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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 ~~August~~February 3128, ~~2025~~2026

☐ 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 ~~August~~February 3128, ~~2025~~2026:

Class A ~~223~~215,~~803~~244,~~530~~398

Class B 31,~~217~~053,~~013~~898

LENNAR CORPORATION

FORM 10-Q

For the period ended August 31, 2025

For the period ended February 28, 2026

Part I

Financial Information

Item 1.

Financial Statements

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

Condensed Consolidated Balance Sheets as of February 28, 2026 and November 30, 2025

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 Operations and Comprehensive Income (Loss) for the three months ended February 28, 2026 and 2025

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

Condensed Consolidated Statements of Cash Flows for the three months ended February 28, 2026 and 2025

Notes to Condensed Consolidated Financial Statements

Forward-Looking Statements

3029

Item 2.

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

3130

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

4843

Item 4.

Controls and Procedures

4943

Part II

Other Information

5044

Item 1.

Legal Proceedings

5044

Item 1A.

Risk Factors

5044

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

5044

Item 3 - 4.

Not Applicable

5044

Item 5.

Other Information

5044

Item 6.

Exhibits

5145

Signatures

5246

Part I. Financial Information

Item 1. Financial Statements

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(~~Dollars~~In in thousands)

(Unaudited)

	August 31,		November 30,
	February 28,		November 30,
	2025 (1)		2024 (1)
	2026 (1)		2025 (1)
ASSETS
Homebuilding:
Cash and cash equivalents	$	12,~~406~~085,~~215~~384	43,~~662~~441,~~643~~324
Restricted cash	2927,~~928~~541		1125,~~799~~930
Receivables, net	~~948~~960,~~295~~912		1,~~053~~002,~~211~~629
Inventories:
Finished homes and construction in progress	109,~~049~~547,~~466~~262		108,~~884~~822,~~861~~271
Land and land under development	1928,~~069,620~~517		41,~~750~~098,~~025~~961
Inventory owned	1110,~~119~~475,~~086~~779		159,~~634~~921,~~886~~232
Consolidated inventory not owned	21,~~258~~646,~~568~~284		41,~~084~~696,~~665~~401
Inventory owned and consolidated inventory not owned	1312,~~377~~122,~~654~~063		1911,~~719~~617,~~551~~633
Deposits and pre-acquisition costs on real estate	6,~~012~~824,~~493~~948		36,~~625~~383,~~372~~633
Investments in unconsolidated entities	21,~~648~~479,~~329~~812		1,~~344~~545,~~836~~370
Goodwill	3,442,359		3,442,359
Other assets	1,~~798~~787,~~459~~517		1,~~734~~794,~~698~~378
	29,663,732		35,594,469
	28,730,536		29,253,256
Financial Services	32,~~368~~808,~~588~~039		3,~~516~~377,~~550~~413
Multifamily	1842,~~001,478~~100		1902,~~306,818~~136
Lennar Other	~~844~~829,~~603~~667		~~894~~897,~~944~~632
Total assets	$	3433,~~878~~210,~~401~~342	4134,~~312~~430,~~781~~437

(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 ~~August~~February 3128, ~~2025~~2026, total assets include $2.1.5 billion related to consolidated VIEs of which $7749.67 million is included in Homebuilding cash and cash equivalents, $2.0.2 million in Homebuilding receivables, net, $5138.72 million in Homebuilding finished homes and construction in progress, $~~336~~232.19 million in Homebuilding land and land under development, $1.50 billion in Homebuilding consolidated inventory not owned, $8394.61 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.13 million in Homebuilding investments in unconsolidated entities, $81.67 million in Homebuilding other assets and $2524.37 million in Multifamily assets.

As of November 30, ~~2024~~2025, total assets include $31.75 billion related to consolidated VIEs of which $6761.01 million is included in Homebuilding cash and cash equivalents, $62.0 million in Homebuilding receivables, net, $945.76 million in Homebuilding finished homes and construction in progress, $~~602~~300.93 million in Homebuilding land and land under development, $2984.84 ~~billion~~million in Homebuilding consolidated inventory not owned, $7188.83 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $428.39 million in Homebuilding other assets and $3325.90 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)

	August 31,		November 30,
	February 28,		November 30,
	2025 (2)		2024 (2)
	2026 (2)		2025 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,~~521~~737,~~244~~575	1,~~839~~812,~~440~~484
Liabilities related to consolidated inventory not owned	1,~~987~~447,~~263~~697		31,~~563~~476,~~934~~376
Senior notes and other debts payable, net	34,~~523~~065,~~766~~459		24,~~258~~084,~~283~~686
Other liabilities	2,~~809~~353,~~923~~359		32,~~201~~691,~~552~~876
	9,842,196		10,863,209
	9,604,090		10,065,422
Financial Services	21,~~070~~390,~~051~~277		2,~~140~~010,~~708~~598
Multifamily	~~116~~88,~~014~~547		~~181~~113,~~883~~361
Lennar Other	9895,~~585~~165		~~105~~100,~~756~~447
Total liabilities	1211,~~126~~178,~~846~~079		1312,~~291~~289,~~556~~828
Commitments and contingent liabilities (See Note 11)
Commitments and contingent liabilities (See Note 10)
Stockholders’ equity:
Preferred stock	—		—
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 A common stock of $0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 400,000,000 shares; Issued: February 28, 2026 - 263,189,720 shares and November 30, 2025 - 261,579,253 shares	26,319		26,158
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
Class B common stock of $0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 90,000,000 shares; Issued: February 28, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	5,~~884~~993,~~528~~733		5,~~729~~909,~~434~~726
Retained earnings	22,~~107~~577,~~836~~374		2522,~~753~~471,~~078~~471
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)
Treasury stock, at cost; February 28, 2026 - 47,945,322 shares of Class A common stock and 5,547,317 shares of Class B common stock; November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock	(6,727,316)		(6,457,609)
Accumulated other comprehensive income	65,~~019~~606		76,~~529~~011
Total stockholders’ equity	2221,~~570~~879,~~320~~376		2721,~~870~~959,~~135~~417
Noncontrolling interests	~~181~~152,~~235~~887		~~151~~181,~~090~~192
Total equity	22,~~751~~032,~~555~~263		2822,~~021~~140,~~225~~609
Total liabilities and equity	$	3433,~~878~~210,~~401~~342	4134,~~312~~430,~~781~~437

(2)As of ~~August~~February 3128, ~~2025~~2026, total liabilities include $1.40 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $3915.05 million is included in Homebuilding accounts payable, $1961.47 ~~billion~~million in Homebuilding liabilities related to consolidated inventory not owned, $~~6.0 million in Homebuilding senior notes and other debt payable, $~~1.32 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.

As of November 30, ~~2024~~2025, total liabilities include $2962.74 ~~billion~~million related to consolidated VIEs as to which there was no recourse against the Company, of which $6723.38 million is included in Homebuilding accounts payable, $2930.61 ~~billion~~million in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $451.85 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

~~Nine Months Ended~~

August 31,

February 28,

2025

2024

2025

2024

2026

2025

Revenues:

Homebuilding

86,~~253~~298,~~675~~563

97,~~045~~283,~~692~~870

~~23,381,407~~

~~24,357,742~~

Financial Services

~~314~~215,~~195~~555

~~273~~277,~~270~~077

~~889,370~~

~~804,713~~

Multifamily

~~228~~82,~~465~~499

9363,~~443~~196

~~521,966~~

~~322,620~~

Lennar Other

1322,~~943~~859

37,~~637~~402

~~26,582~~

~~9,489~~

Total revenues

86,~~810~~619,~~278~~476

97,~~416~~631,~~042~~545

~~24,819,325~~

~~25,494,564~~

Costs and expenses:

Homebuilding

75,~~497~~970,~~119~~420

76,~~613~~539,~~042~~960

~~21,184,631~~

~~20,697,033~~

Financial Services

~~136~~124,~~323~~242

~~128~~133,~~870~~594

~~410,735~~

~~382,005~~

Multifamily

~~238~~90,~~791~~428

~~184~~73,~~708~~376

~~566,844~~

~~419,580~~

Lennar Other

4543,~~450~~684

1723,~~176~~564

~~99,039~~

~~53,105~~

Corporate general and administrative

~~171~~157,~~397~~638

~~164~~147,~~672~~378

~~474,628~~

~~478,975~~

Charitable foundation contribution

2116,~~584~~863

2117,~~516~~834

~~59,549~~

~~58,004~~

Total costs and expenses

86,~~110~~403,~~664~~275

86,~~129~~935,~~984~~706

~~22,795,426~~

~~22,088,702~~

Equity in earnings from unconsolidated entities

1063,~~822~~268

~~186~~33,~~621~~234

~~56,172~~

~~151,767~~

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

(18,956)

23,331

43,471

156,875

Other income, net and other gains, net

8,146

31,668

Lennar Other realized and unrealized gains from technology investments

99,223

39,123

7,280

12,472

Lennar Other gains (losses) from technology investments

14,838

(62,503)

Earnings before income taxes

~~790~~302,~~703~~453

1698,~~535,133~~238

~~2,130,822~~

~~3,726,976~~

Provision for income taxes

(~~190~~69,~~892~~092)

(~~347~~169,~~859~~525)

~~(520,478)~~

~~(859,195)~~

Net earnings (including net earnings attributable to noncontrolling interests)

~~599~~233,~~811~~361

1528,~~187,274~~713

~~1,610,344~~

~~2,867,781~~

Less: Net earnings attributable to noncontrolling interests

83,~~844~~978

249,~~600~~187

~~22,402~~

~~31,462~~

Net earnings attributable to Lennar

~~590~~229,~~967~~383

1519,~~162,674~~526

~~1,587,942~~

~~2,836,319~~

Other comprehensive income (loss), net of tax:

Other comprehensive loss, net of tax:

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

—

444

(1,510)

2,161

Net unrealized losses on securities available-for-sale

(405)

(178)

Total other comprehensive income (loss), net of tax

—

444

(1,510)

2,161

Total other comprehensive loss, net of tax

(405)

(178)

Total comprehensive income attributable to Lennar

~~590~~228,~~967~~978

1519,~~163,118~~348

~~1,586,432~~

~~2,838,480~~

Total comprehensive income attributable to noncontrolling interests

83,~~844~~978

249,~~600~~187

~~22,402~~

~~31,462~~

Basic and diluted earnings per share

20.2993

41.2696

~~6.06~~

~~10.26~~

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Nine Months Ended
	Three Months Ended
	August 31,
	February 28,
	2025		2024
	2026		2025
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	1233,~~610,344~~361	2528,~~867,781~~713
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	9933,~~326~~388		8531,~~119~~332
Amortization of discount/premium and accretion on debt, net	~~(33)~~112		~~407~~(91)
Equity in earnings from unconsolidated entities	(5663,~~172~~268)		(~~151~~33,~~767~~234)
Distributions of earnings from unconsolidated entities	2826,~~266~~656		3411,~~108~~586
Share-based compensation expense	~~138~~62,~~363~~377		~~154~~84,~~094~~085
Deferred income tax expense	7744,~~332~~205		9923,~~368~~472
Gains on redemption/repurchase of senior notes	—		(825)
Loans held-for-sale unrealized (gains) losses	(32,402)		(30,403)
Loans held-for-sale unrealized gains	(10,293)		(1,617)
Lennar Other (gains) losses from technology investments and other (gains) losses, net	(14,838)		71,427
Lennar Other realized and unrealized losses (gains) from technology investments and other losses (gains), net	14,218		(35,189)
Gains on sale of operating properties and equipment and other assets	(9,296)		(23,411)
Gains on sale of other assets and loans receivables	(34,086)		(15,428)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets	38,128		28,261
Gain on sale of investments in unconsolidated entities and other	(35,678)		—
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets	146,893		125,777
Changes in assets and liabilities:
Increase in receivables	(10,286)		(24,170)
Decrease in receivables	296,232		117,753
Increase in inventories, excluding valuation adjustments	(1652,~~314,933~~015)		(~~707~~513,~~702~~257)
Increase in deposits and pre-acquisition costs on real estate	(1353,~~248,390~~721)		(~~984~~757,~~843~~972)
Increase in other assets	(~~209~~36,~~892~~460)		(8457,~~751~~501)
Decrease in loans held-for-sale	~~240~~397,~~394~~801		~~245~~445,~~004~~233
Decrease in accounts payable and other liabilities	(~~978~~403,~~048~~762)		(~~176~~215,~~492~~035)
Net cash (used in) provided by operating activities	(1,542,675)		1,428,874
Net cash used in operating activities	(433,502)		(289,042)
Cash flows from investing activities:
Net additions of operating properties and equipment	(~~103~~29,~~424~~992)		(~~130~~56,~~138~~043)
Proceeds from sale of other assets	5426,~~803~~163		3140,~~435~~258
Proceeds from sale of investments in unconsolidated joint venture	~~233,007~~—		—233,007
Proceeds from sales of investments	8628,~~862~~258		—72,003
Investments in and contributions to unconsolidated entities	(~~203~~31,~~010~~841)		(~~311~~78,~~904~~709)
Distributions of capital from unconsolidated entities	~~235~~104,~~593~~999		~~236~~35,~~527~~455
Proceeds from sale of loan receivables	114,661		—
Acquisition, net of cash and restricted cash acquired	—		(231,426)
Acquisition, net of cash and restricted cash acquired	(254,492)		—
Decrease in Financial Services loans held-for-investment	—		8,467
Decrease (increase) in Financial Services loans held-for-investment	11,572		(2,479)
Purchases of investment securities	(6,218)		(3,456)
Purchases of investment securities	(3,456)		(4,519)
Proceeds from maturities/sales of investment securities	1,993		1,934
Proceeds from maturities/sales of investment securities	3,518		4,254
Net cash provided by investing activities	$	93,362	21,490
Net cash provided by (used in) investing activities	$	175,634	(176,824)

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Continued)

(InDollars in thousands)

(Unaudited)

