilding ~~margin as market conditions slowed~~manufacturer. ~~However,~~We weare ~~have~~now ~~learned~~situated ~~that~~with ~~once~~a welower ~~step~~cost ~~backwards~~structure, ~~and~~efficient ~~lose~~product ~~momentum~~offerings, ~~it becomes difficult to restart~~ and ~~recapture~~strong ~~volume.~~market ~~The~~positions ~~recovery~~to isaccommodate ~~difficult and expensive, and we end~~ pent-up ~~coming~~demand ~~back~~ as ~~the~~rates ~~exact~~moderate ~~same~~and ~~company~~confidence ~~that~~ultimately wereturns. ~~were before~~Financially, ~~with no significant changes for the future. We believe~~ we are ~~starting~~focused toon ~~see~~driving aan ~~bottom~~efficient, inland-light ~~the~~balance ~~free~~sheet ~~fall~~to ineffectively ~~our margin that began with the spike in interest rates in 2022. Our construction costs~~ have ~~decreased~~land ~~over~~banks ~~the past two~~ and athird ~~half~~parties ~~years,~~hold and wedevelop ~~believe~~ our ~~margins~~land ~~will~~assets ~~stabilize~~while as we ~~use our growing volume to work with our trade partners to reduce costs and~~ build ~~efficiencies~~cash flow.

~~With~~Looking ~~regard~~ahead to ~~our~~the ~~financial~~fourth ~~strategy~~quarter of ~~driving~~2025, awe ~~land-light~~anticipate ~~balance~~selling ~~sheet~~between 20,000 ~~the~~to ~~Millrose~~21,000 ~~spin-off~~homes ~~was~~and adelivering ~~critical~~between ~~part~~22,000 ofand ~~this strategy~~23,000 ~~but~~homes. ~~there~~Our average sales price is ~~more~~expected to ~~accomplish.~~be ~~Predictable~~between ~~volume~~$380,000 ~~creates~~and ~~greater~~$390,000, ~~certainty~~as ~~for~~we ~~the~~continue ~~capital~~to ~~markets~~see ~~and~~pricing ~~will~~pressure ~~help~~on ~~build~~homes ~~more~~sold ~~capital-efficient~~during ~~land~~the ~~banking~~quarter. ~~vehicles~~We toare ~~interface~~focused ~~with~~on ~~our~~driving ~~business.~~sales Weand ~~are~~closings ~~continuing~~and tomaintaining ~~drive~~strong ~~certainty~~current ~~with~~cash ~~dependable~~flow ~~volume~~even ~~for~~at ~~our~~reduced ~~land~~profitability. ~~banking~~We ~~partners.~~expect ~~That~~our ~~dependability~~margin ~~will~~to ~~translate~~come ~~into~~in ~~certainty~~at ~~and~~approximately ~~predictability~~17.5%, ~~for~~depending uson market conditions.

Additionally, this part of our strategy benefits from efficiencies derived from our technology-enabled solutions. We have spent considerable time working with, investing in, and exploring technology, and we believe that productivity and efficiencies can be significantly enhanced when these solutions achieve company-wide adoption. But modern technology is not plug-and-play. It requires substantial monetary investment, management time, and widespread engagement.

Looking ahead to the third quarter of 2025, we anticipate selling and delivering between 22,000 and 23,000 homes. Our average sales price is expected to be between $380,000 and $385,000, as we continue to see pricing pressure on homes sold during the quarter. We are focused on driving sales and closings and maintaining strong current cash flow even at reduced profitability. We expect our margin to come in at approximately 18%, depending on market conditions. For the full year, we expect to deliver at the low end of our previously stated range of 86,000 to 88,000 homes in 2025.

While the short-term road ahead may seem choppy, we are optimistic about our future. We are well-prepared with a strong national footprint, increasing community count, and growing volume. Our strong balance sheet and land banking relationships, along with our technology-enabled solutions, will afford us flexibility and advantaged opportunities for strategic growth.

(1) Results of Operations

Overview

We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the three and ~~six~~nine months ended ~~May~~August 31, 2025 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns.

Our net earnings attributable to Lennar were $~~477~~591.40 million, or $12.8129 per diluted share, in the ~~second~~third quarter of 2025, compared to our ~~second~~third quarter net earnings attributable to Lennar in 2024 of $~~954~~1.32 ~~million~~billion, or $34.4526 per diluted share. Excluding mark-to-market ~~losses~~gains of $99.2 million on technology investments, ~~second~~third quarter net earnings attributable to Lennar in 2025 were $~~499~~516.50 million, or $12.9000 per diluted share. Excluding mark-to-market ~~losses~~gains of $39.1 million on technology investments and one-time ~~gain~~items onof ~~the~~$89.0 ~~sale~~million ofin aour ~~technology~~Multifamily ~~investment~~segment, ~~our~~third ~~second~~ quarter net earnings attributable to Lennar in 2024 were $~~935~~1.31 ~~million~~billion or $3.3890 per diluted share.

Financial information relating to our operations was as follows:

	Three Months Ended May 31, 2025
	Three Months Ended August 31, 2025
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	78,~~788~~213,~~275~~580	—	—	—	—	78,~~788~~213,~~275~~580
Sales of land	4330,~~195~~521		—	—	—	—	4330,~~195~~521
Other revenues	129,~~392~~574		~~298~~314,~~098~~195	~~230~~228,~~305~~465	513,~~237~~943	—	~~546~~566,~~032~~177
Total revenues	78,~~843~~253,~~862~~675		~~298~~314,~~098~~195	~~230~~228,~~305~~465	513,~~237~~943	—	8,~~377~~810,~~502~~278
Costs and expenses:
Costs of homes sold	6,~~402~~779,~~532~~563		—	—	—	—	6,~~402~~779,~~532~~563
Costs of land sold	5641,~~173~~065		—	—	—	—	5641,~~173~~065
Selling, general and administrative expenses	~~688~~676,~~847~~491		—	—	—	—	~~688~~676,~~847~~491
Other costs and expenses	—		~~140~~136,~~818~~323	~~254~~238,~~677~~791	3045,~~025~~450	—	~~425~~420,~~520~~564
Total costs and expenses	7,~~147~~497,~~552~~119		~~140~~136,~~818~~323	~~254~~238,~~677~~791	3045,~~025~~450	—	7,~~573~~917,~~072~~683
Equity in earnings (losses) from unconsolidated entities	1710,~~716~~190		—	(56,~~269~~790)	~~(331)~~7,422	—	1210,~~116~~822
Other income, net and other gains	14,208		—	14,887	1,664	—	30,759
Other income (expense), net and other gains (losses), net	(6,961)		—	645	(12,640)	—	(18,956)
Lennar Other unrealized losses from technology investments	—		—	—	(29,440)	—	(29,440)
Lennar Other realized and unrealized gains from technology investments	—		—	—	99,223	—	99,223
Operating earnings (loss)	$	~~728~~759,~~234~~785	~~157~~177,~~280~~872	(1416,~~754~~471)	~~(52~~62,~~895)~~498	—	~~817~~983,~~865~~684
Corporate general and administrative expenses	—		—	—	—	~~155~~171,~~853~~397	~~155~~171,~~853~~397
Charitable foundation contribution	—		—	—	—	2021,~~131~~584	2021,~~131~~584
Earnings (loss) before income taxes	$	~~728~~759,~~234~~785	~~157~~177,~~280~~872	(1416,~~754~~471)	~~(52~~62,~~895)~~498	(~~175~~192,~~984~~981)	~~641~~790,~~881~~703


	Three Months Ended August 31, 2024

(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	9,017,627	—	—	—	—	9,017,627
Sales of land	19,466		—	—	—	—	19,466
Other revenues	8,599		273,270	93,443	3,637	—	378,949
Total revenues	9,045,692		273,270	93,443	3,637	—	9,416,042
Costs and expenses:
Costs of homes sold	6,989,603		—	—	—	—	6,989,603
Costs of land sold	22,720		—	—	—	—	22,720
Selling, general and administrative expenses	600,719		—	—	—	—	600,719
Other costs and expenses	—		128,870	184,708	17,176	—	330,754
Total costs and expenses	7,613,042		128,870	184,708	17,176	—	7,943,796
Equity in earnings (losses) from unconsolidated entities	25,220		—	170,266	(8,865)	—	186,621
Other income (expense), net and other gains (losses), net	20,048		—	(93)	3,376	—	23,331
Lennar Other unrealized gains from technology investments	—		—	—	39,123	—	39,123