	Nine Months Ended
	Three Months Ended
	August 31,
	February 28,
	2025		2024
	2026		2025
Cash flows from financing activities:
Net borrowings under revolving credit facility	$	1,140,000	—
Net repayments under warehouse facilities	$	(599,303)	(533,831)
Net repayments under warehouse facilities	(67,111)		(618,388)
Principal payments on notes payable and other borrowings	(12,092)		(27,600)
Proceeds from issuance of senior notes	700,000		—
Net cash distributed in connection with Millrose Properties, Inc. spin-off	—		(416,006)
Redemption/repurchases of senior notes	(500,000)		(553,865)
Proceeds from liabilities related to consolidated inventory not owned	—		259
Principal payments on notes payable and other borrowings	(48,659)		(43,995)
Payments for liabilities related to consolidated inventory not owned	(80,155)		(255,862)
Net cash distributed in connection with Millrose Properties, Inc. spin-off	(416,006)		—
Payments related to other liabilities, net	(1,421)		(1,421)
Proceeds from liabilities related to consolidated inventory not owned	259		130,440
Receipts related to noncontrolling interests	1,083		11,328
Proceeds from other borrowings	—		6,231
Payments related to noncontrolling interests	(10,709)		(5,389)
Payments for liabilities related to consolidated inventory not owned	(479,426)		(255,753)
Payments related to other liabilities, net	(4,263)		(4,263)
Receipts related to noncontrolling interests	25,982		17,044
Payments related to noncontrolling interests	(7,777)		(45,819)
Debt issuance costs	(6,502)		—
Common stock:
Repurchases	(1269,~~808,312~~707)		(1774,~~729,308~~475)
Dividends	(~~394~~123,~~357~~480)		(~~414~~131,~~168~~646)
Net cash used in financing activities	(1,~~866~~095,~~172~~784)		(32,~~511~~134,~~844~~643)
Net decrease in cash and cash equivalents and restricted cash	(31,~~233~~435,~~213~~924)		(2,~~259~~402,~~794~~195)
Cash and cash equivalents and restricted cash at beginning of period	43,~~990~~830,~~210~~734		64,~~570~~990,~~938~~210
Cash and cash equivalents and restricted cash at end of period	$	12,~~756~~394,~~997~~810	42,~~311~~588,~~144~~015
Summary of cash and cash equivalents and restricted cash:
Homebuilding	$	12,~~406~~085,~~215~~384	42,~~037~~283,~~405~~928
Financial Services	~~216~~210,~~129~~147		~~156~~188,~~840~~833
Multifamily	1732,~~337~~623		2415,~~755~~030
Lennar Other	2224,~~532~~488		3328,~~662~~981
Homebuilding restricted cash	2927,~~928~~541		1222,~~600~~487
Financial Services restricted cash	6414,~~856~~627		4548,~~882~~756
	$	12,~~756~~394,~~997~~810	42,~~311~~588,~~144~~015
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding:
Payments of inventories financed by sellers	$	~~320~~1,235	~~34,245~~320
Net non-cash contributions to unconsolidated entities	~~162~~21,~~454~~241		1417,~~453~~330
Non-cash sale of investments in unconsolidated entities	90,730		—
Non-cash impact of Millrose Properties, Inc. spin-off:
Inventories	$	~~(5,578,704)~~—	—(5,576,376)
Investments in unconsolidated entities	~~1,197,039~~—		—1,194,711
Other assets	~~(60,156)~~—		—(60,156)
Notes payable	~~19,000~~—		—19,000
Retained earnings	~~4,422,821~~—		—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~~2025 ("~~2024~~2025 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~~2025 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 nine~~ months ended ~~August~~February 3128, ~~2025~~2026 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 ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025 included $~~673~~530.76 million and $~~265~~150.6 million, respectively, of cash held in escrow for approximately two days.

Share-based Payments

During ~~both~~ the three months ended ~~August~~February 3128, ~~2025~~2026 and ~~2024, the Company granted employees an immaterial number of nonvested shares. During the nine months ended August 31,~~ 2025 ~~and 2024~~, the Company granted employees 1.45 million and 1.34 million of nonvested shares of Class A common stock, respectively.

Recently Adopted Accounting Pronouncements

In ~~November~~December 2023, the FASB issued ASU 2023-0709, “Income Taxes (Topic 740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures” (“ASU 2023-0709”). ASU 2023-0709 requires ~~disclosure~~public ofcompanies ~~significant~~to ~~segment~~annually ~~expenses~~(1) ~~that~~disclose ~~are~~specific ~~regularly~~categories ~~provided~~in to the ~~chief~~rate ~~operating~~reconciliation ~~decision~~and ~~maker~~ (~~“CODM”~~2) ~~and~~provide ~~included~~additional ~~within~~information ~~the~~for ~~segment~~reconciling ~~measure~~items ofthat ~~profit~~meet ora ~~loss,~~quantitative anthreshold ~~amount~~(if ~~and~~the ~~description~~effect of ~~its~~those ~~composition~~reconciling ~~for other segment~~ items tois ~~reconcile~~equal to ~~segment~~or ~~profit~~greater orthan ~~loss,~~five ~~and~~percent of the ~~title~~amount ~~and~~computed ~~position~~by ofmultiplying ~~the~~pretax ~~entity’s~~income ~~CODM.~~or ~~ASU~~loss ~~2023-07~~by ~~will~~the beapplicable ~~applied~~statutory ~~retrospectively~~income ~~and~~tax rate). ASU 2023-09 is effective for the Company's fiscal year ending November 30, ~~2025~~2026 and ~~interim~~may ~~reporting~~be ~~periods~~applied ~~starting~~either inretrospectively ~~the~~or ~~first quarter of fiscal 2026~~prospectively. The Company isdoes ~~currently~~not ~~reviewing~~expect ~~the impact that the adoption of~~ ASU 2023-0709 ~~will~~to have a material effect on its condensed consolidated financial statements and disclosures.

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903, Income ~~Taxes~~Statement ~~(Topic~~- ~~740):Improvements~~Reporting toComprehensive Income ~~Tax~~- ~~Disclosure~~Expense Disaggregation Disclosures ("“ASU ~~2023~~2024-~~09"~~03”)., ~~ASU~~which ~~2023-09~~ requires ~~public~~disclosure ~~companies~~of todisaggregated ~~annually~~information ~~(1)~~about ~~disclose~~certain ~~specific~~income ~~categories~~statement inexpense ~~the~~line ~~rate reconciliation and (2) provide additional information for reconciling~~ items ~~that~~in ~~meet a quantitative threshold (if~~ the ~~effect~~notes ~~of those reconciling items is equal~~ to ~~or greater than five percent of~~ the ~~amount~~financial ~~computed~~statements byon ~~multiplying~~an ~~pretax~~interim ~~income~~and orannual ~~loss by the applicable statutory income tax rate)~~basis. ASU ~~2023~~2024-0903 will be effective for the Company's fiscal year ending November 30, ~~2026 and may be applied either retrospectively or prospectively~~2028. The Company is currently evaluating ~~ASU~~the ~~2023-09 and does not expect it to have a material effect on its condensed consolidated financial statements and disclosures.~~impact

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.

Reclassifications

In the first quarter of fiscal 2026, the Company implemented a reorganization of certain geographic communities within its Homebuilding segments. As a result of this reorganization, eleven communities previously allocated to the Central segment were moved to the East segment. Accordingly, the Company reclassified certain prior year segment information in the condensed consolidated financial statements to conform with the 2026 presentation. This reclassification was for operational purposes and between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

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

~~Reclassifications~~(2) Operating and Reporting Segments

AsOperations ~~a result~~ of the Company'’s ~~change~~Homebuilding insegments ~~Homebuilding~~primarily ~~reportable~~include ~~segments~~the ~~following~~construction and sale of single-family attached and detached homes, as well as the ~~acquisition~~purchase, development and sale of ~~Rausch~~residential ~~Coleman~~land ~~Homes~~directly and through the Company’s unconsolidated entities. The Company defines the Chief Operating Decision Maker ("~~Rausch~~CODM") ~~(refer~~function toas ~~Note~~the 2Executive ofChairman, ~~the~~Chief ~~Notes~~Executive toOfficer ~~Condensed~~and ~~Consolidated~~President. ~~Financial~~The ~~Statements~~CODM ~~for~~manages ~~more~~and ~~information),~~assesses the Company's ~~reclassified~~Homebuilding ~~certain~~performance ~~prior~~at ~~year~~a ~~segment~~regional ~~information~~level. inThe CODM evaluates the ~~condensed~~Homebuilding ~~consolidated~~segment ~~financial~~performance ~~statements~~using toeach ~~conform~~segment’s ~~with~~revenues ~~the~~generated ~~2025~~from ~~presentation.~~sales ~~This~~of ~~reclassification~~homes ~~was~~and ~~for~~earnings ~~operational~~(loss) ~~purposes~~before ~~and~~income ~~between~~taxes. ~~segments~~These ~~and~~operating ~~had~~results noare ~~impact~~reviewed onagainst the ~~Company's~~annual ~~total~~business ~~assets~~plan and quarterly forecast updates, ~~total~~as ~~equity~~applicable, ~~revenues~~and orused ~~net~~by ~~earnings~~the inCODM when making the ~~condensed~~Company’s ~~consolidated~~decisions ~~financial~~about ~~statements.~~the Inallocation ~~addition,~~of ~~certain~~operating ~~amounts~~and incapital ~~the~~resources ~~prior~~to ~~year'~~each Homebuilding segment. The CODM’s ~~statement~~evaluation of ~~cash~~the ~~flows~~Financial ~~were~~Services, ~~reclassified~~Multifamily toand ~~conform~~Lennar ~~with~~Other segments is based on the ~~2025~~revenues ~~presentation.~~and earnings (loss) before income taxes.

~~(2)Business~~Operational ~~Transactions~~results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. The following are the Company’s operating and reportable segments:

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 split-off, a stock sale or another 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:


(In thousands)	At February 28, 2026
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,085,384	210,147	32,623	24,488	2,352,642
Restricted cash	27,541		14,627	—	—	42,168
Receivables, net (1)	960,912		305,460	39,888		1,306,260
Inventory owned and consolidated inventory not owned	12,122,063		—	212,882	—	12,334,945
Deposits and pre-acquisition costs on real estate	6,824,948		—	7,756	—	6,832,704
Investments in unconsolidated entities	1,479,812		2,431	474,767	361,092	2,318,102
Loans held-for-sale (2)	—		1,847,078	—	—	1,847,078

Investments in equity securities (3)	—		—	—	222,460	222,460
Investments available-for-sale (4)	—		—	—	38,655	38,655

Investments held-to-maturity	—		130,997	—	—	130,997


Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,787,517		107,600	74,184	182,972	2,152,273
Total assets	$	28,730,536	2,808,039	842,100	829,667	33,210,342
Liabilities:
Senior notes and other debts payable, net	$	4,065,459	1,191,006	—	—	5,256,465
Liabilities related to consolidated inventory not owned	1,447,697		—	—	—	1,447,697
Accounts payable and other liabilities	4,090,934		199,271	88,547	95,165	4,473,917
Total liabilities	$	9,604,090	1,390,277	88,547	95,165	11,178,079

Lennar Corporation and Subsidiaries

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

(In thousands)	At ~~August~~November 3130, 2025
Assets:	Homebuilding		FinancialServices	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	13,~~406~~441,~~215~~324	~~216~~258,~~129~~873	1734,~~337~~172	2221,~~532~~936	13,~~662~~756,~~213~~305
Restricted cash	2925,~~928~~930		6448,~~856~~499	—	—	9474,~~784~~429
Receivables, net (1)	~~948~~1,~~295~~002,629		~~556~~429,~~273~~560	4538,~~715~~673	—	1,~~550~~470,~~283~~862
Inventory owned and consolidated inventory not owned	1311,~~377~~617,~~654~~633		—	~~322~~223,~~502~~622	—	1311,~~700~~841,~~156~~255
Deposits and pre-acquisition costs on real estate	6,~~012~~383,~~493~~633		—	15,~~425~~096	—	6,~~027~~398,~~918~~729
Investments in unconsolidated entities (2)	2,648,329		2,657	519,510	372,256	3,542,752
Investments in unconsolidated entities	1,545,370		2,528	506,573	367,965	2,422,436
Loans held-for-sale (3) (6)	—		2,081,628	—	—	2,081,628
Loans held-for-sale (2) (5)	—		2,212,624	—	—	2,212,624
Investments in equity securities (4)	—		—	—	285,589	285,589
Investments in equity securities (3)	—		—	—	346,820	346,820
Investments available-for-sale (5)	—		—	—	39,069	39,069
Investments available-for-sale (4)	—		—	—	39,060	39,060
Investments held-to-maturity	—		~~133~~132,~~558~~868	—	—	~~133~~132,~~558~~868
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,~~798~~794,~~459~~378		~~123~~102,~~788~~762	8084,~~989~~000	~~125~~121,~~157~~851	2,~~128~~102,~~393~~991
Total assets	$	29,~~663~~253,~~732~~256	3,~~368~~377,~~588~~413	1902,~~001,478~~136	~~844~~897,~~603~~632	34,~~878~~430,~~401~~437
Liabilities:
Senior notes and other debts payable, net	$	34,~~523~~084,~~766~~686	1,~~863~~790,~~845~~309	—	—	5,~~387~~874,~~611~~995
Liabilities related to consolidated inventory not owned	1,~~987~~476,~~263~~376		—	—	—	1,~~987~~476,~~263~~376
Accounts payable and other liabilities	4,~~331~~504,~~167~~360		~~206~~220,~~206~~289	~~116~~113,~~014~~361	98100,~~585~~447	4,~~751~~938,~~972~~457
Total liabilities	$	910,~~842~~065,~~196~~422	2,~~070~~010,~~051~~598	~~116~~113,~~014~~361	98100,~~585~~447	12,~~126~~289,~~846~~828

(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 (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)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of both February 28, 2026 and November 30, 2025.

(12)~~Financial~~Loans ~~Services,~~held-for-sale ~~receivables,~~related ~~net,~~to ~~are~~unsold ~~primarily~~residential ~~related~~and tocommercial loans ~~sold~~carried toat ~~investors~~fair ~~for~~value, of which ~~the~~$15.3 ~~Company~~million ~~had~~and ~~not~~$15.5 ~~yet~~million ~~been~~of ~~paid~~residential loans are carried at lower of cost or fair value as of ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, respectively.

(23)Investments in ~~unconsolidated~~equity ~~entities~~securities asinclude investments of ~~August~~$114.4 ~~31,~~million ~~2025~~without ~~include~~readily ~~the~~available ~~carrying~~fair ~~value~~values ofas ~~20%~~ of ~~the~~both ~~total~~February 28, ~~outstanding~~2026 ~~shares~~and ~~of Millrose common stock~~November 30, ~~which was $1~~2025.~~2 billion.~~

10(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

~~Lennar~~(5)During ~~Corporation~~the ~~and~~year ~~Subsidiaries~~ended November 30, 2025, the Financial Services segment transferred its loans held-for-investment of $61.0 million (fair value of $50.3 million) to held-for-sale, based on the Company’s intent to sell the loans in the near future.

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

(3)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $50.3 million of residential loans are carried at lower of cost or fair value.

(4)Investments in equity securities include investments of $118.3 million and $143.0 million without readily available fair values as of August 31, 2025 and November 30, 2024, respectively.

(5)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

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

	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

(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/Virginia, Minnesota, North Carolina, South Carolina, and Tennessee,

South Central: Arkansas, Kansas, Oklahoma and ~~Virginia~~ Texas

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~~.