Operating earnings	$	1,477,918	144,400	78,908	20,095	—	1,721,321
Corporate general and administrative expenses	—		—	—	—	164,672	164,672
Charitable foundation contribution	—		—	—	—	21,516	21,516
Earnings (loss) before income taxes	$	1,477,918	144,400	78,908	20,095	(186,188)	1,535,133

	Three Months Ended May 31, 2024
	Nine Months Ended August 31, 2025
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	823,~~357~~242,~~750~~401	—	—	—	—	823,~~357~~242,~~750~~401
Sales of land	13109,~~598~~042		—	—	—	—	13109,~~598~~042
Other revenues	929,~~711~~964		~~281~~889,~~723~~370	99521,~~500~~966	326,~~310~~582	—	~~394~~1,~~244~~467,882
Total revenues	823,381,~~059~~407		~~281~~889,~~723~~370	99521,~~500~~966	326,~~310~~582	—	824,~~765~~819,~~592~~325
Costs and expenses:
Costs of homes sold	619,~~469~~070,~~952~~239		—	—	—	—	619,~~469~~070,~~952~~239
Costs of land sold	6133,~~903~~315		—	—	—	—	6133,~~903~~315
Selling, general and administrative expenses	~~629~~1,~~600~~981,077		—	—	—	—	~~629~~1,~~600~~981,077
Other costs and expenses	—		~~134~~410,~~711~~735	~~102~~566,~~205~~844	2699,~~841~~039	—	~~263~~1,~~757~~076,618
Total costs and expenses	721,~~106~~184,~~455~~631		~~134~~410,~~711~~735	~~102~~566,~~205~~844	2699,~~841~~039	—	722,~~370~~261,~~212~~249
Equity in earnings (losses) from unconsolidated entities	1562,~~516~~910		—	(1711,~~557~~332)	(24,~~268)~~594	—	(456,~~309)~~172
Other income (expense), net and other gains (losses)	50,035		—	(212)	18,349	—	68,172
Other income (expense), net and other gains (losses), net	37,606		—	24,962	(19,097)	—	43,471
Lennar Other unrealized losses from technology investments	—		—	—	(21,514)	—	(21,514)
Lennar Other realized and unrealized gains from technology investments	—		—	—	7,280	—	7,280
Operating earnings (loss)	$	12,~~340~~297,~~155~~292	~~147~~478,~~012~~635	(2031,~~474~~248)	(2879,~~964~~680)	—	12,~~437~~664,~~729~~999
Corporate general and administrative expenses	—		—	—	—	~~156~~474,~~982~~628	~~156~~474,~~982~~628
Charitable foundation contribution	—		—	—	—	1959,~~690~~549	1959,~~690~~549
Earnings (loss) before income taxes	$	12,~~340~~297,~~155~~292	~~147~~478,~~012~~635	(2031,~~474~~248)	(2879,~~964~~680)	(~~176~~534,~~672~~177)	12,~~261~~130,~~057~~822

	Six Months Ended May 31, 2025
	Nine Months Ended August 31, 2024
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	1524,~~028~~277,~~821~~158	—	—	—	—	1524,~~028~~277,~~821~~158
Sales of land	7853,~~521~~816		—	—	—	—	7853,~~521~~816
Other revenues	2026,~~390~~768		~~575~~804,~~175~~713	~~293~~322,~~501~~620	129,~~639~~489	—	~~901~~1,~~705~~163,590
Total revenues	1524,~~127~~357,~~732~~742		~~575~~804,~~175~~713	~~293~~322,~~501~~620	129,~~639~~489	—	1625,~~009~~494,~~047~~564
Costs and expenses:
Homebuilding costs and expenses:
Costs of homes sold	1218,~~290~~855,~~676~~087		—	—	—	—	1218,~~290~~855,~~676~~087
Costs of land sold	9243,~~250~~640		—	—	—	—	9243,~~250~~640
Selling, general and administrative expenses	1,~~304~~798,~~586~~306		—	—	—	—	1,~~304~~798,~~586~~306
Other costs and expenses	—		~~274~~382,~~412~~005	~~328~~419,~~053~~580	53,~~589~~105	—	~~656~~854,~~054~~690
Total costs and expenses	1320,~~687~~697,~~512~~033		~~274~~382,~~412~~005	~~328~~419,~~053~~580	53,~~589~~105	—	1421,~~343~~551,~~566~~723
Equity in earnings (losses) from unconsolidated entities	5254,~~720~~038		—	(4140,~~542)~~103	(242,~~827~~374)	—	45151,~~351~~767
Other income (expense), net and other gains (losses)	44,567		—	24,317	(6,458)	—	62,426
Other income (expense), net and other gains (losses), net	132,122		—	(348)	25,101	—	156,875
Lennar Other realized and unrealized losses from technology investments	—		—	—	(91,943)	—	(91,943)
Lennar Other unrealized gains from technology investments	—		—	—	12,472	—	12,472
Operating earnings (loss)	$	13,~~537~~846,~~507~~869	~~300~~422,~~763~~708	~~(14~~42,~~777)~~795	(~~142~~48,~~178~~417)	—	14,~~681~~263,~~315~~955
Corporate general and administrative expenses	—		—	—	—	~~303~~478,~~231~~975	~~303~~478,~~231~~975
Charitable foundation contribution	—		—	—	—	3758,~~965~~004	3758,~~965~~004
Earnings (loss) before income taxes	$	13,~~537~~846,~~507~~869	~~300~~422,~~763~~708	~~(14~~42,~~777)~~795	(~~142~~48,~~178~~417)	(~~341~~536,~~196~~979)	13,~~340~~726,~~119~~976

On February 10, 2025, we completed our acquisition of Rausch Coleman Homes ("Rausch"). Prior year information includes only stand-alone data for Lennar Corporation for the three and nine months ended August 31, 2024.

Three Months Ended August 31, 2025 versus Three Months Ended August 31, 2024

Revenues from home sales decreased 9% in the third quarter of 2025 to $8.2 billion from $9.0 billion in the third quarter of 2024. Revenues were lower primarily due to a 9% decrease in the average sales price of homes delivered. New home deliveries were 21,584 homes in the third quarter of 2025, compared to 21,516 homes in the third quarter of 2024. The average sales price of homes delivered was $383,000 in the third quarter of 2025, compared to $422,000 in the third quarter of 2024.

	Six Months Ended May 31, 2024
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	15,259,531	—	—	—	—	15,259,531
Sales of land	34,350		—	—	—	—	34,350
Other revenues	18,169		531,443	229,177	5,852	—	784,641
Total revenues	15,312,050		531,443	229,177	5,852	—	16,078,522
Homebuilding costs and expenses:
Costs of homes sold	11,865,484		—	—	—	—	11,865,484
Costs of land sold	20,920		—	—	—	—	20,920
Selling, general and administrative expenses	1,197,587		—	—	—	—	1,197,587
Other costs and expenses	—		253,135	234,872	35,929		523,936
Total costs and expenses	13,083,991		253,135	234,872	35,929	—	13,607,927
Equity in earnings (losses) from unconsolidated entities	28,818		—	(30,163)	(33,509)	—	(34,854)
Other income (expense), net and other gains (losses)	112,074		—	(255)	21,725	—	133,544
Lennar Other unrealized losses from technology investments	—		—	—	(26,651)	—	(26,651)
Operating earnings (loss)	$	2,368,951	278,308	(36,113)	(68,512)	—	2,542,634
Corporate general and administrative expenses	—		—	—	—	314,303	314,303
Charitable foundation contribution	—		—	—	—	36,488	36,488
Earnings (loss) before income taxes	$	2,368,951	278,308	(36,113)	(68,512)	(350,791)	2,191,843

The decrease in average sales price of homes delivered in the third quarter of 2025 compared to the same period last year was primarily due to continued weakness in the market.