1110

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)	At ~~August~~February 3128, ~~2025~~2026		At November 30, ~~2024~~2025
East	$	5,~~724~~510,~~354~~902	65,~~967~~413,~~571~~918
Central	4,~~848~~686,~~376~~323		54,~~567~~565,~~451~~781
South Central	4,~~207~~553,~~858~~494		4,~~238~~195,~~587~~858
West	109,~~442~~775,~~228~~856		129,~~148~~519,~~434~~804
Other	21,~~813~~800,~~064~~785		1,~~729~~692,~~407~~453
Corporate and Unallocated	12,~~627~~403,~~852~~176		43,~~943~~865,~~019~~442
Total Homebuilding	$	2928,~~663~~730,~~732~~536	3529,~~594~~253,~~469~~256

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

	Three Months Ended					Nine Months Ended
	Three Months Ended February 28, 2026
	August 31,					August 31,
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
(In thousands)	2025			2024		2025		2024
Revenues:
Revenues
Sales of homes	$	1,512,078	1,345,033	1,160,180	2,251,747	3,884	6,272,922	—	—	—	6,272,922
East	$	1,703,457		2,074,799		5,064,438		6,091,146
Sales of land	8,074		873	4,023	2,188	—	15,158	—	—	—	15,158
Central	2,075,062			2,206,293		5,406,615		5,418,886
Other revenues	4,869		1,153	660	1,202	2,599	10,483	215,555	82,499	22,859	331,396
South Central	1,508,269			1,286,625		4,198,495		3,554,836
Total revenues	1,525,021		1,347,059	1,164,863	2,255,137	6,483	6,298,563	215,555	82,499	22,859	6,619,476
West	2,960,730			3,471,591		8,688,960		9,267,120
Costs and expenses:
Other	6,157			6,384		22,899		25,754
Costs of home sold	1,238,852		1,152,715	956,368	1,967,522	6,157	5,321,614	—	—	—	5,321,614
	$	8,253,675		9,045,692		23,381,407		24,357,742
Costs of land sold	15,302		3,736	6,368	5,905	—	31,311	—	—	—	31,311
Operating earnings (loss)
Other costs and expenses	—		—	—	—	—	—	124,242	90,428	43,684	258,354
East	$	181,648		401,908		579,274		1,205,866
Selling, general and administrative expenses	162,774		148,205	107,634	191,170	7,712	617,495	—	—	—	617,495
Central	189,458			343,490		488,749		741,549
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	157,638
South Central	130,129			197,767		388,901		550,924
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	16,863
West	270,323			514,448		814,528		1,302,172
Total costs and expenses	1,416,928		1,304,656	1,070,370	2,164,597	13,869	5,970,420	124,242	90,428	43,684	6,403,275
Other	(11,773)			20,305		25,840		46,358
Equity in earnings (losses) from unconsolidated entities	10,683		59	(15)	912	26,542	38,181	—	25,481	(394)	63,268
	$	759,785		1,477,918		2,297,292		3,846,869
Other income (expense), net and other gains (losses), net	(3,821)		1,883	(1,669)	(2,032)	12,343	6,704	—	307	1,135	8,146
Lennar Other gains from technology investments	—		—	—	—	—	—	—	—	14,838	14,838
Earnings (loss) before income taxes	$	114,955	44,345	92,809	89,420	31,499	373,028	91,313	17,859	(5,246)	302,453

Lennar Corporation and Subsidiaries

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


	Three Months Ended February 28, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,655,259	1,530,193	1,160,523	2,888,685	5,886	7,240,546	—	—	—	7,240,546
Sales of land	23,122		1,600	5,604	5,000	—	35,326	—	—	—	35,326
Other revenues	2,736		854	701	1,248	2,459	7,998	277,077	63,196	7,402	355,673
Total revenues	1,681,117		1,532,647	1,166,828	2,894,933	8,345	7,283,870	277,077	63,196	7,402	7,631,545
Costs and expenses:
Costs of home sold	1,303,019		1,245,610	946,529	2,386,679	6,307	5,888,144	—	—	—	5,888,144
Costs of land sold	23,511		3,040	2,940	6,586	—	36,077	—	—	—	36,077
Other costs and expenses	—		—	—	—	—	—	133,594	73,376	23,564	230,534
Selling, general and administrative expenses	162,186		152,324	94,822	202,381	4,026	615,739	—	—	—	615,739
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	147,378
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	17,834
Total costs and expenses	1,488,716		1,400,974	1,044,291	2,595,646	10,333	6,539,960	133,594	73,376	23,564	6,935,706
Equity in earnings (losses) from unconsolidated entities	6,638		(3)	(2)	(28)	28,399	35,004	—	727	(2,497)	33,234
Other income (expense), net and other gains (losses), net	25,315		2,050	(452)	(478)	3,924	30,359	—	9,430	(8,121)	31,668
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(62,503)	(62,503)
Earnings (loss) before income taxes	$	224,354	133,720	122,083	298,781	30,335	809,273	143,483	(23)	(89,283)	698,238

(1)Primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contributions to the Lennar Foundation. These corporate expenses cannot be attributed to any specific segment, thus they are presented within the Total column in the table above.

(2)The Other segment includes operating results from the Company's Urban divisions, which are not considered reportable segments.

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 ~~August~~February 3128, ~~2025~~2026, 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:
September 2025 (1)	$	1,000,000	—	1,000,000
March 2026 (1)	$	250,000	250,000	500,000
October 2025	100,000		100,000	200,000
May 2026	250,000		250,000	500,000
March 2026	250,000		250,000	500,000
May 2026	250,000		450,000	700,000
July 2026	100,000		100,000	200,000
September 2026	200,000		200,000	400,000
November 2026	100,000		100,000	200,000
December 2026	—		375,000	375,000
Total residential facilities	$	1900,~~700,~~000	1,275,000	2,~~975~~175,000
LMF commercial facilities maturing:
December 2025	200,000		—	200,000
January 2027	100,000		—	100,000
January 2026	100,000		—	100,000
December 2027	200,000		—	200,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	32,~~275~~475,000

(1)Subsequent to ~~August~~February 3128, ~~2025~~2026, the maturity date was extended to ~~September~~March ~~2026~~2027.

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)	At ~~August~~February 3128, ~~2025~~2026		At November 30, ~~2024~~2025
Borrowings under residential facilities	$	1,~~682~~008,~~918~~627	1,~~776~~653,~~045~~484
Collateral under residential facilities	1,~~743~~794,~~688~~339		1,~~837~~718,~~833~~338
Borrowings under LMF Commercial facilities	5761,~~313~~000		2813,~~747~~719

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 inon 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 any losses incurred 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~~which are included in Financial Services’ liabilities in the Company's ~~establishes~~consolidated ~~accruals~~balance ~~for~~sheets. ~~such~~These ~~possible~~accruals ~~losses~~are 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~~purchase claims exceed the Company’s expectations, additional recourse expense may be incurred. The provision for loan losses was immaterial for both the three ~~and nine~~ months ended ~~August~~February 3128, ~~2025~~2026 and ~~2024~~2025. Loan origination liabilities were $17.34 million ~~and $16.7 million~~ as of ~~August~~both February 3128, ~~2025~~2026 and November 30, ~~2024,~~2025 ~~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

~~Nine Months Ended~~

August 31,

February 28,

(Dollars in thousands)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Originations (1)

~~177~~83,~~837~~050

~~236~~127,~~665~~965

~~486,677~~

~~449,000~~

Sold

~~172~~33,~~643~~325

~~145~~94,~~325~~887

~~458,466~~

~~301,610~~

Securitizations

(1)During both the three ~~and nine~~ months ended ~~August~~February 3128, ~~2025~~2026 and ~~2024~~2025, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Investments held-to-maturity

At ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, 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 nine~~ months ended ~~August~~February 3128, ~~2025~~2026 and ~~August 31, 2024~~2025. 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)	~~August~~At 31February 28, ~~2025~~2026		At November 30, ~~2024~~2025
Carrying value	$	~~133~~130,~~558~~997	~~135~~132,~~646~~868
Outstanding debt, net of debt issuance costs	~~123~~121,~~615~~379		~~126~~123,~~164~~106
Incurred interest rate	3.4%		3.4%

	August 31, 2025
	At February 28, 2026
	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~~include proceeds of sales of investments.

Lennar Other

Lennar Other includes strategic investments in various types of technology and other 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.

The Company has investments in several publicly traded technology companies, 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

Lennar Corporation and Subsidiaries

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

	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2025		2024	2025	2024
Blend Labs (BLND)	$	—	2,270	(3,737)	5,921
Hippo (HIPO)	27,754		6,609	(598)	33,795
Opendoor (OPEN)	71,345		(564)	39,638	(16,156)
SmartRent (SMRT)	—		(5,634)	(4,483)	(12,206)
Sonder (SOND)	—		71	(19)	82
Sunnova (NOVA)	124		36,371	(23,521)	1,036
Lennar Other realized and unrealized gains from technology investments (1)	$	99,223	39,123	7,280	12,472

last day of each quarter. All the investments are accounted for as investments in equity securities and other assets which are held at fair value and the changes in fair values are recognized through earnings.

~~(1)~~During the ~~nine~~three months ended ~~August~~February 3128, 2026 and February 28, 2025, the Company ~~generated~~recorded ~~$44.7~~mark-to-market ~~million~~gains of ~~cash~~$14.8 million and ~~realized~~losses ~~a loss~~ of $2562.95 million, respectively, on ~~the~~its ~~sale~~publicly oftraded ~~its~~technology ~~shares~~investments, which were included in ~~Blend~~Lennar ~~Labs,~~Other ~~Hippo,~~gains ~~SmartRent,~~(losses) ~~Sonder~~in the Company's condensed consolidated statements of operations and ~~Sunnova~~comprehensive income (loss).

(43)Investments in Unconsolidated Entities

Homebuilding Unconsolidated Entities

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

(In thousands)

At ~~August~~February 3128, ~~2025~~2026

At November 30, ~~2024~~2025

Investments in unconsolidated entities (1) (2)

21,~~648~~479,~~329~~812

1,~~344~~545,~~836~~370

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

21,~~895~~777,~~562~~533

1,~~636~~790,~~307~~697

(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 ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, the carrying amount of the Company's investment was $~~559~~605.36 million and $~~470~~585.82 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 August 31, 2025. The Company has determined that Millrose is a VIE, but the 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% through a split-off, a stock sale or another transaction.

As of ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $~~499~~324.80 million and $~~287~~511.09 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 ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were immaterial. The Company believes that as of ~~August~~February 3128, ~~2025~~2026, 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 a 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 87 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~~2025 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 ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, the carrying amount of the Company's investment in Upward America was $1412.64 million and $2013.8 million, respectively.

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 thresholds. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its 2025 Form 10-K. As of both February 28, 2026 and November 30, 2025, the fair value of the completion guarantees was immaterial. As of February 28, 2026 and November 30, 2025, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $727.6 million and $798.1 million, respectively. The decrease in the non-recourse debt with completion guarantees was due to completion of projects and sale of joint ventures' 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

Lennar Corporation and Subsidiaries

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

of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily ~~Unconsolidated~~segment ~~Entities~~sells land to various joint ventures and funds. The details of the activity were as follows:

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 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 August 31, 2025 and November 30, 2024, the fair value of the completion guarantees was immaterial. As of August 31, 2025 and November 30, 2024, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $757.5 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 ventures' rental operation projects and investments in various rental projects.


	Three Months Ended February 28,

(In thousands)	2026		2025

General contractor services, net of deferrals	$	53,243	30,450
General contractor costs	51,880		28,314
Land sales to joint ventures	—		17,330
Management fee income, net of deferrals	2,843		6,941

The InMultifamily ~~many~~segment ~~instances,~~includes ~~the~~managing and investing in Multifamily ~~segment~~Venture isFund ~~appointed~~I asLP ~~the~~(“LMV ~~construction~~I”), ~~development~~Multifamily ~~and~~Venture ~~property~~Fund ~~manager~~II ~~for~~LP ~~its~~(“LMV ~~Multifamily~~II”), ~~unconsolidated~~Canada ~~entities~~Pension ~~and~~Plan ~~receives~~Investments ~~fees~~Fund ~~for~~(the ~~performing~~“CPPIB ~~this~~Fund”) ~~function.~~and ~~Each~~a ~~Multifamily~~joint ~~real~~venture ~~estate~~with ~~investment~~an ~~trust,~~institutional JVinvestor ~~and~~(the ~~fund~~“Institutional ~~has~~JV”), ~~unilateral~~which ~~decision~~are long-~~making~~term ~~rights~~multifamily ~~related~~development toinvestment vehicles involved in the development and ~~other~~construction ~~sales~~of ~~activity~~class-A ~~through~~multifamily ~~its~~assets. ~~executive~~As ~~committee~~of orFebruary 28, ~~asset~~2026, ~~management~~the ~~committee.~~Company ~~The~~has ~~Multifamily~~a ~~segment~~$28.2 ~~also~~million ~~provides~~investment ~~general~~in ~~contractor~~the ~~services~~CPPIB ~~for~~Fund. ~~construction~~The ofCompany's ~~some~~stated ofownership percentage in the ~~rental~~Institutional ~~properties~~JV ~~owned~~is by10%. ~~unconsolidated~~As ~~entities~~of inFebruary 28, ~~which~~2026, the Company ~~has~~holds ~~investments~~a $41.1 Inmillion ~~some~~investment ~~situations,~~in the ~~Multifamily~~Institutional ~~segment~~JV. ~~sells~~Additional ~~land~~dollars towill ~~various~~be ~~joint~~committed ~~ventures~~as ~~and~~opportunities ~~funds.~~are ~~The~~identified ~~details~~by of the ~~activity~~CPPIB ~~were~~Fund asand ~~follows:~~the Institutional JV.

	Three Months Ended August 31,			Nine Months Ended August 31,
(In thousands)	2025		2024	2025	2024
General contractor services, net of deferrals	$	42,150	67,190	100,864	253,260
General contractor costs	41,766		63,774	97,665	239,458
Land sales to joint ventures	—		—	162,447	14,454
Management fee income, net of deferrals	5,126		10,917	18,503	40,627

In December 2025, the Company sold a majority interest in Quarterra Group, Inc. ("Quarterra"), a subsidiary of the Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a non-controlling interest. The sale of Quarterra to TPG did not have a material impact on the Company's condensed consolidated financial statements.

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 August 31, 2025, the Company has a $28.0 million investment in the CPPIB Fund. During the nine months ended 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 August 31, 2025, the Company holds a $41.9 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:

	August 31, 2025
	At February 28, 2026
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	~~107~~71,~~907~~667	~~215~~194,~~927~~320
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,229,585
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		371,492
Lennar's remaining commitments (1)	3,635		9,508
Distributions to Lennar during the nine months ended August 31, 2025	19,690		770
Distributions to Lennar during the three months ended February 28, 2026	37,083		24,425

(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 as the fund has come to the end of its contractual life. During the year ended November 30, ~~2024~~2025, 3335 LMV I rental operation projects were sold to various third-party buyers. During the ~~nine~~three months ended ~~August~~February 3128, ~~2025~~2026, ~~two~~one additional LMV I rental operation ~~projects~~project ~~were~~was sold to third-party buyers.

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 $128.6 million and $133.0 million as of February 28, 2026 and November 30, 2025, 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 $232.5 million and $235.0 million, as of February 28, 2026 and November 30, 2025, respectively.

Lennar Corporation and Subsidiaries

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

~~Lennar~~(4)Stockholders' ~~Other Unconsolidated Entities~~Equity

~~Lennar~~The ~~Other's~~following ~~unconsolidated~~tables ~~entities~~reflect ~~include fund investments~~ the ~~Company~~changes ~~retained when it sold the Rialto assets and investment management platform~~ in ~~2018,~~equity asattributable ~~well~~to asboth ~~strategic~~Lennar ~~investments~~Corporation ~~in technology companies~~ and ~~investment funds. The Company's investment in~~ the ~~Rialto~~noncontrolling ~~funds~~interests ~~totaled $134.3 million and $140.1 million as~~ of ~~August 31,~~its ~~2025~~consolidated ~~and~~subsidiaries ~~November 30,~~in ~~2024,~~which ~~respectively.~~it Inhas ~~addition,~~less ~~the~~than ~~Company is entitled to~~ a ~~portion~~100% ofownership ~~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~~three ~~method~~months ofended ~~accounting~~February ~~with a carrying value of $238.0 million and $239.3 million~~28, as2026 ~~of August 31, 2025~~ and ~~November 30, 2024, respectively.~~2025:

(5)Stockholders' Equity


	Three Months Ended February 28, 2026
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interests
Balance at November 30, 2025	$	22,140,609	26,158	3,660	5,909,726	(6,457,609)	6,011	22,471,471	181,192
Net earnings (including net earnings attributable to noncontrolling interests)	233,361		—	—	—	—	—	229,383	3,978
Employee stock and directors plans	(8,419)		161	—	21,630	(30,210)	—	—	—

Purchases of treasury stock	(239,497)		—	—	—	(239,497)	—	—	—




Amortization of restricted stock	62,377		—	—	62,377	—	—	—	—
Cash dividends	(123,480)		—	—	—	—	—	(123,480)	—

Receipts related to noncontrolling interests	1,083		—	—	—	—	—	—	1,083
Payments related to noncontrolling interests	(10,709)		—	—	—	—	—	—	(10,709)

Non-cash purchase or activity of noncontrolling interests, net	(22,657)		—	—	—	—	—	—	(22,657)



Total other comprehensive loss, net of tax	(405)		—	—	—	—	(405)	—	—
Balance at February 28, 2026	$	22,032,263	26,319	3,660	5,993,733	(6,727,316)	5,606	22,577,374	152,887

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 nine months ended August 31, 2025 and 2024:


	Three Months Ended February 28, 2025
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interests
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)	528,713		—	—	—	—	—	519,526	9,187
Employee stock and directors plans	(64,393)		135	—	232	(64,760)	—	—	—

Purchases of treasury stock	(709,715)		—	—	—	(709,715)	—	—	—



Amortization of restricted stock	84,085		—	—	84,085	—	—	—	—
Cash dividends	(131,646)		—	—	—	—	—	(131,646)	—

Receipts related to noncontrolling interests	11,328		—	—	—	—	—	—	11,328
Payments related to noncontrolling interests	(5,389)		—	—	—	—	—	—	(5,389)
Millrose Properties, Inc. spin-off	(4,838,827)		—	—	—	—	—	(4,838,827)	—
Non-cash purchase or activity of noncontrolling interests, net	(27,859)		—	—	(949)	—	—	—	(26,910)


Total other comprehensive loss, net of tax	(178)		—	—	—	—	(178)	—	—
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

	Three Months Ended August 31, 2025
(In thousands)	TotalEquity		Class ACommon Stock	Class BCommon Stock	AdditionalPaid - in Capital	TreasuryStock	Accumulated Other Comprehensive Income	RetainedEarnings	NoncontrollingInterests
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

On April 8, 2026, 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 May 6, 2026 to holders of record at the close of business on April 22, 2026. On February 19, 2026, 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 on February 4, 2026. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2025 for both its Class A and Class B common stock.

	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 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)

	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)	1,610,344		—	—	—	—	—	1,587,942	22,402
Employee stock and directors plans	(48,108)		155	—	17,680	(65,943)	—	—	—
Retirement of treasury stock	—		—	—	—	—	—	—	—
Purchases of treasury stock	(1,742,369)		—	—	—	(1,742,369)	—	—	—
Amortization of restricted stock	138,363		—	—	138,363	—	—	—	—
Cash dividends	(394,357)		—	—	—	—	—	(394,357)	—
Receipts related to noncontrolling interests	25,982		—	—	—	—	—	—	25,982
Payments related to noncontrolling interests	(7,777)		—	—	—	—	—	—	(7,777)
Millrose Properties, Inc. spin-off	(4,838,827)		—	—	—	—	—	(4,838,827)	—
Non-cash purchase or activity of noncontrolling interests, net	(11,411)		—	—	(949)	—	—	—	(10,462)
Total other comprehensive loss, net of tax	(1,510)		—	—	—	—	(1,510)	—	—
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

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 February 28, 2026, the Company has a remaining authorization to repurchase $1.5 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:

	Nine Months Ended August 31, 2024
	Three Months Ended February 28,
(In thousands)	TotalEquity		Class ACommon Stock		Class BCommon Stock		AdditionalPaid - in Capital		TreasuryStock	Accumulated Other Comprehensive Income	RetainedEarnings	NoncontrollingInterests
	2026				2025
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
(Dollars in thousands, except price per share amounts)	Class A		Class B		Class A		Class B
Net earnings (including net earnings attributable to noncontrolling interests)	2,867,781		—		—		—		—	—	2,836,319	31,462
Shares repurchased	1,836,885		163,115		4,770,000		458,805
Employee stock and directors plans	(84,509)		150		—		1,282		(85,941)	—	—	—
Total purchase price	$	219,271	$	17,816	$	644,618	$	58,121
Purchases of treasury stock	(1,643,367)		—		—		—		(1,643,367)	—	—	—
Average price per share	$	119.37	$	109.22	$	135.14	$	126.68
Amortization of restricted stock	154,094		—		—		154,094		—	—	—	—
Cash dividends	(414,168)		—		—		—		—	—	(414,168)	—
Receipts related to noncontrolling interests	17,044		—		—		—		—	—	—	17,044
Payments related to noncontrolling interests	(45,819)		—		—		—		—	—	—	(45,819)
Non-cash purchase or activity of noncontrolling interests, net	2,525		—		—		(18,674)		—	—	—	21,199
Total other comprehensive income, net of tax	2,161		—		—		—		—	2,161	—	—
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(5)Income September 26, 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 October 27, 2025 to holders of record at the close of business on October 10, 2025. On July 18, 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 July 3, 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.Taxes

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


	Three Months Ended
	February 28,
(Dollars in thousands)	2026	2025
Provision for income taxes	$69,092	169,525
Effective tax rate (1)	23.1%	24.6%

(1)For the three months ended February 28, 2026 and 2025, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The decrease in the effective tax rate for the three months ended February 28, 2026 compared to the prior period was primarily due to a charitable contribution of appreciated stock.

(6)Earnings Per Share

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.

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended
	February 28,
(In thousands, except per share amounts)	2026		2025
Numerator:
Net earnings attributable to Lennar	$	229,383	519,526
Less: distributed earnings allocated to nonvested shares	1,170		955
Less: undistributed earnings allocated to nonvested shares	1,164		3,862
Numerator for basic and diluted earnings per share	227,049		514,709





Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding	244,438		262,733




Basic and diluted earnings per share	$	0.93	1.96

Lennar Corporation and Subsidiaries

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

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)Homebuilding ~~billion~~Senior inNotes ~~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~~Other BDebts ~~common stock under the authorized repurchase programs:~~Payable

	Three Months Ended August 31,								Nine Months Ended August 31,
(Dollars in thousands)	At February 28, 2026		At November 30, 2025
	2025				2024				2025				2024
Unsecured delayed draw term loan facility due 2028	$	1,710,000	1,710,000
(Dollars in thousands, except price per share amounts)	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
5.25% senior notes due 2026	400,304		400,608
Shares repurchased	3,931,000		188,066		2,892,320		462,906		13,202,936		851,386		9,311,923		1,243,303
5.00% senior notes due 2027	350,494		350,590
Total purchase price	$	484,372	$	22,154	$	447,845	$	71,434	$	1,624,220	$	101,779	$	1,445,909	$	182,641
4.75% senior notes due 2027	698,990		698,845
Average price per share	$	123.22	$	117.80	$	154.84	$	154.32	$	123.02	$	119.55	$	155.27	$	146.90
5.20% senior notes due 2030	694,478		694,165
Mortgage notes on land and other debt	211,193		230,478
	$	4,065,459	4,084,686

(The carrying amounts of the senior notes in the table above are net of debt issuance costs of $6~~)Income~~.5 ~~Taxes~~million and $7.0 million as of February 28, 2026 and November 30, 2025, respectively.

	Three Months Ended		Nine Months Ended
	August 31,		August 31,
(Dollars in thousands)	2025	2024	2025		2024
Provision for income taxes	$190,892	347,859	520,478		859,195
Effective tax rate (1)	24.4%	23.0%	24.7	%	23.2	%

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. In July 2025, the total commitment under the Delayed Draw Term Loan Facility was increased by $100 million, thereby increasing the borrowing available capacity to $1.7 billion. 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 February 28, 2026, the Company had outstanding borrowings of $1.7 billion under the credit agreement governing its new unsecured Delayed Draw Term Loan Facility.

~~(1)For the three and nine months ended 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~~maximum inavailable ~~the~~borrowings ~~effective~~on ~~tax rate for~~ the ~~three~~Company's ~~months~~unsecured ~~ended~~revolving ~~August~~credit ~~31,~~facility ~~2025 from~~ (the ~~prior~~"Credit ~~year~~Facility") ~~was~~were ~~primarily~~as due to a decrease in tax credits. The increase in the effective tax rate for the nine months ended August 31, 2025 from the prior year was primarily due to a decrease in excess tax benefits from shared-based compensation and a decrease in tax credits. follows:

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was 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.


(In thousands)	At February 28, 2026
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 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 2025 Form 10-K. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.

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 2025 Form 10-K. The Company's outstanding letters of credit and surety bonds are disclosed below:


(In thousands)	At February 28, 2026		At November 30, 2025
Performance letters of credit	$	2,039,975	1,963,643
Financial letters of credit	853,997		926,304
Surety bonds	5,646,906		5,614,807
Anticipated future costs primarily for site improvements related to performance surety bonds	3,114,409		3,056,582

The Company's outstanding senior notes are guaranteed by certain of its wholly-owned subsidiaries, which are primarily homebuilding subsidiaries. These guarantees are full and unconditional. The guarantors of the Company's senior notes are currently those subsidiaries that also guarantee the Company's letter of credit facilities, its Credit Facility and Delayed Draw Term Loan Facility. Under the indentures governing the Company's senior notes, guarantees may be suspended or released under certain circumstances. 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 2025 Form 10-K.

Lennar Corporation and Subsidiaries

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

(78)~~Earnings~~Financial ~~Per~~Instruments ~~Share~~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 February 28, 2026 and November 30, 2025, 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 February 28, 2026			At November 30, 2025
(In thousands)	Fair Value Hierarchy	Carrying Amount		Fair Value	Carrying Amount	Fair Value
ASSETS
Financial Services:

Loans held-for-sale	Level 3	$	15,278	15,278	15,547	15,547
Investments held-to-maturity	Level 3	130,997		130,156	132,868	132,032



LIABILITIES
Homebuilding senior notes and other debts payable, net	Level 2	$	4,065,459	4,106,171	4,084,686	4,122,169
Financial Services notes and other debts payable, net	Level 2	1,191,006		1,191,448	1,790,309	1,790,789

	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 August 31, 2025		At November 30, 2024
Unsecured revolving credit facility	$	1,140,000	—
5.25% senior notes due 2026	400,912		401,824
5.00% senior notes due 2027	350,686		350,974
4.75% senior notes due 2027	698,700		698,266
5.20% senior notes due 2030	693,853		—
4.75% senior notes due 2025	—		499,779
Mortgage notes on land and other debt	239,615		307,440
	$	3,523,766	2,258,283

The carrying amounts of the senior notes in the table above are net of debt issuance costs of $7.5 million and $2.4 million as of 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.

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 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.

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 August 31, 2025		At November 30, 2024
Performance letters of credit	$	1,889,234	1,668,061
Financial letters of credit	874,904		745,578
Surety bonds	5,495,538		5,140,432
Anticipated future costs primarily for site improvements related to performance surety bonds	3,075,021		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

		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 (1)	Level 3	$	—	—	60,969	61,044
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	$	3,523,766	3,562,272	2,258,283	2,264,375
Financial Services notes and other debt payable, net	Level 2	1,863,845		1,864,336	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~~debts 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~~February 3128, ~~2025~~2026

November 30, ~~2024~~2025

Financial Services Assets:

Residential loans held-for-sale

Level 2

1,~~953~~756,~~557~~684

2,~~200~~170,~~402~~677

LMF Commercial loans held-for-sale

Level 3

7774,~~787~~793

5026,~~316~~401

Mortgage servicing rights

Level 3

32,~~290~~783

3,~~463~~266

Forward options

Level 1

12,~~776~~076

~~1,458~~986

Lennar Other Assets:

Investments in equity securities

Level 1

~~167~~108,~~325~~012

~~204~~232,~~777~~372

Investments available-for-sale

Level 3

3938,~~069~~655

4039,~~578~~060

2220

Lennar Corporation and Subsidiaries

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

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

At August 31, 2025

At November 30, 2024

At February 28, 2026

At November 30, 2025

(In thousands)

Aggregate Principal Balance

Change in Fair Value

Aggregate Principal Balance

Change in Fair Value

Residential loans held-for-sale

1,~~995~~760,~~453~~512

(413,~~896~~828)

2,~~263~~206,~~310~~966

(6236,~~907~~289)

LMF Commercial loans held-for-sale

7876,~~050~~250

(~~263~~1,457)

5026,~~020~~525

~~296~~(124)

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~~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 following methods and assumptions are used by the Company in estimating fair values.

Financial Services residential loans held-for-sale - The fair value of residential loans held-for-sale that trade in active secondary markets is determined based upon quoted market prices for similar mortgage loans, adjusted for credit risk and other loan characteristics, and is categorized 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 ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025. 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~~2025 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:

	August 31, 2025	November 30, 2024
	February 28, 2026	November 30, 2025
Unobservable inputs:
Mortgage prepayment rate	9%	89%
Discount rate	13%	13%
Delinquency rate	1214%	1211%

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 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.