OnGross ~~February~~margins 10on home sales were $1.4 billion, ~~2025~~or 17.5%, wein ~~completed~~the ~~our~~third ~~acquisition~~quarter of ~~Rausch~~2025, ~~Coleman~~compared ~~Homes~~to ~~("Rausch")~~$2.0 ~~Prior~~billion, ~~year~~or ~~information~~22.5%, ~~includes~~in ~~only~~the ~~stand-alone~~third ~~data~~quarter ~~for~~of ~~Lennar~~2024. ~~Corporation~~During ~~for~~ the ~~three~~third quarter of 2025, gross margins decreased primarily due to a lower revenue per square foot and ~~six~~higher ~~months~~land ~~ended~~costs ~~May~~year 31over year, ~~2024~~which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.

~~Three~~Selling, ~~Months~~general ~~Ended~~and ~~May~~administrative ~~31,~~expenses were $676.5 million in the third quarter of 2025, ~~versus~~compared ~~Three~~to ~~Months~~$600.7 ~~Ended~~million ~~May~~in 31the third quarter of 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 8.2% in the third quarter of 2025, from 6.7% in the third quarter of 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.

~~Revenues~~During ~~from~~the ~~home~~three ~~sales~~months ~~decreased~~ended 7%August 31, in2025, ~~the~~our ~~second~~homebuilding ~~quarter~~operating ofearnings ~~2025~~included to $7.8 ~~billion from $8~~.47 ~~billion~~million ~~in the second quarter~~ of ~~2024.~~interest ~~Revenues were lower primarily due to a 9% decrease in the average sales price of homes delivered~~income, ~~partially~~compared ~~offset by a 2% increase in the number of home deliveries. New home deliveries increased~~ to ~~20,131 homes in the second quarter of 2025 from 19,690 homes in the second quarter of 2024~~$33.8 ~~The~~million ~~average sales price~~ of ~~homes~~interest ~~delivered~~income ~~was $389,000~~ in the ~~second~~three ~~quarter~~months ofended ~~2025~~August 31, ~~compared to $426,000 in the second quarter of~~ 2024. The decrease in ~~average~~interest ~~sales~~income ~~price of homes delivered in the second quarter of 2025 compared to the same period last year~~ was primarily due to ~~continued~~lower ~~weakness~~cash inbalances ~~the~~year ~~market~~over year.

~~Gross~~Operating ~~margins~~earnings onfor ~~home~~the ~~sales~~Financial Services segment were $1177.4 ~~billion,~~million ~~or 17.8% (18.0% excluding purchase accounting),~~ in the ~~second~~third quarter of 2025, compared to $1143.~~9 billion, or 22.~~6%, million in the ~~second~~third quarter of 2024. ~~During~~The ~~the~~increase ~~second~~in ~~quarter~~operating ofearnings ~~2025,~~was ~~gross~~primarily ~~margins decreased~~ due to anhigher ~~increase~~profit inper ~~land~~locked ~~costs~~loan ~~year~~in ~~over~~the ~~year,~~mortgage asbusiness ~~well~~ as a ~~decrease~~result inof ~~revenue~~higher ~~per square foot, which was partially offset by a decrease in construction costs as we continue to focus on construction cost savings~~margins.

~~Selling,~~Operating ~~general~~loss ~~and~~for ~~administrative~~the ~~expenses~~Multifamily ~~were~~segment was $~~688~~16.84 million in the ~~second~~third quarter of 2025, compared to operating earnings of $~~629~~79.60 million in the ~~second~~third quarter of 2024., Aswhich awere ~~percentage~~positively ofimpacted ~~revenues~~by ~~from~~a ~~home~~$179.0 ~~sales,~~million ~~selling,~~one-time ~~general~~net ~~and~~gain ~~administrative~~from ~~expenses increased to 8.8% in~~ the ~~second~~sale ~~quarter~~ of ~~2025,~~assets ~~from 7.5%~~ in ~~the~~our ~~second~~LMV ~~quarter~~Fund ~~of 2024~~I, ~~primarily~~partially ~~due~~offset toby ~~less~~a ~~leverage~~one-time as$90.0 amillion ~~result~~write-down of ~~lower~~non-core ~~revenues and an increase in marketing and selling expenses~~assets.

~~During~~Operating earnings for the ~~three~~Lennar ~~months~~Other ~~ended~~segment ~~May 31,~~were $62.5 million in the third quarter of 2025, ~~our~~compared ~~homebuilding~~to operating earnings ~~included~~of $1320.81 million ofin ~~interest~~the ~~income,~~third ~~compared~~quarter toof ~~$43~~2024.2 ~~million~~The ofLennar ~~interest~~Other ~~income~~operating inearnings for both the ~~three~~third ~~months~~quarter ~~ended~~of ~~May 31,~~2025 and 2024. ~~The~~were ~~decrease~~primarily inrelated ~~interest~~to ~~income~~$99.2 ~~was~~million ~~primarily~~and ~~due~~$39.1 million mark-to-market ~~lower~~gains ~~cash~~on ~~balances~~our ~~year~~technology ~~over~~investments, ~~year~~respectively.

~~Operating~~In ~~earnings~~the ~~for~~third ~~the~~quarter ~~Financial~~of ~~Services~~2025 ~~segment~~and ~~were~~2024, we had tax provisions of $~~156~~190.69 million and $347.9 million, which resulted in ~~the~~an ~~second~~overall ~~quarter~~effective income tax rate of ~~2025~~24.4% and 23.0%, ~~compared~~respectively. toFor ~~$146~~both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits.3 ~~million~~The increase in our effective tax rate for the ~~second~~third quarter of ~~2024.~~2025 ~~The~~compared ~~increase~~to inthe ~~operating~~prior ~~earnings~~period was primarily due to ~~higher~~a ~~profit~~decrease ~~per~~in ~~locked~~tax ~~loan~~credits. inOn July 4, 2025, the ~~mortgage~~One ~~business~~Big asBeautiful Bill Act (the "Act") was enacted, introducing various changes to U.S. federal tax law. We do not expect the Act to have a ~~result~~material impact on our consolidated financial statements for the fiscal year ending November 30, 2025 and are currently evaluating the potential impact of ~~higher~~the ~~margins~~Act on our future periods.

~~Operating~~Nine ~~loss~~Months ~~for~~Ended ~~the~~August ~~Multifamily~~31, ~~segment was $14.8 million in the second quarter of~~ 2025, ~~compared~~versus toNine anMonths ~~operating~~Ended ~~loss~~August ~~of $20.4 million in the second quarter of 2024. Operating loss for the Lennar Other segment was $52.9 million in the second quarter of 2025~~31, ~~compared to an operating loss of $27.9 million in the second quarter of~~ 2024. ~~The Lennar Other operating loss~~

Revenues from home sales were $23.2 billion and $24.3 billion in the nine months ended August 31, 2025 and 2024, respectively. Revenues decreased primarily due to a 7% decrease in the average sales price of homes delivered, partially offset by a 3% increase in the number of homes delivered. New home deliveries increased to 59,549 homes in the nine months ended August 31, 2025 from 58,004 homes in the nine months ended August 31, 2024. The average sales price of homes delivered was $393,000 in the nine months ended August 31, 2025, compared to $421,000 in the nine months ended August 31, 2024. The decrease in average sales price of homes delivered in the nine months ended August 31, 2025 compared to the same period last year was primarily due to continued weakness in the market.

Gross margins on home sales were $4.2 billion, or 18.0%, in the nine months ended August 31, 2025, compared to $5.4 billion, or 22.3%, in the nine months ended August 31, 2024. During the nine months ended August 31, 2025, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.

Selling, general and administrative expenses were $2.0 billion in the nine months ended August 31, 2025, compared to $1.8 billion in the nine months ended August 31, 2024. As a percentage of revenues from home sales, selling, general and

administrative ~~for~~expenses ~~the~~increased ~~second~~to ~~quarter~~8.5% ofin ~~2025~~the ~~was~~nine ~~primarily~~months ~~due~~ended toAugust ~~losses~~31, on2025, ~~our~~from ~~technology investments~~7.4% ~~The~~in ~~Lennar~~the ~~Other~~nine ~~operating~~months ~~loss~~ended ~~for~~August ~~the~~31, ~~second quarter of~~ 2024, ~~includes~~primarily ~~$21.5~~due ~~million of mark-~~to~~-market~~ ~~losses~~less onleverage ~~our~~as ~~publicly traded technology investments and~~ a ~~$46.5~~result ~~million~~of ~~one-time~~lower ~~gain~~revenues onand ~~the~~an ~~sale~~increase ofin amarketing ~~technology~~and ~~investment~~selling expenses.