2321

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,
	February 28,
(In thousands)	~~2025~~2026		~~2024~~2025	~~2025~~	~~2024~~
Changes in fair value included in Financial Services revenues:
Loans held-for-sale	$	2332,~~361~~402	30,~~482~~403	~~21,011~~	~~1,617~~
Mortgage loan commitments	347,~~590~~210		2233,~~400~~504	~~45,511~~	~~(9,702)~~
Forward contracts	(3612,~~411~~983)		(3048,~~043~~463)	~~(7,919)~~	~~42,874~~
Forward options	68		2,687	271	1,633
Interest rate swaps	(9,272)		(3,296)
Interest rate swaps	(6,652)		(1,621)	(6,490)	(1,665)
Changes in fair value included in Lennar Other gains (losses) from technology investments:
Changes in fair value included in Lennar Other realized and unrealized gains from technology investments:
Investments in equity securities	$	14,838	(62,503)
Investments in equity securities	$	99,223	39,123	7,280	12,472
Changes in fair value included in other comprehensive loss, net of tax:
Changes in fair value included in other comprehensive income (loss), net of tax:
Lennar Other investments available-for-sale	$	(405)	(178)
Lennar Other investments available-for-sale	$	—	444	(1,510)	2,161

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.

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 August 31,

Three Months Ended February 28,

2025

2024

2026

2025

(In thousands)

Mortgage servicing rights

LMF Commercial loans held-for-sale

Mortgage servicing rights

LMF Commercial loans held-for-sale

Beginning balance

3,~~467~~266

7226,~~203~~401

3,~~652~~463

6650,~~715~~316

Purchases/loan originations

4572

~~177~~83,~~837~~050

~~174~~26

~~236~~127,~~665~~965

Sales/loan originations sold, including those not settled

—

(~~172~~33,~~643~~325)

—

(~~145~~94,~~325~~887)

Disposals/settlements

(~~104~~51)

—

(~~122~~97)

~~(9,500)~~—

Changes in fair value (1)

(~~118~~504)

~~483~~(1,457)

(~~338~~95)

~~2,312~~(281)

Interest and principal paydowns

—

~~(93)~~124

—

—(319)

Ending balance

32,~~290~~783

7774,~~787~~793

3,~~366~~297

~~150~~82,~~867~~794

	Nine Months Ended August 31,
	2025			2024
(In thousands)	Mortgage servicing rights		LMF Commercial loans held-for-sale		Mortgage servicing rights	LMF Commercial loans held-for-sale
Beginning balance	$	3,463	50,316		3,440	13,459
Purchases/loan originations	322		486,677		406	449,000
Sales/loan originations sold, including those not settled	—		(458,466)		—	(301,610)
Disposals/settlements	(257)		—		(193)	(9,500)
Changes in fair value (1)	(238)		(264)		(287)	(673)
Interest and principal paydowns	—		(476)		—	191
Ending balance	$	3,290	77,787		3,366	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 February 28,

		2026				2025
(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	$	404,294	371,507	(32,787)	259,540	239,197	(20,343)
Land and land under development (2)	Level 3	—		—	—	190	134	(56)
Deposits and pre-acquisition costs on real estate (3)	Level 3	5,341		—	(5,341)	268	—	(268)

Financial Services - financial assets:
Loans held-for-sale (4)	Level 3	$	15,317	15,169	(148)	—	—	—
Multifamily - non-financial assets:
Investments in unconsolidated entities (5)	Level 3	$	—	—	—	7,594	—	(7,594)

Lennar Corporation and Subsidiaries

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

		Three Months Ended August 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	$	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 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	$	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 of operations and comprehensive income (loss).

(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)Changes in fair value below amortized cost basis are recognized through a valuation allowance, with the adjustment included in Financial Services earnings in the Company's condensed consolidated financial statements.22

Lennar Corporation and Subsidiaries

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

(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~~2025 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 Three Months Ended	# of active communities	# of communities with potential indicator of impairment	# of communities	Fair Value (in thousands)		Valuation Adjustments (in thousands)

February 28, 2026	1,678	170	4	$	27,183	$	5,659
February 28, 2025	1,584	46	2	14,934		3,834

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

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:

	Nine Months Ended August 31,
	Three Months Ended February 28,
	2025			2024
	2026			2025
Unobservable inputs	Range			Range
Average selling price (1)	$~~168~~166,000	—	~~872~~310,000	~~178~~215,000	—	~~282~~571,000
Absorption rate per quarter (homes)	27	—	1119	105	—	157
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~~three months ended ~~August~~February 3128, ~~2025~~2026 and ~~2024~~2025.

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~~2025 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, 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~~February 3128, ~~2025~~2026, 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~~three months ended ~~August~~February 3128, 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.~~7.6 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.

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.

~~(10)Variable Interest Entities~~23

During the nine months ended 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 nine months ended August 31, 2025. During the nine months ended 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.

Lennar Corporation and Subsidiaries

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

(9)Variable Interest Entities

During the three months ended February 28, 2026, 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 variable interest entities ("VIEs") that were consolidated or deconsolidated during the three months ended February 28, 2026.

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 debts 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

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

At February 28, 2026

At November 30, 2025

(In thousands)

Investments inUnconsolidated VIEs

Lennar’s MaximumExposure to Loss

Investments inUnconsolidated VIEs

Lennar’s MaximumExposure to Loss

Homebuilding (1)

1794,~~971,692~~825

2809,~~006,742~~433

~~802~~824,~~901~~241

~~876~~861,~~035~~679

Multifamily (2)

~~161~~379,~~005~~061

~~162~~380,~~070~~515

~~136~~167,~~158~~873

~~140~~169,~~120~~364

Financial Services (3)

~~136~~133,~~215~~428

135,~~646~~396

Lennar Other (4)

~~110~~103,~~728~~901

~~119~~105,~~258~~151

21,~~379~~411,~~640~~215

21,~~415~~427,~~755~~277

1,~~193~~232,~~963~~661

1,271,~~059~~590

(1)As of ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, 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~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, there was recourse debt of VIEs of $318.42 million and $4430.21 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~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The increase was primarily due to LMV II becoming a VIE in anticipation of future capital contributions.

(3)As of both ~~August~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, 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~~February 3128, ~~2025~~2026 and November 30, ~~2024~~2025, 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 ~~August~~February 3128, ~~2025~~2026 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.

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. All deposits and pre-acquisition costs on real estate, including option maintenance fees paid to land banks, are capitalized on the condensed consolidated balance sheet and are allocated to the land basis when the land is acquired.

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 August 31, 2025, land under option with third parties that the Company was compelled to takedown was $1.5 billion, of which $497.4 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 $778.0 million as of August 31, 2025.24

During the nine months ended August 31, 2025, consolidated inventory not owned decreased by $1.8 billion with a $1.6 billion decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2025. The decrease was primarily due to the reassessment of certain option contracts terms that were amended. This reassessment resulted in a decrease of $2.0 billion of consolidated inventory not owned with a corresponding

Lennar Corporation and Subsidiaries

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

~~decrease~~The ofCompany ~~$1.9~~evaluates ~~billion~~option ofcontracts ~~liabilities~~with ~~related~~third-party land holding companies for land to ~~consolidated~~determine ~~inventory~~whether ~~not~~they ~~owned.~~are ~~The~~VIEs ~~decrease~~and, ~~was~~if ~~partially~~so, ~~offset~~whether bythe Company is the ~~consolidation~~primary beneficiary of ~~homesites~~certain ~~under~~of these option contracts. ~~that~~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, ~~which~~it ~~resulted~~may inneed anto ~~increase~~consolidate the land under option at the purchase price of ~~$668~~the optioned land.9 ~~million~~As of ~~consolidated~~February 28, ~~inventory~~2026, ~~not~~land ~~owned~~under option with athird ~~corresponding~~parties ~~increase~~that the Company was compelled to takedown was $1.0 billion, of which $~~612~~267.78 million ofwere ~~liabilities~~land ~~related~~purchase contract obligations due to ~~consolidated~~land ~~inventory~~banks ~~not~~upon ~~owned~~maturity of the contracts. ToThe ~~reflect~~Company's intention is to have other land banks close on the land purchase ~~price~~commitments ofand the ~~homesite~~Company ~~takedowns,~~will option the ~~Company~~land ~~had~~from athe ~~net~~land ~~reclass~~banks. ~~related~~Land tounder option ~~deposits~~with ~~from~~third parties is included in consolidated inventory not owned. toConsolidated ~~finished~~inventory ~~homes~~not ~~and~~owned ~~construction~~related into ~~progress~~land infinancing ~~the~~transactions, ~~accompanying~~which ~~condensed~~are ~~consolidated~~land ~~balance~~sale ~~sheet~~transactions asthat ofdid ~~August 31,~~not ~~2025.~~meet ~~The~~the ~~liabilities~~criteria ~~related~~for torevenue ~~consolidated~~recognition ~~inventory~~and ~~not~~derecognition ~~owned~~of ~~primarily~~land ~~represent~~by the ~~difference~~Company ~~between~~as a result of the ~~option~~Company ~~exercise~~maintaining ~~prices~~an ~~for~~option ~~the~~to ~~optioned~~repurchase the land ~~and~~in the ~~Company’s~~future, ~~cash~~was ~~deposits~~$631.0 million as of February 28, 2026.

During the three months ended February 28, 2026, consolidated inventory not owned decreased by $50.1 million with a $28.7 million decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 28, 2026. The ~~Company's~~decrease ~~exposure~~was primarily due to ~~losses~~takedowns. onTo ~~its~~reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option ~~contracts~~deposits ~~with~~from ~~third~~consolidated ~~parties~~inventory not owned to finished homes and ~~unconsolidated~~construction ~~entities~~in ~~was~~progress in the accompanying condensed consolidated balance sheet as ~~follows:~~of February 28, 2026. 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.

(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

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

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.


(In thousands)	At February 28, 2026		At November 30, 2025
Non-refundable option deposits and pre-acquisition costs on real estate	$	6,735,971	6,301,909
Non-refundable option deposits included in consolidated inventory not owned	198,587		220,025
Letters of credit in lieu of cash deposits under certain land and option contracts	423,767		443,277

For the three months ended February 28, 2026, the Company purchased a significant portion of land from three land banks (the “Land Banks”). There were no amounts due to the Land Banks as of February 28, 2026, 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 February 28, 2026, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $2.8 billion, which are included in the corresponding line item presented in the table above. As of February 28, 2026, total consolidated inventory not owned and liabilities related to consolidated inventory not owned for the option contracts with the Land Banks were $449.6 million and $349.8 million. As of February 28, 2026, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose were $1.1 billion.

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 August 31, 2025, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose were $969.3 million.25

~~(11)Commitments~~Lennar Corporation and ~~Contingent Liabilities~~Subsidiaries

~~The~~Notes ~~Company is party~~ to ~~various~~Condensed ~~claims,~~Consolidated ~~legal~~Financial ~~actions~~Statements ~~and~~(Unaudited) 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 and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties.(Continued)

~~The~~(10)Commitments 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~~Contingent ~~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.~~Liabilities

The Company is involved in various claims, legal proceedings, and regulatory matters that arise in the ordinary course of business, including, but not limited to, matters related to construction defects, product liability, warranty claims, land use, zoning and permitting issues, environmental matters, contract disputes, employment matters, and other legal matters incidental to its business operations.

The Company follows established accounting standards to identify, evaluate, record, and disclose legal contingencies. A liability is recorded when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company does not record liabilities for contingencies when the likelihood of loss is remote or if reasonably possible, or when a probable loss cannot be reasonably estimated. If a loss is probable or reasonably possible, the Company discloses the nature of the contingency and, if estimable, the possible range of loss.

In assessing contingencies, management considers, among other factors, the nature of the claim, the status of the matter, the advice of legal counsel, the Company's historical experience with similar matters, insurance coverage, and recoveries, if any, and other relevant facts and circumstances. Estimates of loss contingencies are inherently subjective and involve significant judgment. As a result, actual outcomes may differ materially from amounts recorded or disclosed.

Certain of the Company's legal matters are covered, in whole or in part, by insurance policies subject to applicable retentions, deductibles, and policy limits, as well as through contractual indemnities. Recoveries, if any, are recognized only when realization is considered probable.

As of February 28, 2026, the Company has recorded accruals for loss contingencies that management believes are probable and reasonably estimable. These accruals are included in Other liabilities in the condensed consolidated balance sheets. For these matters as well as for matters for which a loss is reasonably possible but not probable, management believes that any reasonably possible losses, either individually or in the aggregate, would not have a material adverse effect on the Company’s consolidated financial position. However, the ultimate resolution of these matters could have a material effect on the Company’s results of operations or cash flows in a particular period.

The Company cannot predict with certainty the outcome or timing of resolution of its pending matters, and no assurance can be given that the results will not differ from management’s expectations.

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
	February 28,
(In thousands)	2026		2025
Warranty reserve, beginning of the period	$	400,591	446,240
Warranties issued	42,520		60,468
Adjustments to pre-existing warranties from changes in estimates (1)	13,006		2,562

Payments	(74,451)		(80,344)
Warranty reserve, end of period	$	381,666	428,926

(1)The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2026 and 2025 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

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

Lennar Corporation and Subsidiaries

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

information about the Company's leases:

	Three Months Ended			Nine Months Ended
(Dollars in thousands)	At February 28, 2026		At November 30, 2025
	August 31,			August 31,
Right-of-use assets	$	252,317	269,011
(In thousands)	2025		2024	2025	2024
Lease liabilities	249,851		264,157
Warranty reserve, beginning of the period	$	442,058	403,448	446,240	414,796
Weighted-average remaining lease term (in years)	5.3		5.4
Warranties issued	62,241		76,653	185,873	211,001
Weighted-average discount rate	4.4%		4.7%
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

~~(1)The~~Future ~~adjustments~~minimum topayments ~~pre-existing~~under ~~warranties~~the ~~from~~noncancellable ~~changes~~leases in ~~estimates~~effect ~~during~~at ~~the three and nine months ended August 31, 2025 and August~~February 3128, ~~2024~~2026 ~~primarily~~were ~~related~~as ~~to specific claims in certain of the Company's homebuilding communities and other adjustments.~~follows:

Leases


(In thousands)	Lease Payments
2026	$	65,382
2027	58,181
2028	40,592
2029	28,680
2030	25,193
Thereafter	66,331
Total future minimum lease payments (1)	$	284,359
Less: Interest (2)	34,508
Present value of lease liabilities (2)	$	249,851

(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%

(1)Total future minimum lease payments exclude variable lease costs of $33.9 million and short-term lease costs of $3.7 million.

(2)The Company's ~~has~~leases ~~entered~~do ~~into~~not ~~agreements~~include toa ~~lease~~readily ~~certain~~determinable ~~office~~implicit ~~facilities~~rate. ~~and~~As ~~equipment~~such, ~~under~~the ~~operating~~Company estimated the discount rate for these leases. ~~Future~~to ~~minimum~~determine the present value of lease payments ~~under~~at the ~~noncancellable~~lease ~~leases~~commencement indate. ~~effect~~As atof ~~August~~February 3128, ~~2025~~2026, ~~were~~the asCompany ~~follows:~~recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.