InDuring the ~~second~~nine ~~quarter~~months ofended ~~2025~~August ~~and~~31, ~~2024~~2025, weour ~~had~~homebuilding ~~tax~~operating ~~provisions~~earnings ofincluded $~~160~~45.17 million ~~and~~of ~~$300.5~~interest ~~million~~income, ~~which~~compared ~~resulted~~to in$134.6 anmillion ~~overall effective income tax rate~~ of ~~25.1%~~interest ~~and 23.9%, respectively. For both periods, our effective~~ income ~~tax~~in ~~rate~~the ~~included~~nine ~~state~~months ~~income~~ended ~~tax~~August ~~expense and non-deductible executive compensation~~31, ~~partially offset by tax credits~~2024. The ~~increase~~decrease in ~~the~~interest ~~effective~~income ~~tax rate in the second quarter of 2025 from the prior year~~ was primarily due to alower ~~decrease~~cash inbalances ~~solar~~year ~~tax~~over ~~credits~~year.

~~Six~~Operating ~~Months~~earnings ~~Ended~~for ~~May~~the Financial Services segment were $476.9 million in the nine months ended August 31, 2025, ~~versus~~compared ~~Six~~to ~~Months~~$420.5 ~~Ended~~million ~~May~~in the nine months ended August 31, 2024. The increase in operating earnings was primarily due to higher profit per locked loan in the mortgage business as a result of higher margins.

~~Revenues~~Operating ~~from~~loss ~~home~~for ~~sales~~the ~~were~~Multifamily ~~$15.0~~segment ~~billion~~was ~~and~~ $1530.39 ~~billion~~million in the ~~six~~nine months ended ~~May~~August 31, 2025 ~~and 2024~~, ~~respectively.~~compared ~~Revenues~~to ~~were~~operating ~~flat~~earnings ~~primarily because~~ of ~~a 4% increase in the number of home deliveries, which was offset by a 5% decrease in average sales price of home deliveries~~$43.1 ~~New~~million ~~home deliveries increased to 37,965 homes~~ in the ~~six~~nine months ended ~~May~~August 31, ~~2025 from 36~~2024,~~488~~ ~~homes~~which inwas ~~the~~positively ~~six~~impacted ~~months~~by ~~ended~~a ~~May 31, 2024~~$179.0 ~~The~~million ~~average~~one-time ~~sales~~net ~~price~~gain offrom ~~homes~~the ~~delivered~~sale ~~was~~of ~~$398,000~~assets in ~~the~~our ~~six~~LMV ~~months~~Fund ~~ended May 31~~I, ~~2025,~~partially ~~compared~~offset toby ~~$420,000~~a inone-time ~~the six months ended May 31, 2024~~$90.0 ~~The~~million ~~decrease~~write-down ~~in average sales price~~ of ~~homes~~non-core ~~delivered in the six months ended May 31, 2025 compared to the same period last year was primarily due to continued weakness in the market~~assets.

~~Gross~~Operating ~~margins~~loss onfor ~~home~~the ~~sales~~Lennar ~~were~~Other segment was $279.7 ~~billion,~~million ~~or 18.2% (18.4% excluding purchase accounting),~~ in the ~~six~~nine months ended ~~May~~August 31, 2025, compared to ~~$3.4~~operating ~~billion,~~loss orof 22$47.~~2%,~~3 million in the ~~six~~nine months ended ~~May~~August 31, 2024. ~~During~~The ~~the~~Lennar ~~six~~Other operating loss for nine months ended ~~May~~August 31, 2025, ~~gross~~was ~~margins~~primarily ~~decreased~~ due to anlosses ~~increase~~from incertain ~~land~~strategic ~~costs~~investments, ~~year~~partially ~~over~~offset ~~year~~by mark-to-market gains on our technology investments. The Lennar Other operating loss for the nine months ended August 31, as2024 ~~well~~was asprimarily arelated ~~decrease~~to inoperating ~~revenue~~losses ~~per~~from ~~square~~certain ~~foot~~strategic investments, which was partially offset by a$12.5 ~~decrease~~million inof ~~construction~~mark-to-market ~~costs~~gains ason weour ~~continue~~technology toinvestments ~~focus~~and a $46.5 million one-time gain on ~~construction~~the ~~cost~~sale ~~savings~~of a technology investment.

~~Selling,~~For ~~general~~the ~~and~~nine ~~administrative~~months ~~expenses~~ended ~~were~~August ~~$1.3~~31, ~~billion~~2025 inand ~~the~~2024, ~~six~~we ~~months~~had ~~ended~~tax ~~May~~provisions ~~31,~~of ~~2025,~~$520.5 ~~compared~~million toand $1859.2 ~~billion~~million, inrespectively, ~~the~~which ~~six~~resulted ~~months~~in ~~ended~~overall ~~May~~effective ~~31,~~income ~~2024.~~tax Asrates aof ~~percentage~~24.7% ofand ~~revenues~~23.2%, ~~from~~respectively. ~~home~~For ~~sales,~~both ~~selling~~periods, ~~general~~our ~~and~~effective ~~administrative~~income ~~expenses~~tax ~~increased~~rate toincluded ~~8.7%~~state inincome ~~the~~tax ~~six~~expense ~~months~~and ~~ended~~non-deductible ~~May~~executive 31compensation, ~~2025,~~partially ~~from~~offset 7by tax credits.8% The increase in the ~~six~~effective tax rate for the nine months ended ~~May~~August 31, ~~2024,~~2025 ~~primarily~~from ~~due~~the toprior ~~less~~year ~~leverage~~was asprimarily due to a ~~result~~decrease ofin ~~lower~~tax ~~revenues~~credits and ana ~~increase~~decrease in ~~marketing~~excess ~~and~~tax ~~selling~~benefits ~~expenses.~~from share-based compensation.

During the six months ended May 31, 2025, our homebuilding operating earnings included $37.0 million of interest income, compared to $100.8 million of interest income in the six months ended May 31, 2024. The decrease in interest income was primarily due to lower cash balances year over year.

Operating earnings for the Financial Services segment were $299.5 million in the six months ended May 31, 2025, compared to $276.9 million in the six months ended May 31, 2024. The increase in operating earnings was primarily due to higher profit per locked loan in the mortgage business as a result of higher margins.

Operating loss for the Multifamily segment was $14.5 million in the six months ended May 31, 2025, compared to operating loss of $35.9 million in the six months ended May 31, 2024. Operating loss for the Lennar Other segment was $142.2 million in the six months ended May 31, 2025, compared to operating loss of $67.4 million in the six months ended May 31, 2024. The Lennar Other operating loss for the second quarter of 2025 was primarily due to losses on our technology investments. The Lennar Other operating loss for the six months ended May 31, 2024 included $26.7 million of mark-to-market losses on our publicly traded technology investments and a $46.5 million one-time gain on the sale of a technology investment.

For the six months ended May 31, 2025 and 2024, we had tax provisions of $329.6 million and $511.3 million, respectively, which resulted in overall effective income tax rates of 24.8% and 23.4%, respectively. For both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate in the six months ended May 31, 2025 from the prior year was primarily due to a decrease in excess tax benefits from share-based compensation and a decrease in solar tax credits.

Homebuilding Segments

At ~~May~~August 31, 2025, our reportable Homebuilding segments and Homebuilding Other are outlined in Note 3 of the Notes to Condensed Consolidated Financial Statements. The following tables set forth selected financial and operational information related to our homebuilding operations for the periods indicated:

Selected Financial and Operational Data

Three Months Ended May 31, 2025

Three Months Ended August 31, 2025

Gross Margins

Operating Earnings

($ in thousands)

Sales of Homes Revenue

Costs of Sales of Homes

Gross Margin (Loss) %

Net Margins (Losses) on Sales of Homes (1)

Gross Margins (Losses) on Sales of Land

Other Revenues

Equity in Earnings (Losses) from Unconsolidated Entities

Other Income (Expense), net

Operating Earnings (Loss)

East

1,~~689~~679,~~129~~796

1,~~367~~362,~~873~~858

1918.09

~~154~~163,~~866~~716

~~793~~1,282

3,~~714~~521

814,~~295~~338

7(1,~~336~~209)

~~175~~181,~~004~~648

Central

12,~~769~~072,~~582~~731

1,~~440~~693,~~084~~876

18.63

~~162~~188,~~742~~696

(1,~~789~~788)

1,~~963~~030

~~(1)~~40

~~924~~1,480

~~163~~189,~~839~~458

South Central

1,~~505~~507,~~750~~314

1,~~241~~247,~~884~~502

17.52

~~137~~134,~~955~~693

(12,~~415~~305)

~~1,058~~610

(65)

(~~903~~2,864)

~~136~~130,~~689~~129

West

2,~~818~~950,~~980~~118

2,~~346~~470,~~962~~021

16.73

~~254~~278,~~863~~893

(107,~~567~~733)

21,~~095~~877

~~1,038~~563

(23,~~005~~277)

~~245~~270,~~424~~323

Other (2)

43,~~834~~621

5,~~729~~306

(1846.5)

(138,~~530~~472)

—

32,~~562~~536

8(4,~~390~~746)

8(1,~~856~~091)

7(11,~~278~~773)

Totals

78,~~788~~213,~~275~~580

6,~~402~~779,~~532~~563

17.85

~~696~~757,~~896~~526

(1210,~~978~~544)

129,~~392~~574

1710,~~716~~190

14(6,~~208~~961)

~~728~~759,~~234~~785

Three Months Ended May 31, 2024

Three Months Ended August 31, 2024

Gross Margins

Operating Earnings

($ in thousands)

Sales of Homes Revenue

Costs of Sales of Homes

Gross Margin (Loss) %

Net Margins (Losses) on Sales of Homes (1)

Gross Margins (Losses) on Sales of Land

Other Revenues

Equity in Earnings ~~(Losses)~~ from Unconsolidated Entities

Other Income, net

Operating Earnings

East

2,~~123~~058,~~136~~158

1,~~555~~511,~~904~~468

26.76

~~389~~388,~~854~~707

61,~~332~~810

2,~~896~~802

58,~~317~~186

~~22,649~~403

~~427~~401,~~048~~908

Central

12,~~769~~202,~~843~~207

1,~~384~~705,~~261~~333

2122.86

~~227~~339,~~555~~956

(303,545)

~~1,436~~708

~~(10)~~946

75,~~485~~425

~~236~~343,~~436~~490

South Central

1,~~194~~283,~~525~~781

~~912~~993,~~228~~685

2322.6

~~179~~195,~~400~~938

~~393~~(132)

~~680~~594

~~(3)~~—

41,~~106~~367

~~184~~197,~~576~~767

West

3,~~263~~470,~~903~~255

2,~~609~~773,~~981~~873

20.01

~~467~~507,~~453~~569

—(1,387)

1,~~564~~337

1,~~236~~624

85,~~684~~305

~~478~~514,~~937~~448

Other (2)

63,~~343~~226

75,~~578~~244

(1962.56)

(64,~~064~~865)

—

3,~~135~~158

814,~~976~~464

7,~~111~~548

1320,~~158~~305

Totals

89,~~357~~017,~~750~~627

6,~~469~~989,~~952~~603

22.65

1,~~258~~427,~~198~~305

6(3,~~695~~254)

98,~~711~~599

1525,~~516~~220

5020,~~035~~048

1,~~340~~477,~~155~~918

Six Months Ended May 31, 2025

Nine Months Ended August 31, 2025

Gross Margins

Operating Earnings

($ in thousands)

Sales of Homes Revenue

Costs of Sales of Homes

Gross Margin (Loss) %

Net Margins (Losses) on Sales of Homes (1)

Gross Margins (Losses) on Sales of Land

Other ~~Revenue~~Revenues

Equity in Earnings (Losses) from Unconsolidated Entities

Other Income (Expense), net

Operating Earnings

East

34,~~317~~996,~~027~~822

24,~~646~~009,~~520~~377

2019.28

~~342~~506,~~915~~631

~~865~~2,147

69,~~449~~970

1429,~~933~~271

3231,~~464~~255

~~397~~579,~~626~~274

Central

35,~~327~~399,~~136~~868

24,~~710~~403,~~067~~944

18.54

~~297~~485,~~005~~701

(35,~~690~~478)

23,~~817~~847

~~(4)~~36

34,~~163~~643

~~299~~488,~~291~~749

South Central

24,~~666~~173,~~273~~587

23,~~188~~435,~~413~~915

17.97

~~257~~391,~~127~~820

(1,~~249~~056)

12,~~759~~369

(813)

(14,~~355~~219)

~~258~~388,~~772~~901

West

58,~~707~~657,~~665~~783

47,~~733~~203,~~641~~662

1716.18

~~554~~833,~~488~~381

(1219,~~153~~886)

35,~~343~~220

1,~~010~~573

(25,~~483~~760)

~~544~~814,~~205~~528

Other (2)

1014,~~720~~341

1217,~~035~~341

(1220.39)

(1726,~~976~~448)

—

68,~~022~~558

3632,~~789~~043

1211,~~778~~687

3725,~~613~~840

Totals

1523,~~028~~242,~~821~~401

1219,~~290~~070,~~676~~239

18.20

12,~~433~~191,~~559~~085

(1324,~~729~~273)

2029,~~390~~964

5262,~~720~~910

4437,~~567~~606

12,~~537~~297,~~507~~292

Six Months Ended May 31, 2024

Nine Months Ended August 31, 2024

Gross Margins

Operating Earnings

($ in thousands)

Sales of Homes Revenue

Costs of Sales of Homes

Gross Margin (Loss) %

Net Margins (Losses) on Sales of Homes (1)

Gross Margins (Losses) on Sales of Land

Other ~~Revenue~~Revenues

Equity in Earnings (Losses) from Unconsolidated Entities

Other Income, net

Operating Earnings

East

36,~~986~~044,~~022~~179

24,~~898~~410,~~873~~341

27.30

~~736~~1,~~193~~124,900

1113,~~596~~406

58,~~207~~009

1220,~~414~~600

38,~~548~~951

~~803~~1,~~958~~205,866

Central

35,~~210~~412,~~271~~479

24,~~540~~245,~~020~~354

2021.96

~~377~~717,~~889~~845

(~~451~~3,996)

23,~~322~~030

6952

1823,~~293~~718

~~398~~741,~~059~~549

South Central

23,~~264~~548,~~683~~464

12,~~744~~737,~~100~~784

2322.08

~~340~~536,~~993~~931

1,~~434~~302

1,~~292~~886

(3)

910,~~441~~808

~~353~~550,~~157~~924

West

59,~~785~~255,~~395~~650

47,~~665~~439,~~604~~477

19.46

~~754~~1,~~515~~262,084

~~851~~(536)

34,~~208~~545

35,~~713~~337

2530,~~437~~742

~~787~~1,~~724~~302,172

Other (2)

1316,~~160~~386

1622,~~887~~131

(2835.31)

(1317,~~130~~995)

—

69,~~140~~298

1227,~~688~~152

2027,~~355~~903

2646,~~053~~358

Totals

1524,~~259~~277,~~531~~158

1118,~~865~~855,~~484~~087

22.23

23,~~196~~623,~~460~~765

1310,~~430~~176

1826,~~169~~768

2854,~~818~~038

~~112~~132,~~074~~122

23,~~368~~846,~~951~~869

(1)Net margins on sales of homes include selling, general and administrative expenses.

(2)Negative gross and net margins were due to period costs in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.

Summary of Homebuilding Data

Deliveries:

Three Months Ended May 31,

Three Months Ended August 31,

2025

2024

2025

2024

2025

2024

Homes

Dollar Value (In thousands)

Average Sales Price

East

4,~~676~~770

5,~~324~~270

1,~~740~~744,~~181~~875

2,~~158~~108,~~317~~031

~~372~~366,000

~~405~~400,000

Central

45,~~604~~469

45,~~393~~510

12,~~769~~072,~~582~~731

12,~~769~~202,~~842~~207

~~384~~379,000

~~403~~400,000

South Central

6,~~174~~413

45,~~669~~067

1,~~505~~507,~~750~~314

1,~~194~~283,~~525~~781

~~244~~235,000

~~256~~253,000

West

4,~~669~~926

5,~~292~~663

2,~~818~~950,~~980~~118

3,~~263~~470,~~904~~255

~~604~~599,000

~~617~~613,000

Other

126

43,~~834~~622

63,~~343~~225

604,000

~~529~~538,000

Total

2021,~~131~~584

1921,~~690~~516

78,~~839~~278,~~327~~660

89,~~392~~067,~~931~~499

~~389~~383,000

~~426~~422,000

Of the total homes delivered listed above, ~~113~~146 homes with a dollar value of $5165.1 million and an average sales price of $~~452~~446,000 represent homes from unconsolidated entities for the three months ended ~~May~~August 31, 2025, compared to 70124 homes with a dollar value of $3549.29 million and an average sales price of $~~503~~402,000 for the three months ended ~~May~~August 31, 2024.