(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

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

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



	Three Months Ended February 28,

(In thousands)	2026		2025
Rental expense	$	42,565	51,504

~~(2)The~~In ~~Company's~~December ~~leases~~2023, dothe ~~not~~Company ~~include~~purchased aits ~~readily~~corporate ~~determinable~~headquarters ~~implicit~~building ~~rate.~~in Aswhich ~~such,~~ the Company ~~estimated~~had ~~the~~previously ~~discount~~leased ~~rate~~office ~~for~~space. ~~these~~This ~~leases~~building tocontains ~~determine~~approximately ~~the~~213,200 ~~present~~square ~~value~~feet of ~~lease~~office ~~payments~~space, atof which the ~~lease~~Company ~~commencement~~leases ~~date.~~approximately As53,000 square feet of ~~August 31,~~unused ~~2025~~office space to other tenants. On occasion, the Company ~~recognized~~may sublease other rented space which is no longer used for the ~~lease~~Company's ~~liabilities~~operations. onFor ~~its~~both ~~condensed~~the ~~consolidated~~three ~~balance~~months ~~sheets~~ended ~~within~~February ~~accounts~~28, ~~payable~~2026 and ~~other~~2025, ~~liabilities~~the ofCompany ~~the~~had ~~respective~~an ~~segments~~immaterial amount of sublease income.

~~The~~Letters ~~Company's~~of ~~rental~~Credits ~~expense~~and onSurety ~~lease liabilities were as follows:~~Bonds

	Nine Months Ended August 31,
(In thousands)	2025		2024
Rental expense	$	148,271	82,512

The Company is committed, under various letters of credit, to perform certain development and construction activities and provide certain guarantees in the normal course of business. The Company also had outstanding surety bonds, including performance bonds related to site improvements at various projects (including certain joint ventures) and financial surety bonds. Although significant development and construction activities have been completed, these bonds are generally not released until all development and construction activities are completed (see Note 7 of the Notes to Condensed Consolidated Financial Statements for additional information).

InThe ~~December 2023, the~~ Company ~~purchased~~does ~~its~~not ~~corporate~~presently ~~headquarters~~anticipate ~~building~~any indraws ~~which~~upon ~~the~~these ~~Company~~letters ~~had previously leased office space. This building contains approximately 213,200 square feet~~ of ~~office~~credit ~~space,~~or ofsurety ~~which~~bonds ~~the~~that ~~Company~~would ~~leases~~have ~~approximately~~a ~~53,000~~material ~~square~~effect ~~feet~~on ofits ~~unused~~consolidated ~~office~~financial ~~space to other tenants~~statements. On occasion, the Company may sublease other rented space which is no longer used for the Company's operations. For both the nine months ended August 31, 2025 and 2024, the Company had an immaterial amount of sublease income.

29Option Agreements

The Company is subject to the usual obligations associated with contractual agreements entered into in routine conduct of its business (including option contracts) for the purchase, development and sale of real estate. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings (see Note 9 of the Notes to Condensed Consolidated Financial Statements for additional information).

Loan Servicing

Substantially all of the loans the Financial Services segment originates are sold within a short period on 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 breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray any losses incurred by purporting to have found inaccuracies related to sellers’

Lennar Corporation and Subsidiaries

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

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, which are included in Financial Services’ liabilities in the Company's consolidated balance sheets. These accruals are 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 it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company’s expectations, additional recourse expense may be incurred.

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 or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, ~~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 onor 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~~problems ~~potential~~exercising ~~subsequent~~options ~~transactions~~to wepurchase ~~may enter into following our spin-off of Millrose Properties, Inc.("Millrose") involving the Millrose stock we still hold~~homesites; 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~~potential ~~of public health issues such as a major epidemic or pandemic that could have a~~ negative impact onto ~~the~~our ~~economy~~business ~~and~~from onpublic ~~our~~health ~~businesses~~issues; 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~~2025 ("~~2024~~2025 Form 10-K"), filed with the Securities and Exchange Commission (the “SEC”) on January 2328, ~~2025~~2026 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.

3029

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~~2025 Form 10-K.

Outlook

~~Our~~Lennar's ~~third~~first quarter 2026 results reflect ~~the~~what ~~continued~~remains ~~softening~~a ofstubbornly challenging housing market. ~~conditions~~While ~~and~~margins ~~affordability~~continue ~~challenges~~to ~~against~~reflect the ~~backdrop~~affordability-driven ofrealities ~~what~~facing ~~might~~today's behomebuyers, ~~the~~our ~~beginnings~~underlying ofdemand anremains ~~improving~~strong ~~economic~~and ~~landscape~~supply ~~for~~continues ~~the~~to ~~housing~~fall ~~market.~~short ~~While~~of ~~our~~need. ~~deliveries~~Throughout ~~were~~this ~~just~~period ~~below~~of ~~our~~market ~~goal~~difficulty, ~~and~~ we ~~sold~~have ~~more~~remained ~~homes~~focused ~~than~~on ~~expected~~our ~~during~~clear ~~the~~and ~~quarter,~~consistent itstrategy. ~~was~~We atdrove ~~the~~consistent ~~expense of margin deterioration. Sales~~ volume ~~was~~and ~~difficult~~we tomatched ~~maintain~~production and ~~required~~sales ~~additional~~pace. ~~incentives~~We inused ~~order~~margin toas ~~achieve our expected pace and avoid~~ a ~~buildup~~circuit ~~of excess inventory. Accordingly~~breaker, and we ~~remained~~continued ~~focused~~to onrefine ~~volume~~ and ~~even~~improve ~~flow~~our ~~production~~asset-light, ~~although~~land-light atmanufacturing ~~a slightly slower pace~~platform. We ~~will~~have ~~maintain~~maintained ~~responsible~~ volume toand ~~maintain~~focused anon ~~affordable~~building ~~cost~~improved ~~structure~~business ~~and~~programs ~~relieve~~to ~~pressure~~bring oncosts ~~sales~~down ~~and~~so ~~deliveries~~that ~~which~~we ~~will~~can ~~establish~~remain aprofitable ~~floor~~and onstill ~~margin~~provide as the ~~overall~~much-needed housing ~~market~~supply ~~continues~~America ~~to remain short on supply~~demands.

~~The~~We ~~macroeconomic~~entered ~~landscape~~the ~~remains~~first ~~challenging,~~quarter ~~and~~with ~~diminished~~cautious optimism following signs of moderating interest rates late in 2025, however, consumer confidence iscontinued ~~being~~to ~~affected~~be tested by a ~~wide~~ range of ~~uncertainties, both~~ domestic and global uncertainties. WeMortgage ~~have~~rates ~~begun~~remained tostubbornly ~~see~~above ~~interest~~6%, ~~rates~~hovering ~~drift~~between ~~downwards~~approximately 6.2% and ~~we’re~~6.4% ~~just~~throughout ~~beginning~~the toquarter; ~~see~~concerns ~~consumers~~about ~~return~~job tosecurity ~~the~~have ~~market.~~grown ~~Against~~increasingly ~~that~~prominent ~~backdrop,~~as ~~supply~~rapid ~~remains~~advancements ~~constrained~~ in ~~most~~artificial ~~markets~~intelligence ~~driven~~raise byimportant ~~years~~questions ofabout ~~underproduction.~~the ~~New~~future ~~construction~~of ~~has~~employment; ~~slowed~~and asongoing ~~builders~~conflict ~~have~~in ~~pulled~~the ~~back~~Middle onEast ~~production~~presents ~~due~~potential upside risks to ~~slow~~energy ~~sales~~prices, inflation, and ~~affordability~~interest ~~concerns~~rates. ~~therefore~~At ~~exacerbating~~ the ~~chronic~~same ~~supply~~time, ~~shortage.~~institutional ~~Demand~~purchasers ishave ~~still~~been ~~high~~sidelined asby ~~people~~political ~~want~~pressures ~~and~~that ~~need~~suggest ~~homes,~~that ~~but~~they ~~affordability~~are ~~and~~part ~~waning~~of ~~confidence~~the ~~around~~housing ~~buying~~problem. ~~now~~They ~~have~~generally ~~been~~purchased ~~constraining~~between ~~that~~5% ~~demand.~~and We7% ~~are~~of ~~optimistic~~new ~~that~~homes iffor ~~mortgage~~rental ~~rates~~purposes, ~~approach~~primarily ~~the~~to 6%people ~~level,~~who orcannot ~~even~~afford ~~lower,~~to wepurchase ~~will~~but ~~soon~~still ~~see~~want ~~some~~single-family ~~firming~~lifestyles. inWhile ~~the~~traffic ~~market,~~across ~~and~~our wecommunities ~~will~~remained ~~benefit~~reasonably ~~from~~consistent, ~~stronger~~the ~~affordability~~urgency ~~and~~to ~~therefore~~transact ~~demand.~~remained measured.

~~Operationally,~~On wea ~~will~~more ~~continue~~positive ~~to drive growth~~note, ~~production~~the ~~and~~federal ~~volume~~government's toengagement ~~fill~~with the national housing ~~shortage~~crisis ~~that~~continues weto ~~know~~deepen. ~~persists~~Federal ~~across~~officials ~~our~~have ~~markets.~~been Weactively ~~remain~~engaged ~~focused~~with onbuilders ~~leveraging~~and ~~advanced~~industry ~~technology~~associations ~~throughout~~to ~~our~~explore ~~homebuilding~~practical ~~operations~~solutions to the affordability challenge. WeWhat ~~look~~programs towill ~~position~~be ~~ourselves~~adopted asremains ~~the~~to ~~leading~~be ~~technology-enabled~~seen, ~~low-cost~~but ~~homebuilding~~the ~~manufacturer.~~attention Webeing ~~are~~paid ~~now~~at ~~situated~~the ~~with~~federal alevel ~~lower~~to ~~cost~~the ~~structure,~~housing ~~efficient~~shortage ~~product~~is ~~offerings~~unprecedented, and ~~strong~~we ~~market~~believe ~~positions~~meaningful, ~~to accommodate pent~~long-upterm ~~demand~~policy assupport ~~rates~~is ~~moderate~~more ~~and~~likely ~~confidence~~now ~~ultimately~~than ~~returns.~~at ~~Financially,~~any wetime ~~are~~in ~~focused~~recent onhistory. ~~driving~~Congress anis ~~efficient,~~working ~~land-light~~on ~~balance~~housing ~~sheet~~legislation, tobut ~~effectively~~we ~~have~~believe ~~land~~that ~~banks~~it ~~and~~will ~~third~~not ~~parties~~meaningfully ~~hold~~impact ~~and~~housing ~~develop~~or ~~our~~affordability ~~land~~in ~~assets~~the ~~while~~short ~~we build cash flow~~term.

~~Looking~~We ~~ahead~~remain tofocused ~~the~~on ~~fourth~~three ~~quarter~~core ofoperating ~~2025,~~tenets: wedriving ~~anticipate~~consistent ~~selling~~volume ~~between~~to ~~20,000~~maximize toefficiency; 21refining our asset-light,~~000~~ ~~homes~~land-light ~~and~~balance ~~delivering~~sheet ~~between~~to ~~22,000~~generate strong and ~~23,000~~growing ~~homes.~~returns ~~Our~~and ~~average~~cash ~~sales~~flow; ~~price~~and isengaging ~~expected~~new technologies to beadvance ~~between~~operational ~~$380,000~~progress and ~~$390,000,~~enhance asthe wecustomer ~~continue~~experience. Our technology initiatives - including improvements to ~~see~~our ~~pricing~~marketing ~~pressure~~and onsales ~~homes~~platform, ~~sold~~land ~~during~~bank ~~the~~administration, ~~quarter.~~and Wethe ~~are~~ongoing ~~focused~~buildout onof ~~driving~~our ~~sales~~internal engineering and ~~closings~~technology ~~and~~capabilities ~~maintaining~~- ~~strong~~are ~~current~~beginning ~~cash~~to ~~flow~~yield ~~even~~real atand ~~reduced~~measurable ~~profitability.~~results Weand ~~expect~~are ~~our~~positioning ~~margin~~us to ~~come~~operate inwith ata ~~approximately 17.5%~~leaner, ~~depending~~more oncompetitive ~~market~~cost ~~conditions.~~structure going forward.

~~While~~We know that margins will remain under pressure in the ~~short-term~~second ~~road~~quarter ~~ahead~~of ~~may~~2026 ~~seem~~as ~~choppy~~affordability headwinds persist and macroeconomic uncertainty continues. However, our cost structure is materially more efficient than it was two years ago, and we are ~~optimistic~~seeing ~~about~~continuous ~~our~~improvement ~~future~~across construction costs, cycle times, and overhead. WeWhile our margins are ~~well-prepared~~down, ~~with~~this ais ~~strong~~due ~~national~~to ~~footprint~~incentives required to stimulate sales, ~~increasing~~which ~~community~~sit ~~count~~at 14% today, compared to our historical average between 4% to 6%. That gap represents significant margin recovery opportunity as mortgage rates moderate and ~~growing~~pent-up ~~volume~~demand is activated. We continue to believe we are approaching an inflection point. Our ~~strong~~sales ~~balance~~incentive ~~sheet~~levels ~~and~~showed ~~land~~early ~~banking~~signs ~~relationships,~~of ~~along~~stabilizing ~~with~~during ~~our~~the ~~technology-enabled~~first ~~solutions~~quarter, ~~will~~as ~~afford~~new usorder ~~flexibility~~incentive ~~and~~rates ~~advantaged~~trended ~~opportunities~~below ~~for~~delivery ~~strategic~~incentive ~~growth~~rates, which we believe reflects modestly improving demand dynamics.

For the second quarter of 2026, we expect new orders to be in the range of 21,000 to 22,000 homes, with continued focus on matching starts and sales pace. We anticipate second quarter deliveries to be in the range of 20,000 to 21,000 homes as we maintain even-flow production and convert inventory to cash. Our average sales price on those deliveries is expected to be between $370,000 and $375,000. We expect gross margins to be in the range of 15.5% to 16%, and we believe our first quarter gross margin of 15.2% represents the low point for the fiscal year. Our SG&A percentage is expected to be in the range of 8.9% to 9.1%.

We are determined to build more with less capital deployed, so that as margins begin to recover, returns on capital and equity will grow faster. Our balance sheet is strong, our land banking relationships are deep and productive, and our technology initiatives are positioning Lennar to be a materially different and better company in the years ahead. We remain committed to delivering affordable, high-quality homes to families across America, and we are confident that the steps we are taking today are building a stronger and more resilient Lennar for the future.