Six Months Ended May 31,

Nine Months Ended August 31,

2025

2024

2025

2024

2025

2024

Homes

Dollar Value (In thousands)

Average Sales Price

East

813,~~987~~757

915,~~907~~177

35,~~409~~153,~~061~~936

46,~~064~~172,~~163~~193

~~379~~375,000

~~410~~407,000

Central

814,~~633~~102

813,~~094~~604

35,~~327~~399,~~137~~868

35,~~210~~412,~~271~~479

~~385~~383,000

~~397~~398,000

South Central

1017,~~904~~317

813,~~932~~999

24,~~666~~173,~~273~~587

23,~~264~~548,~~683~~464

~~245~~241,000

~~254~~253,000

West

914,~~425~~351

915,~~530~~193

58,~~707~~657,~~665~~783

59,~~785~~255,~~395~~650

~~606~~603,000

~~607~~609,000

Other

1622

2531

1014,~~720~~341

1316,~~160~~385

~~670~~652,000

~~526~~529,000

Total

3759,~~965~~549

3658,~~488~~004

1523,~~120~~399,~~856~~515

1524,~~337~~405,~~672~~171

~~398~~393,000

~~420~~421,000

Of the total homes delivered listed above, ~~193~~339 homes with a dollar value of $92157.01 million and an average sales price of $~~477~~463,000 represent homes from unconsolidated entities for the ~~six~~nine months ended ~~May~~August 31, 2025, compared to ~~147~~271 homes with a dollar value of $78128.10 million and an average sales price of $~~532~~472,000 for the ~~six~~nine months ended ~~May~~August 31, 2024.

Sales Incentives (1):

	Three Months Ended May 31,								Six Months Ended May 31,
	Three Months Ended August 31,								Nine Months Ended August 31,
		2025		2024	2025		2024		2025		2024	2025		2024
		Average Sales Incentives PerHome Delivered			Sales Incentivesas a % of Revenue				Average Sales Incentives PerHome Delivered			Sales Incentivesas a % of Revenue
East		$	7578,100	4755,~~800~~000	1617.97	%	1012.61	%	$	7173,~~400~~700	4749,~~200~~900	1516.95	%	1011.40	%
Central		4550,~~600~~700		38,~~000~~700	1011.68	%	8.68	%	4749,~~900~~000		4140,~~900~~600	11.13	%	9.63	%
South Central		5460,~~400~~800		4853,~~500~~400	1820.25	%	1517.94	%	5657,~~100~~800		5152,~~600~~200	1819.74	%	1617.91	%
West		6470,~~600~~400		4146,~~800~~100	910.75	%	67.30	%	6566,~~000~~800		4746,~~300~~900	910.70	%	7.21	%
Other		~~101~~86,~~700~~100		7346,~~400~~200	1412.45	%	127.29	%	9995,~~500~~900		8174,~~700~~800	12.98	%	1312.4	%
Total		$	5964,~~500~~100	4448,~~200~~100	1314.3	%	910.42	%	$	6061,~~000~~500	47,~~100~~500	13.15	%	10.1	%

(1) Sales incentives relate to homes delivered during the period, excluding homes delivered by unconsolidated entities.

New Orders (2):

Three Months Ended May 31,

At August 31,

Three Months Ended August 31,

2025

2024

2025

2024

2025

2024

2025

2024

Active Communities

Homes

Dollar Value (In thousands)

Average Sales Price

East

~~326~~348

~~287~~293

5,~~502~~665

4,~~758~~641

12,~~937~~034,~~371~~232

1,~~958~~891,~~763~~226

~~352~~359,000

~~412~~408,000

Central

~~457~~464

~~354~~365

5,~~368~~555

5,~~574~~405

2,~~028~~005,~~662~~407

2,~~218~~106,~~888~~128

~~378~~361,000

~~398~~390,000

South Central

~~391~~411

~~239~~245

67,~~626~~055

5,~~213~~217

1,~~607~~582,~~319~~753

1,~~332~~307,~~392~~688

~~243~~224,000

~~256~~251,000

West

~~441~~440

~~363~~378

54,~~098~~725

5,~~735~~317

2,~~997~~814,~~528~~895

3,~~679~~254,~~145~~573

~~588~~596,000

~~642~~612,000

Other

137

42,~~383~~445

52,~~688~~444

~~626~~611,000

~~438~~349,000

Total

1,~~617~~664

1,~~245~~283

2223,~~601~~004

2120,~~293~~587

8,~~575~~439,~~263~~732

98,~~194~~562,~~876~~059

~~379~~367,000

~~432~~416,000

Of the total new orders listed above, ~~141~~104 homes with a dollar value of $6956.87 million and an average sales price of $~~495~~546,000 represent homes in 10nine active communities from unconsolidated entities for the three months ended ~~May~~August 31, 2025, compared to 74114 homes with a dollar value of $4069.01 million and an average sales price of $~~540~~606,000 in ~~eight~~10 active communities for the three months ended ~~May~~August 31, 2024.

Six Months Ended May 31,

Nine Months Ended August 31,

2025

2024

2025

2024

2025

2024

Homes

Dollar Value (In thousands)

Average Sales Price

East

915,~~476~~141

913,~~141~~782

35,~~463~~498,~~930~~162

35,~~810~~701,~~481~~708

~~366~~363,000

~~417~~414,000

Central

1015,~~007~~562

915,~~991~~396

35,~~864~~869,~~160~~567

36,~~983~~089,~~784~~912

~~386~~377,000

~~399~~396,000

South Central

1118,~~547~~602

914,~~644~~861

24,~~780~~362,~~180~~932

23,~~452~~760,~~391~~078

~~241~~235,000

~~254~~253,000

West

914,~~909~~634

1015,~~662~~979

58,~~886~~701,~~178~~073

69,~~675~~929,~~384~~956

~~594~~595,000

~~626~~621,000

Other

1721

3138

1113,~~547~~993

1517,~~218~~663

~~679~~666,000

~~491~~465,000

Total

4063,~~956~~960

3960,~~469~~056

1624,~~005~~445,~~995~~727

~~16,937,258~~$

25,499,317

~~391~~382,000

~~429~~425,000

Of the total new orders listed above, ~~242~~346 homes with a dollar value of $~~129~~186.74 million and an average sales price of $~~536~~539,000 represent homes from unconsolidated entities for the ~~six~~nine months ended ~~May~~August 31, 2025, compared to ~~120~~234 homes with a dollar value of $65134.23 million and an average sales price of $~~543~~574,000 for the ~~six~~nine months ended ~~May~~August 31, 2024.

(2)Homes represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three and ~~six~~nine months ended ~~May~~August 31, 2025 and ~~May 31,~~ 2024.

We experienced cancellation rates in our Homebuilding segments and Homebuilding Other as follows:

	Three Months Ended				~~Six~~Nine Months Ended
	May 31,				May 31,
	August 31,				August 31,
	2025		2024		2025		2024
East	14	%	1716	%	15	%	1716	%
Central	1012	%	911	%	1011	%	10	%
South Central	16	%	1617	%	16	%	17	%
West	1314	%	1114	%	1213	%	1112	%
Other	1320	%	1330	%	19	%	914	%
Total	14	%	1314	%	14	%	14	%

Backlog (3):

At May 31,

At August 31,

2025 (1)

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Homes

Dollar Value (In thousands)

Average Sales Price

East

34,~~825~~720

5,~~744~~115

1,~~530~~821,~~495~~044

2,~~432~~222,~~505~~250

~~400~~386,000

~~423~~434,000

Central

4,~~781~~862

5,~~130~~025

1,~~937~~868,~~087~~613

2,~~171~~075,~~264~~185

~~405~~384,000

~~423~~413,000

South Central

34,~~430~~072

2,~~607~~757

~~815~~892,~~681~~312

~~663~~694,~~648~~104

~~238~~219,000

~~255~~252,000

West

3,~~500~~299

4,~~383~~037

2,~~200~~066,~~051~~021

2,~~962~~753,~~332~~198

~~629~~626,000

~~676~~682,000

Other

2—

910

~~1,176~~—

32,~~586~~805

~~588,000~~—

~~398~~280,000

Total

1516,~~538~~953

1716,~~873~~944

6,~~484~~647,~~490~~990

87,~~233~~747,~~335~~542

~~417~~392,000

~~461~~457,000

Of the total homes in backlog listed above, ~~128~~86 homes with a backlog dollar value of $~~101~~93.41 million and an average sales price of $~~792,000~~1.1 million represent the backlog from unconsolidated entities at ~~May~~August 31, 2025, compared to ~~120~~110 homes with a backlog dollar value of $6180.57 million and an average sales price of $~~513~~734,000 at ~~May~~August 31, 2024.

(3) During the ~~six~~nine months ended ~~May~~August 31, 2025, backlog includes ~~914~~909 acquired homes of which ~~186~~181, 717 and 11 homes were in the Central, South Central and West homebuilding segments, respectively.

Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally accompanied by sales deposits. In some instances, purchasers are permitted to cancel sales contracts if they fail to qualify for financing or under certain other circumstances. Various state and federal laws and regulations may sometimes give purchasers a right to cancel contracts homes in backlog. We do not recognize revenue on homes under sales contracts until the sales are closed and title passes to the new homeowners.

Three Months Ended ~~May~~August 31, 2025 versus Three Months Ended ~~May~~August 31, 2024

Homebuilding East: Revenues from home sales decreased in the ~~second~~third quarter of 2025 compared to the ~~second~~third quarter of 2024, primarily due to adecreases ~~decrease~~ in the number of homes delivered inand ~~all~~ the ~~states of the segment and lower~~ average sales price onof homes delivered in all the states of the segment except in New Jersey. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of ~~opening~~homes ~~and closing of communities~~delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the ~~second~~third quarter of 2025, agross ~~decrease~~margin inpercentage ~~revenues~~of ~~per~~homes ~~square~~delivered ~~foot~~decreased ~~was~~due ~~partially~~to ~~offset~~lower byrevenue ~~a decrease in costs~~ per square foot. Inand ~~addition,~~higher land costs ~~increased~~ year over year~~. Overall~~, ~~gross~~partially ~~margin~~offset ~~percentage~~by ofa ~~homes~~decrease ~~delivered~~in ~~decreased~~construction ~~year over year~~costs.

Homebuilding Central: Revenues from home sales ~~were~~decreased ~~flat~~ in the ~~second~~third quarter of 2025 compared to the ~~second~~third quarter of 2024, primarily due to andecreases ~~increase~~ in the number of homes delivered in all states of the segment except in ~~Georgia~~Alabama, Illinois, ~~Indiana,~~North ~~Maryland,~~Carolina ~~Minnesota~~ and South Carolina, ~~which~~and ~~was offset by a decrease~~ in the average sales price of homes delivered in Alabama, Illinois, Maryland, North Carolina, ~~South Carolina~~ and Virginia. The overall ~~increase~~decrease in the number of homes delivered was primarily due to ana ~~increase~~decrease in the number of homes delivered per active ~~communities~~community ~~including~~due ~~communities~~to ~~acquired~~the ~~from~~timing ~~Rausch~~of homes delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the ~~second~~third quarter of 2025, agross ~~decrease~~margin inpercentage ~~revenues~~of ~~per~~homes ~~square~~delivered ~~foot~~decreased ~~was~~due ~~offset~~to bylower arevenue ~~decrease in costs~~ per square foot. Inand ~~addition,~~higher land costs ~~increased~~ year over year~~. Overall~~, ~~gross~~partially ~~margin~~offset ~~percentage~~by ofa ~~homes~~decrease ~~delivered~~in ~~decreased~~construction ~~year over year~~costs.

Homebuilding South Central: Revenues from home sales increased in the ~~second~~third quarter of 2025 compared to the ~~second~~third quarter of 2024, primarily due to the Rausch acquisition which resulted in an increase in the number of homes delivered in all states in the segment, partially offset by a decrease in the average sales price of homes delivered. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch. The decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix ~~and product mix~~. In the ~~second~~third quarter of 2025, agross ~~decrease~~margin inpercentage ~~revenues~~of ~~per~~homes ~~square~~delivered ~~foot~~decreased ~~was~~due ~~partially~~to ~~offset~~lower byrevenue ~~a decrease in costs~~ per square foot. Inand ~~addition,~~higher land costs ~~increased~~ year over year~~. Overall~~, ~~the~~partially ~~gross~~offset ~~margin~~by ~~percentage~~a ofdecrease ~~homes~~in ~~delivered~~construction ~~decreased year over year~~costs.

Homebuilding West: Revenues from home sales decreased in the ~~second~~third quarter of 2025 compared to the ~~second~~third quarter of 2024, primarily due to decreases in the number of homes delivered in all the states in the segment except in Idaho and Utah and in the average sales price of homes delivered in all the states in the segment except ~~California~~Colorado, Idaho and ~~Idaho~~Washington. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of deliveries per active community due to the timing of ~~opening~~homes ~~and closing of communities~~delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives. In the ~~second~~third quarter of 2025, agross ~~decrease~~margin inpercentage ~~revenues~~of ~~per~~homes ~~square~~delivered ~~foot~~decreased ~~was~~due ~~partially~~to ~~offset~~lower byrevenue ~~a decrease in costs~~ per square foot. Inand ~~addition,~~higher land costs ~~increased~~ year over year~~. Overall~~, ~~the~~partially ~~gross~~offset ~~margin~~by ~~percentage~~a ofdecrease ~~homes~~in ~~delivered~~construction ~~decreased year over year~~costs.

~~Six~~Nine Months Ended ~~May~~August 31, 2025 versus ~~Six~~Nine Months Ended ~~May~~August 31, 2024

Homebuilding East: Revenues from home sales decreased in the ~~six~~nine months ended ~~May~~August 31, 2025 compared to the ~~six~~nine months ended ~~May~~August 31, 2024, primarily due to decreases in the number of homes delivered ~~in all the states in the segment~~ and the average sales price of homes delivered in all the states in the segment except in New Jersey. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of ~~opening~~homes ~~and closing of communities~~delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the ~~six~~nine months ended ~~May~~August 31, 2025, agross ~~decrease~~margin inpercentage ~~revenues~~of ~~per~~homes ~~square~~delivered ~~foot~~decreased ~~was~~due ~~partially~~to ~~offset~~lower byrevenue ~~a decrease in costs~~ per square foot. Inand ~~addition,~~higher land costs ~~increased~~ year over year~~. Overall~~, ~~gross~~partially ~~margin~~offset ~~percentage~~by ofa ~~homes~~decrease ~~delivered~~in ~~decreased~~construction ~~year over year~~costs.

Homebuilding Central: Revenues from home sales ~~increased~~were flat in the ~~six~~nine months ended ~~May~~August 31, 2025 compared to the ~~six~~nine months ended ~~May~~August 31, 2024, primarily due to an increase in the number of homes delivered in ~~all~~Alabama, ~~the~~Illinois, ~~states~~North ~~in the segment except in Maryland~~Carolina, ~~Minnesota and~~ South Carolina and Virginia, which was ~~partially~~ offset by a decrease in the average sales price of homes delivered in ~~all~~Alabama, ~~the~~Illinois, ~~states~~Maryland, inNorth ~~the segment except in Indiana~~Carolina, ~~Minnesota~~South Carolina and ~~Tennessee~~Virginia. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the ~~six~~nine months ended ~~May~~August 31, 2025, agross ~~decrease~~margin inpercentage ~~revenues~~of homes delivered decreased due to lower revenue per square foot ~~was~~and higher land costs year over year, partially offset by a ~~decreas~~decrease in construction costs.