(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~~first ~~and~~quarter ~~nine~~of ~~months~~2026 ~~ended 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 first quarter net earnings attributable to Lennar in 2026 were $~~591~~229.04 million, or $20.2993 per diluted share, ~~in the third quarter of 2025,~~ compared to our ~~third~~first quarter net earnings attributable to Lennar in ~~2024~~2025 of $1519.25 ~~billion~~million, or $41.2696 per diluted share. Excluding pretax mark-to-market gains of $9914.28 million on technology investments, ~~third~~first quarter net earnings attributable to Lennar in ~~2025~~2026 were $~~516~~218.0 million, or $20.0088 per diluted share. Excluding pretax mark-to-market ~~gains~~losses of $3962.15 million on technology investments ~~and one-time items of $89.0 million in our Multifamily segment~~, ~~third~~first quarter net earnings attributable to Lennar in ~~2024~~2025 were $1566.17 ~~billion~~million or $32.9014 per diluted share.

Financial information relating to our operations was as follows:

	Three Months Ended August 31, 2025
	First Quarter 2026
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	86,~~213~~272,~~580~~922	—	—	—	—	86,~~213~~272,~~580~~922
Sales of land	3015,~~521~~158		—	—	—	—	3015,~~521~~158
Other revenues	910,~~574~~483		~~314~~215,~~195~~555	~~228~~82,~~465~~499	1322,~~943~~859	—	~~566~~331,~~177~~396
Total revenues	86,~~253~~298,~~675~~563		~~314~~215,~~195~~555	~~228~~82,~~465~~499	1322,~~943~~859	—	86,~~810~~619,~~278~~476
Costs and expenses:
Costs of homes sold	65,~~779~~321,~~563~~614		—	—	—	—	65,~~779~~321,~~563~~614
Costs of land sold	4131,~~065~~311		—	—	—	—	4131,~~065~~311
Selling, general and administrative expenses	~~676~~617,~~491~~495		—	—	—	—	~~676~~617,~~491~~495
Other costs and expenses	—		~~136~~124,~~323~~242	~~238~~90,~~791~~428	4543,~~450~~684	—	~~420~~258,~~564~~354
Total costs and expenses	75,~~497~~970,~~119~~420		~~136~~124,~~323~~242	~~238~~90,~~791~~428	4543,~~450~~684	—	76,~~917~~228,~~683~~774
Equity in earnings (losses) from unconsolidated entities	1038,~~190~~181		—	(625,~~790)~~481	~~7,422~~(394)	—	1063,~~822~~268
Other income (expense), net and other gains (losses), net	(6,961)		—	645	(12,640)	—	(18,956)
Other income, net and other gains, net	6,704		—	307	1,135	—	8,146
Lennar Other realized and unrealized gains from technology investments	—		—	—	99,223	—	99,223
Lennar Other gains from technology investments	—		—	—	14,838	—	14,838
Operating earnings (loss)	$	~~759~~373,~~785~~028	~~177~~91,~~872~~313	~~(16~~17,~~471)~~859	62(5,~~498~~246)	—	~~983~~476,~~684~~954
Corporate general and administrative expenses	—		—	—	—	~~171~~157,~~397~~638	~~171~~157,~~397~~638
Charitable foundation contribution	—		—	—	—	2116,~~584~~863	2116,~~584~~863
Earnings (loss) before income taxes	$	~~759~~373,~~785~~028	~~177~~91,~~872~~313	~~(16~~17,~~471)~~859	62(5,~~498~~246)	(~~192~~174,~~981~~501)	~~790~~302,~~703~~453

	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


	First Quarter 2025

(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	7,240,546	—	—	—	—	7,240,546
Sales of land	35,326		—	—	—	—	35,326
Other revenues	7,998		277,077	63,196	7,402	—	355,673
Total revenues	7,283,870		277,077	63,196	7,402	—	7,631,545
Costs and expenses:
Costs of homes sold	5,888,144		—	—	—	—	5,888,144
Costs of land sold	36,077		—	—	—	—	36,077
Selling, general and administrative expenses	615,739		—	—	—	—	615,739
Other costs and expenses	—		133,594	73,376	23,564	—	230,534
Total costs and expenses	6,539,960		133,594	73,376	23,564	—	6,770,494
Equity in earnings (losses) from unconsolidated entities	35,004		—	727	(2,497)	—	33,234
Other income (expense), net and other gains (losses), net	30,359		—	9,430	(8,121)	—	31,668
Lennar Other losses from technology investments	—		—	—	(62,503)	—	(62,503)



Operating earnings (loss)	$	809,273	143,483	(23)	(89,283)	—	863,450
Corporate general and administrative expenses	—		—	—	—	147,378	147,378
Charitable foundation contribution	—		—	—	—	17,834	17,834
Earnings (loss) before income taxes	$	809,273	143,483	(23)	(89,283)	(165,212)	698,238

First Quarter 2026 versus First Quarter 2025

Revenues from home sales decreased 13% in the first quarter of 2026 to $6.3 billion from $7.2 billion in the first quarter of 2025. Revenues were lower primarily due to an 8% decrease in the average sales price of homes delivered and a 5% decrease in the number of home deliveries. New home deliveries were 16,863 homes in the first quarter of 2026, compared to 17,834 homes in the first quarter of 2025. The average sales price of homes delivered was $374,000 in the first quarter of 2026, compared to $408,000 in the first quarter of 2025. The decrease in average sales price of homes delivered in the first quarter of 2026 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers.

Gross margins on home sales were $951.3 million, or 15.2%, in the first quarter of 2026, compared to $1.4 billion, or 18.7%, in the first quarter of 2025. During the first quarter of 2026, 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 $617.5 million in the first quarter of 2026, compared to $615.7 million in the first quarter of 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.8% in the first quarter of 2026, from 8.5% in the first quarter of 2025, primarily due to less leverage as a result of lower revenues.

During the first quarter of 2026, our homebuilding operating earnings included $19.9 million of interest income, compared to $23.2 million of interest income in the first quarter of 2025.

Operating earnings for the Financial Services segment were $90.6 million in the first quarter of 2026, compared to $142.9 million in the first quarter of 2025. The decrease in operating earnings was primarily due to lower lock volume and lower profit per locked loan.

Operating earnings for the Multifamily segment were $18.0 million in the first quarter of 2026, compared to a breakeven result in the first quarter of 2025. Operating loss for the Lennar Other segment was $5.2 million in the first quarter of 2026, compared to operating loss of $89.3 million in the first quarter of 2025. The Lennar Other operating loss for the first quarter of 2026 was primarily due to operating losses, which was partially offset by mark-to-market gains of $14.8 million on our technology investments. The Lennar Other operating loss for the first quarter of 2025 was primarily due to mark-to-market losses of $62.5 million on our technology investments.

In the first quarter of 2026 and 2025, we had tax provisions of $69.1 million and $169.5 million, which resulted in an overall effective income tax rate of 23.1% and 24.6%, 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 decrease in the effective tax rate for the first quarter of 2026 compared to the prior period was primarily due to a charitable contribution of appreciated stock.

	Nine Months Ended August 31, 2025
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	23,242,401	—	—	—	—	23,242,401
Sales of land	109,042		—	—	—	—	109,042
Other revenues	29,964		889,370	521,966	26,582	—	1,467,882
Total revenues	23,381,407		889,370	521,966	26,582	—	24,819,325
Costs and expenses:
Costs of homes sold	19,070,239		—	—	—	—	19,070,239
Costs of land sold	133,315		—	—	—	—	133,315
Selling, general and administrative expenses	1,981,077		—	—	—	—	1,981,077
Other costs and expenses	—		410,735	566,844	99,039	—	1,076,618
Total costs and expenses	21,184,631		410,735	566,844	99,039	—	22,261,249
Equity in earnings (losses) from unconsolidated entities	62,910		—	(11,332)	4,594	—	56,172
Other income (expense), net and other gains (losses), net	37,606		—	24,962	(19,097)	—	43,471
Lennar Other realized and unrealized gains from technology investments	—		—	—	7,280	—	7,280
Operating earnings (loss)	$	2,297,292	478,635	(31,248)	(79,680)	—	2,664,999
Corporate general and administrative expenses	—		—	—	—	474,628	474,628
Charitable foundation contribution	—		—	—	—	59,549	59,549
Earnings (loss) before income taxes	$	2,297,292	478,635	(31,248)	(79,680)	(534,177)	2,130,822

	Nine Months Ended August 31, 2024
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	24,277,158	—	—	—	—	24,277,158
Sales of land	53,816		—	—	—	—	53,816
Other revenues	26,768		804,713	322,620	9,489	—	1,163,590
Total revenues	24,357,742		804,713	322,620	9,489	—	25,494,564
Homebuilding costs and expenses:
Costs of homes sold	18,855,087		—	—	—	—	18,855,087
Costs of land sold	43,640		—	—	—	—	43,640
Selling, general and administrative expenses	1,798,306		—	—	—	—	1,798,306
Other costs and expenses	—		382,005	419,580	53,105		854,690
Total costs and expenses	20,697,033		382,005	419,580	53,105	—	21,551,723
Equity in earnings (losses) from unconsolidated entities	54,038		—	140,103	(42,374)	—	151,767
Other income (expense), net and other gains (losses), net	132,122		—	(348)	25,101	—	156,875
Lennar Other unrealized gains from technology investments	—		—	—	12,472	—	12,472
Operating earnings (loss)	$	3,846,869	422,708	42,795	(48,417)	—	4,263,955
Corporate general and administrative expenses	—		—	—	—	478,975	478,975
Charitable foundation contribution	—		—	—	—	58,004	58,004
Earnings (loss) before income taxes	$	3,846,869	422,708	42,795	(48,417)	(536,979)	3,726,976

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.

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.

Gross margins on home sales were $1.4 billion, or 17.5%, in the third quarter of 2025, compared to $2.0 billion, or 22.5%, in the third quarter of 2024. During the third quarter of 2025, gross margins decreased primarily due to a 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 $676.5 million in the third quarter of 2025, compared to $600.7 million in the 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.

During the three months ended August 31, 2025, our homebuilding operating earnings included $8.7 million of interest income, compared to $33.8 million of interest income in the three months ended August 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 $177.4 million in the third quarter of 2025, compared to $143.6 million in the third quarter of 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 $16.4 million in the third quarter of 2025, compared to operating earnings of $79.0 million in the third quarter of 2024, which were positively impacted by a $179.0 million one-time net gain from the sale of assets in our LMV Fund I, partially offset by a one-time $90.0 million write-down of non-core assets.

Operating earnings for the Lennar Other segment were $62.5 million in the third quarter of 2025, compared to operating earnings of $20.1 million in the third quarter of 2024. The Lennar Other operating earnings for both the third quarter of 2025 and 2024 were primarily related to $99.2 million and $39.1 million mark-to-market gains on our technology investments, respectively.

In the third quarter of 2025 and 2024, we had tax provisions of $190.9 million and $347.9 million, which resulted in an overall effective income tax rate of 24.4% and 23.0%, 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 our effective tax rate for the third quarter of 2025 compared to the prior period was primarily due to a decrease in tax credits. On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted, introducing various changes to U.S. federal tax law. We do not expect the Act to have a material impact on our consolidated financial statements for the fiscal year ending November 30, 2025 and are currently evaluating the potential impact of the Act on our future periods.

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

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 expenses increased to 8.5% in the nine months ended August 31, 2025, from 7.4% in the nine months ended August 31, 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.

During the nine months ended August 31, 2025, our homebuilding operating earnings included $45.7 million of interest income, compared to $134.6 million of interest income in the nine months ended August 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 $476.9 million in the nine months ended August 31, 2025, compared to $420.5 million 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.

Operating loss for the Multifamily segment was $30.9 million in the nine months ended August 31, 2025, compared to operating earnings of $43.1 million in the nine months ended August 31, 2024, which was positively impacted by a $179.0 million one-time net gain from the sale of assets in our LMV Fund I, partially offset by a one-time $90.0 million write-down of non-core assets.

Operating loss for the Lennar Other segment was $79.7 million in the nine months ended August 31, 2025, compared to operating loss of $47.3 million in the nine months ended August 31, 2024. The Lennar Other operating loss for nine months ended August 31, 2025 was primarily due to losses from certain strategic investments, partially offset by mark-to-market gains on our technology investments. The Lennar Other operating loss for the nine months ended August 31, 2024 was primarily related to operating losses from certain strategic investments, which was partially offset by $12.5 million of mark-to-market gains on our technology investments and a $46.5 million one-time gain on the sale of a technology investment.

For the nine months ended August 31, 2025 and 2024, we had tax provisions of $520.5 million and $859.2 million, respectively, which resulted in overall effective income tax rates of 24.7% and 23.2%, 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 for the nine months ended August 31, 2025 from the prior year was primarily due to a decrease in tax credits and a decrease in excess tax benefits from share-based compensation.