eHomebuilding South Central: Revenues from home sales increased in ~~costs~~the ~~per~~nine ~~square~~months ~~foot.~~ended InAugust ~~addition~~31, ~~land~~2025, ~~costs~~compared to the nine months ended August 31, 2024, primarily due to the Rausch acquisition which resulted in an increase in the number of homes delivered in all states in the segment, partially offset by a decrease in the average sales price of homes delivered. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch. The decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased ~~year~~use ~~over~~of ~~year~~incentives and product mix. ~~Overall~~In the nine months ended August 31, 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding ~~South Central~~West: Revenues from home sales ~~increased~~decreased in the ~~six~~nine months ended ~~May~~August 31, 2025, compared to the ~~six~~nine months ended ~~May~~August 31, 2024, primarily due to ~~the~~decreases ~~Rausch acquisition which resulted~~ in ~~an increase in~~ the number of homes delivered in all the states in the segment, ~~partially~~except ~~offset~~in byIdaho aand ~~decrease~~Utah inand the average sales price of homes delivered in all states in the segment except in California and Idaho. The overall ~~increase~~decrease in the number of homes delivered was primarily due to ana ~~increase~~decrease in the number of homes delivered per active ~~communities~~community ~~including~~due ~~communities~~to ~~acquired~~the ~~from~~timing ~~Rausch~~of homes delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives ~~and product mix~~. In the ~~six~~nine months ended ~~May~~August 31, 2025, agross ~~decrease~~margin inpercentage ~~revenues~~of ~~per~~homes ~~square~~delivered ~~foot~~decreased ~~was~~due ~~partially~~to ~~offset~~lower byrevenue ~~a decrease in costs~~ per square foot. Inand ~~addition,~~higher land costs ~~increased~~ year over year~~. Overall~~, ~~the~~partially ~~gross~~offset ~~margin~~by ~~percentage~~a ofdecrease ~~homes~~in ~~delivered~~construction ~~decreased year over year~~costs.

Homebuilding West: Revenues from home sales decreased in the six months ended May 31, 2025 compared to the six months ended May 31, 2024, primarily due to a decrease in the number of homes delivered in all the states in the segment except in Arizona, Idaho, Utah and Washington. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of opening and closing of communities. In the six months ended May 31, 2025, revenues per square foot were flat while costs per square foot decreased. In addition, land costs increased year over year. Overall, the gross margin percentage of homes delivered decreased year over year.

Financial Services Segment

Our Financial Services reportable segment provides mortgage financing, title and closing services primarily for buyers of our homes. The segment also originates and sells into securitizations commercial mortgage loans through its LMF Commercial business. Our Financial Services segment sells substantially all of the residential loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, we retain potential liability for possible claims by purchasers that we breached certain limited industry-standard representations and warranties in the loan sale agreements.

The following table sets forth selected financial and operational information related to the residential mortgage and title activities of our Financial Services segment:

Three Months Ended

~~Six~~Nine Months Ended

May 31,

August 31,

(Dollars in thousands)

2025

2024

2025

2024

Dollar value of mortgages originated

45,~~877~~172,000

45,~~998~~139,000

914,~~320~~492,000

914,~~110~~249,000

Number of mortgages originated

1314,600

1314,~~700~~300

2540,~~900~~500

2539,~~200~~400

Mortgage capture rate of Lennar homebuyers

8584%

85%

8584%

Number of title and closing service transactions

2122,~~000~~700

2021,~~200~~900

3962,~~200~~000

3859,~~000~~900

At ~~May~~August 31, 2025 and November 30, 2024, the carrying value of Financial Services' commercial mortgage-backed securities was $~~134~~133.36 million and $135.6 million, respectively. Details of these securities and related debt are disclosed in Note 3 of the Notes to Condensed Consolidated Financial Statements.

Multifamily Segment

We have been actively involved, primarily through unconsolidated funds and joint ventures, in the development and construction of multifamily rental properties. Our Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.

The following table provides information related to our investment in the Multifamily segment:

Balance Sheets	At
(In thousands)	AtAugust ~~May~~ 31, 2025		At November 30, 2024
Multifamily investments in unconsolidated entities	$	~~518~~519,~~453~~510	503,303
Lennar's net investment in Multifamily	~~989~~878,~~978~~511		1,116,295

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. During the ~~six~~nine months ended ~~May~~August 31, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

Lennar Other Segment

Our Lennar Other segment includes fund investments we retained subsequent to our sale of the Rialto investment and asset management platform, as well as strategic investments in technology companies that are looking to improve the homebuilding and financial services industries to better serve homebuyers and homeowners and increase efficiencies. At ~~May~~August 31, 2025 and November 30, 2024, we had $~~790~~844.56 million and $894.9 million, respectively, of assets in our Lennar Other segment, which included investments in unconsolidated entities of $~~368~~372.03 million and $379.4 million, respectively. We have/had investments in Blend Labs, Inc. (“Blend Labs”), Hippo Holdings, Inc. (“Hippo”), Opendoor Technologies, Inc.(“Opendoor”), SmartRent, Inc. (“SmartRent”), Sonder Holdings, Inc. (“Sonder”) and Sunnova Energy International, Inc. (“Sunnova”), which are held at market and the carrying value of which will therefore change depending on the value of our shareholdings in those entities on the last day of each quarter. All of the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. Details of these investments are included within Note 3 of the Notes to Condensed Consolidated Financial Statements. The following is a detail of Lennar Other realized and unrealized ~~losses~~gains from sales of shares and mark-to-market adjustments on our publicly traded technology investments:

	Three Months Ended			~~Six~~Nine Months Ended
	May 31,			May 31,
	August 31,			August 31,
(In thousands)	2025		2024	2025	2024
Blend Labs (BLND)	$	—	~~715~~2,270	(3,737)	35,~~651~~921
Hippo (HIPO)	~~(15~~27,~~462)~~754		106,~~737~~609	(~~28,352~~598)	2733,~~186~~795
Opendoor (OPEN)	~~(12~~71,~~921)~~345		(~~16,907~~564)	~~(31~~39,~~707)~~638	(1516,~~592~~156)
SmartRent (SMRT)	—		(45,~~609~~634)	(4,483)	(612,~~572~~206)
Sonder (SOND)	—		~~(40)~~71	(19)	1182
Sunnova (NOVA)	~~(1,057)~~124		~~(11~~36,~~410)~~371	(23,~~645~~521)	~~(35~~1,~~335)~~036
Lennar Other realized and unrealized losses from technology investments (1)	$	(29,440)	(21,514)	(91,943)	(26,651)
Lennar Other realized and unrealized gains from technology investments (1)	$	99,223	39,123	7,280	12,472

(1)During the ~~six~~nine months ended ~~May~~August 31, 2025, we generated $44.7 million of cash and realized a loss of $2825.49 million on the sale of our shares in Blend Labs, Hippo, SmartRent, Sonder and Sunnova ~~and, as of May 31, 2025, have a small remaining interest in Sunnova~~.

(2) Financial Condition and Capital Resources

At ~~May~~August 31, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $1.58 billion, compared to $5.0 billion at November 30, 2024 and $34.93 billion at ~~May~~August 31, 2024.

We finance all of our activities, including homebuilding, financial services, multifamily, other and general operating needs, primarily with cash generated from our operations, debt issuances and cash borrowed under our warehouse lines of credit and our unsecured revolving credit facility (the “Credit Facility”). At ~~May~~August 31, 2025, we had $1.24 billion of homebuilding cash and cash equivalents and ended the ~~second~~third quarter ~~with~~of a2025 with total liquidity of $5.41 billion.

Operating Cash Flow Activities

During the ~~six~~nine months ended ~~May~~August 31, 2025 and 2024, cash (used in) provided by operating activities totaled ($1.45) billion and $~~610~~1.4 ~~million~~billion, respectively. During the ~~six~~nine months ended ~~May~~August 31, 2025, cash used in operating activities was impacted by (1) an increase in inventories due to land purchases, ~~land development~~ and construction costs of $1.63 billion,; (2) an increase in deposits and pre-acquisition costs on real estate of $~~782~~1.2 ~~million~~billion as we increased the percentage of controlled homesites primarily as a result of option contracts with Millrose,; (3) an increase in other assets of $210 million; and (4) a decrease in accounts payable and other liabilities of $~~600~~978 million. This was partially offset by our net earnings and a decrease in loans held-for-sale of $~~361~~240 million primarily related to the sale of loans originated by our Financial Services segment.

During the ~~six~~nine months ended ~~May~~August 31, 2024, cash provided by operating activities was impacted primarily by our net earnings, a decrease in loans held-for-sale of $~~336~~245 million primarily related to the sale of loans originated by our Financial Services segment. This was ~~partially~~ offset by (1) an increase in inventories due to strategic land purchases, land development and construction costs of $~~631~~708 million,; (2) an increase in dep

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