Homebuilding Segments

At ~~August~~February 3128, ~~2025~~2026, our reportable Homebuilding segments and Homebuilding Other are outlined in Note 32 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 August 31, 2025

First Quarter 2026

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,~~679~~512,~~796~~078

1,~~362~~238,~~858~~852

18.91

~~163~~110,~~716~~452

1(7,~~282~~228)

34,~~521~~869

1410,~~338~~683

(13,~~209~~821)

~~181~~114,~~648~~955

Central

21,~~072~~345,~~731~~033

1,~~693~~152,~~876~~715

1814.3

~~188~~44,~~696~~113

(12,~~788~~863)

1,~~030~~153

4059

1,~~480~~883

~~189~~44,~~458~~345

South Central

1,~~507~~160,~~314~~180

1956,~~247,502~~368

17.26

~~134~~96,~~693~~178

(2,~~305~~345)

~~610~~660

(515)

(21,~~864~~669)

~~130~~92,~~129~~809

West

2,~~950~~251,~~118~~747

21,~~470~~967,~~021~~522

1612.36

~~278~~93,~~893~~055

(73,~~733~~717)

1,~~877~~202

~~563~~912

(32,~~277~~032)

~~270~~89,~~323~~420

Other (2)

3,~~621~~884

56,~~306~~157

(4658.5)

(89,~~472~~985)

—

2,~~536~~599

(426,~~746)~~542

(112,~~091)~~343

~~(11~~31,~~773)~~499

Totals

86,~~213~~272,~~580~~922

65,~~779~~321,~~563~~614

1715.52

~~757~~333,~~526~~813

(1016,~~544~~153)

910,~~574~~483

1038,~~190~~181

(6,~~961)~~704

~~759~~373,~~785~~028

Three Months Ended August 31, 2024

First Quarter 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

East

21,~~058~~655,~~158~~259

1,~~511~~303,~~468~~019

2621.63

~~388~~190,~~707~~054

~~1,810~~(389)

2,~~802~~736

86,~~186~~638

~~403~~25,315

~~401~~224,~~908~~354

Central

21,~~202~~530,~~207~~193

1,~~705~~245,~~333~~610

2218.6

~~339~~132,~~956~~258

(31,~~545~~440)

~~708~~854

~~946~~(3)

52,~~425~~051

~~343~~133,~~490~~720

South Central

1,~~283~~160,~~781~~523

~~993~~946,~~685~~529

2218.64

~~195~~119,~~938~~172

~~(132)~~2,664

~~594~~701

—(2)

~~1,367~~(452)

~~197~~122,~~767~~083

West

32,~~470~~888,~~255~~685

2,~~773~~386,~~873~~679

2017.14

~~507~~299,~~569~~625

(1,~~387~~586)

1,~~337~~248

~~1,624~~(28)

~~5,305~~(478)

~~514~~298,~~448~~781

Other (2)

35,~~226~~886

56,~~244~~307

(627.62)

(4,~~865~~446)

—

32,~~158~~459

1428,~~464~~399

73,~~548~~923

2030,~~305~~335

Totals

97,~~017~~240,~~627~~546

65,~~989~~888,~~603~~144

2218.57

1736,~~427,305~~663

(~~3,254~~751)

87,~~599~~998

2535,~~220~~004

2030,~~048~~359

1809,~~477,918~~273

	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 Revenues	Equity in Earnings (Losses) from Unconsolidated Entities	Other Income (Expense), net	Operating Earnings
East	$	4,996,822	4,009,377	19.8	%	506,631	2,147	9,970	29,271	31,255	579,274
Central	5,399,868		4,403,944	18.4	%	485,701	(5,478)	3,847	36	4,643	488,749
South Central	4,173,587		3,435,915	17.7	%	391,820	(1,056)	2,369	(13)	(4,219)	388,901
West	8,657,783		7,203,662	16.8	%	833,381	(19,886)	5,220	1,573	(5,760)	814,528
Other (2)	14,341		17,341	(20.9)	%	(26,448)	—	8,558	32,043	11,687	25,840
Totals	$	23,242,401	19,070,239	18.0	%	2,191,085	(24,273)	29,964	62,910	37,606	2,297,292

	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 Revenues	Equity in Earnings (Losses) from Unconsolidated Entities	Other Income, net	Operating Earnings
East	$	6,044,179	4,410,341	27.0	%	1,124,900	13,406	8,009	20,600	38,951	1,205,866
Central	5,412,479		4,245,354	21.6	%	717,845	(3,996)	3,030	952	23,718	741,549
South Central	3,548,464		2,737,784	22.8	%	536,931	1,302	1,886	(3)	10,808	550,924
West	9,255,650		7,439,477	19.6	%	1,262,084	(536)	4,545	5,337	30,742	1,302,172
Other (2)	16,386		22,131	(35.1)	%	(17,995)	—	9,298	27,152	27,903	46,358
Totals	$	24,277,158	18,855,087	22.3	%	3,623,765	10,176	26,768	54,038	132,122	3,846,869

(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 August 31,

First Quarter

2025

2024

2025

2024

2025

2024

2026

2025

2026

2025

2026

2025

Homes

Dollar Value (In thousands)

Average Sales Price

East

4,~~770~~150

54,~~270~~384

1,~~744~~583,~~875~~951

21,~~108~~696,~~031~~242

~~366~~382,000

~~400~~387,000

Central

53,~~469~~801

53,~~510~~956

21,~~072~~345,~~731~~033

21,~~202~~530,~~207~~193

~~379~~354,000

~~400~~387,000

South Central

65,~~413~~039

54,~~067~~730

1,~~507~~160,~~314~~180

1,~~283~~160,~~781~~523

~~235~~230,000

~~253~~245,000

West

43,~~926~~868

54,~~663~~756

2,~~950~~251,~~118~~747

32,~~470~~888,~~255~~685

~~599~~582,000

~~613~~607,000

Other

3,~~622~~884

35,~~225~~886

~~604~~777,000

~~538~~736,000

Total

2116,~~584~~863

2117,~~516~~834

86,~~278~~344,~~660~~795

97,~~067~~281,~~499~~529

~~383~~374,000

~~422~~408,000

Of the total homes delivered listed above, ~~146~~84 homes with a dollar value of $6571.19 million and an average sales price of $~~446~~856,000 represent homes from unconsolidated entities for the ~~three~~first ~~months~~quarter ~~ended~~of ~~August 31~~2026, ~~2025,~~ compared to ~~124~~80 homes with a dollar value of $4941.90 million and an average sales price of $~~402~~512,000 for the ~~three~~first ~~months~~quarter ~~ended~~of ~~August 31, 2024~~2025.

	Nine Months Ended August 31,
	2025	2024	2025		2024	2025		2024
	Homes		Dollar Value (In thousands)			Average Sales Price
East	13,757	15,177	$	5,153,936	6,172,193	$	375,000	407,000
Central	14,102	13,604	5,399,868		5,412,479	383,000		398,000
South Central	17,317	13,999	4,173,587		3,548,464	241,000		253,000
West	14,351	15,193	8,657,783		9,255,650	603,000		609,000
Other	22	31	14,341		16,385	652,000		529,000
Total	59,549	58,004	$	23,399,515	24,405,171	$	393,000	421,000

Of the total homes delivered listed above, 339 homes with a dollar value of $157.1 million and an average sales price of $463,000 represent homes from unconsolidated entities for the nine months ended August 31, 2025, compared to 271 homes with a dollar value of $128.0 million and an average sales price of $472,000 for the nine months ended August 31, 2024.

Sales Incentives (1):

	Three Months Ended August 31,								Nine Months Ended August 31,
	First Quarter
		2025		2024	2025		2024		2025		2024	2025		2024
		2026		2025	2026		2025
		Average Sales Incentives PerHome Delivered			Sales Incentivesas a % of Revenue				~~Average Sales Incentives PerHome Delivered~~			~~Sales Incentivesas a % of Revenue~~
East		$	7875,~~100~~400	5567,~~000~~400	1716.78	%	1214.19	%	$	~~73,700~~	~~49,900~~	~~16.5~~	%	~~11.0~~	%
Central		5052,~~700~~800		3850,~~700~~200	1113.80	%	811.85	%	~~49,000~~		~~40,600~~	~~11.3~~	%	~~9.3~~	%
South Central		6052,~~800~~100		5358,400	2018.54	%	1719.42	%	~~57,800~~		~~52,200~~	~~19.4~~	%	~~17.1~~	%
West		7066,~~400~~800		4665,~~100~~300	10.53	%	79.07	%	~~66,800~~		~~46,900~~	~~10.0~~	%	~~7.1~~	%
Other		8697,~~100~~400		4697,~~200~~300	1211.51	%	711.97	%	~~95,900~~		~~74,800~~	~~12.8~~	%	~~12.4~~	%
Total		$	6461,~~100~~300	4860,~~100~~600	14.31	%	1012.29	%	$	~~61,500~~	~~47,500~~	~~13.5~~	%	~~10.1~~	%

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

New Orders (2):

At August 31,

Three Months Ended August 31,

First Quarter

2025

2024

2025

2024

2025

2024

2025

2024

2026

2025

2026

2025

2026

2025

2026

2025

Active Communities

Homes

Dollar Value (In thousands)

Average Sales Price

East

~~348~~359

~~293~~341

54,~~665~~480

4,~~641~~063

21,~~034~~711,~~232~~647

1,~~891~~561,~~226~~862

~~359~~382,000

~~408~~384,000

Central

~~464~~452

~~365~~436

54,~~555~~592

54,~~405~~550

21,~~005~~636,~~407~~213

21,~~106~~800,~~128~~195

~~361~~356,000

~~390~~396,000

South Central

~~411~~429

~~245~~387

75,~~055~~005

54,~~217~~921

1,~~582~~163,~~753~~614

1,~~307~~172,~~688~~861

~~224~~232,000

~~251~~238,000

West

~~440~~437

~~378~~418

4,~~725~~431

54,~~317~~811

2,~~814~~622,~~895~~800

32,~~254~~888,~~573~~650

~~596~~592,000

~~612~~600,000

Other

710

25,~~445~~112

27,~~444~~164

~~611~~730,000

~~349~~716,000

Total

1,~~664~~678

1,~~283~~584

2318,~~004~~515

2018,~~587~~355

87,~~439~~139,~~732~~386

87,~~562~~430,~~059~~732

~~367~~386,000

~~416~~405,000

Of the total new orders listed above, ~~104~~71 homes with a dollar value of $5631.72 million and an average sales price of $~~546~~440,000 represent homes in ~~nine~~seven active communities from unconsolidated entities for the ~~three~~first ~~months~~quarter ~~ended~~of ~~August 31~~2026, ~~2025,~~ compared to ~~114~~101 homes with a dollar value of $6959.19 million and an average sales price of $~~606~~593,000 in 1011 active communities for the ~~three~~first ~~months~~quarter ~~ended~~of ~~August 31, 2024~~2025.

	Nine Months Ended August 31,
	2025	2024	2025		2024		2025		2024
	Homes		Dollar Value (In thousands)				Average Sales Price
East	15,141	13,782	$	5,498,162	5,701,708		$	363,000	414,000
Central	15,562	15,396	5,869,567		6,089,912		377,000		396,000
South Central	18,602	14,861	4,362,932		3,760,078		235,000		253,000
West	14,634	15,979	8,701,073		9,929,956		595,000		621,000
Other	21	38	13,993		17,663		666,000		465,000
Total	63,960	60,056	$	24,445,727	$	25,499,317	$	382,000	425,000

(2)Homes represent the number of new sales contracts executed with homebuyers, net of cancellations, during the first quarter of 2026 and 2025.

Of the total new orders listed above, 346 homes with a dollar value of $186.4 million and an average sales price of $539,000 represent homes from unconsolidated entities for the nine months ended August 31, 2025, compared to 234 homes with a dollar value of $134.3 million and an average sales price of $574,000 for the nine months ended August 31, 2024.

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

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

	Three Months Ended				Nine Months Ended
	First Quarter
	August 31,				August 31,
	2026		2025
	2025		2024		2025		2024
East	14	%	16	%
East	14	%	16	%	15	%	16	%
Central	13	%	11	%
Central	12	%	11	%	11	%	10	%
South Central	15	%	16	%
South Central	16	%	17	%	16	%	17	%
West	10	%	11	%
West	14	%	14	%	13	%	12	%
Other	22	%	23	%
Other	20	%	30	%	19	%	14	%
Total	13	%	14	%
Total	14	%	14	%	14	%	14	%

Backlog:

At August 31,

First Quarter

2025

2024

2025

2024

2025

2024

2026

2025

2026

2025

2026

2025

Homes

Dollar Value (In thousands)

Average Sales Price

East

45,~~720~~152

53,~~115~~038

1,~~821~~897,~~044~~184

21,~~222~~350,~~250~~594

~~386~~368,000

~~434~~445,000

Central

4,~~862~~263

54,~~025~~006

1,~~868~~563,~~613~~856

21,~~075~~667,~~185~~175

~~384~~367,000

~~413~~416,000

South Central

43,~~072~~011

23,~~757~~027

~~892~~659,~~312~~412

~~694~~725,~~104~~427

219,000

~~252~~240,000

West

3,~~299~~160

43,~~037~~071

21,~~066~~919,~~021~~087

2,~~753~~021,~~198~~262

~~626~~607,000

~~682~~658,000

Other

—2

103

—1,228

21,~~805~~626

—614,000

~~280~~542,000

Total

1615,~~953~~588

1613,~~944~~145

6,~~647~~040,~~990~~767

75,~~747~~766,~~542~~084

~~392~~388,000

~~457~~439,000

Of the total homes in backlog listed above, 8666 homes with a backlog dollar value of $9345.14 million and an average sales price of $~~1.1~~687,000 ~~million~~ represent the backlog from unconsolidated entities at ~~August~~February 3128, ~~2025~~2026, compared to ~~110~~100 homes with a backlog dollar value of $8082.7 million and an average sales price of $~~734~~827,000 at ~~August~~February 3128, ~~2024~~2025.

~~(3)~~Backlog ~~During~~represents the ~~nine~~number ~~months~~of ~~ended~~homes ~~August~~under ~~31,~~sales ~~2025,~~contracts. ~~backlog~~Homes ~~includes~~are ~~909~~sold ~~acquired~~using ~~homes~~sales ofcontracts, which ~~181,~~are ~~717~~generally ~~and~~accompanied 11by ~~homes~~sales ~~were~~deposits. inIn ~~the~~some ~~Central~~instances, ~~South~~purchasers ~~Central~~are ~~and~~permitted ~~West~~to ~~homebuilding~~cancel ~~segments,~~sales ~~respectively.~~contracts if they fail to qualify for

3834

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~~First ~~Months~~Quarter ~~Ended~~2026 ~~August 31, 2025~~ versus ~~Three~~First ~~Months~~Quarter ~~Ended~~2025 ~~August 31, 2024~~

Homebuilding East: Revenues from home sales decreased in the ~~third~~first quarter of ~~2025~~2026 compared to the ~~third~~first quarter of ~~2024~~2025, primarily due to decreases in the number of homes delivered and the average sales price of 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~~deliveries ~~delivered~~ per active community ~~due~~as toa result of the timing of homes delivered, despite an increase in the number of active communities year over year. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of ~~incentives~~sales ~~and product mix~~incentives. InDuring the ~~third~~first quarter of ~~2025~~2026, gross margin percentage ofon homes delivered decreased, primarily due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding Central: Revenues from home sales decreased in the ~~third~~first quarter of ~~2025~~2026 compared to the ~~third~~first quarter of ~~2024~~2025, primarily due to decreases in the ~~number~~average sales price of homes delivered in ~~all~~Alabama, ~~states~~Illinois, ofIndiana, ~~the segment except in Alabama~~Maryland/Virginia, ~~Illinois~~Minnesota, North Carolina, ~~and~~ South Carolina, and inTennessee, ~~the~~partially ~~average~~offset ~~sales~~by ~~price~~an increase in the number of homes delivered in Alabama, Illinois, Maryland/Virginia, ~~North Carolina~~ and ~~Virginia~~South Carolina. The overall decrease in the ~~number~~average sales price of homes delivered was primarily due to apricing ~~decrease~~to inmarket ~~the~~through ~~number~~an ofincreased ~~homes~~use ~~delivered per active community due to the timing~~ of ~~homes~~sales ~~delivered~~incentives. The overall decrease in the ~~average~~number ~~sales price~~ of homes delivered was primarily due to ~~pricing~~a todecrease ~~market~~in ~~through~~the annumber ~~increased use~~ of ~~incentives~~deliveries ~~and~~per ~~product~~active ~~mix~~community. InDuring the ~~third~~first quarter of ~~2025~~2026, gross margin percentage ofon homes delivered decreased, primarily 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: Revenues from home sales ~~increased~~were essentially flat in the ~~third~~first quarter of ~~2025~~2026 compared to the ~~third~~first quarter of ~~2024~~2025, ~~primarily~~as ~~due to the Rausch acquisition which resulted in~~ an increase in the number of homes delivered in ~~all~~Arkansas,

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