Lennar Corp 10-Q for FY2023 Q2

Lennar Corp (LEN)

10-Q 2023-06-30 For: 2023-05-31

Added on April 06, 2026

About this 10-Q

Lennar Corp filed this 10-Q on June 30, 2023, covering the quarter ended May 31, 2023 (FY2023 Q2).

Headline figures

Quarter ended May 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $8.05B; down 3.8% from $8.36B a year earlier
Net income: $871.69M; down 34.0% from net income of $1.32B a year earlier
Diluted EPS: $3.01; down 33.0% from $4.49 a year earlier

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


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


	May 31,		November 30,
	2023 (1)		2022 (1)

ASSETS
Homebuilding:
Cash and cash equivalents	$	4,004,679	4,616,124
Restricted cash	19,000		23,046
Receivables, net	619,720		673,980
Inventories:
Finished homes and construction in progress	12,190,243		11,718,507
Land and land under development	7,114,082		7,382,273
Consolidated inventory not owned	2,382,495		2,331,231
Total inventories	21,686,820		21,432,011
Investments in unconsolidated entities	1,137,189		1,173,164
Goodwill	3,442,359		3,442,359
Other assets	1,582,299		1,323,478
	32,492,066		32,684,162
Financial Services	2,264,658		3,254,257
Multifamily	1,309,548		1,257,337
Lennar Other	791,415		788,539
Total assets	$	36,857,687	37,984,295


	May 31,		November 30,
	2023 (2)		2022 (2)

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,700,895	1,616,128
Liabilities related to consolidated inventory not owned	2,014,506		1,967,551
Senior notes and other debts payable, net	3,852,258		4,047,294
Other liabilities	2,433,038		3,347,673
	10,000,697		10,978,646
Financial Services	1,311,928		2,353,904
Multifamily	298,523		313,484
Lennar Other	85,420		97,894
Total liabilities	11,696,568		13,743,928
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: May 31, 2023 and November 30, 2022 - 400,000,000 shares; Issued: May 31, 2023 - 258,433,210 shares and November 30, 2022 - 256,084,147 shares	25,843		25,608
Class B common stock of $0.10 par value; Authorized: May 31, 2023 and November 30, 2022 - 90,000,000 shares; Issued: May 31, 2023 - 36,601,215 shares and November 30, 2022 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	5,546,128		5,417,796
Retained earnings	20,111,368		18,861,417
Treasury stock, at cost; May 31, 2023 - 5,907,705 shares of Class A common stock and 1,703,974 shares of Class B common stock; November 30, 2022 - 2,455,387 shares of Class A common stock and 419,860 shares of Class B common stock	(675,686)		(210,389)
Accumulated other comprehensive income	3,832		2,408
Total stockholders’ equity	25,015,145		24,100,500
Noncontrolling interests	145,974		139,867
Total equity	25,161,119		24,240,367
Total liabilities and equity	$	36,857,687	37,984,295


	Three Months Ended			Six Months Ended
	May 31,			May 31,
	2023		2022	2023	2022
Revenues:
Homebuilding	$	7,670,017	7,977,982	13,826,322	13,730,187
Financial Services	222,979		200,166	405,960	376,867
Multifamily	151,744		176,021	295,267	443,380
Lennar Other	411		4,527	8,031	11,778
Total revenues	8,045,151		8,358,696	14,535,580	14,562,212
Costs and expenses:
Homebuilding	6,438,957		6,105,153	11,713,671	10,747,051
Financial Services	110,380		96,231	214,624	182,141
Multifamily	154,354		175,152	303,310	438,889
Lennar Other	6,795		8,236	13,271	13,643
Corporate general and administrative	124,752		105,207	250,858	218,868
Charitable foundation contribution	17,074		16,549	30,733	29,087
Total costs and expenses	6,852,312		6,506,528	12,526,467	11,629,679
Equity in loss from unconsolidated entities	(49,755)		(11,807)	(80,942)	(21,559)
Other income (expense), net and other gains (losses)	(9,960)		(7,562)	13,360	(6,270)



Lennar Other unrealized gains (losses) from technology investments	25,497		(77,965)	1,543	(473,135)
Earnings before income taxes	1,158,621		1,754,834	1,943,074	2,431,569
Provision for income taxes	(280,879)		(432,276)	(466,024)	(599,696)
Net earnings (including net earnings attributable to noncontrolling interests)	877,742		1,322,558	1,477,050	1,831,873
Less: Net earnings attributable to noncontrolling interests	6,048		1,802	8,822	7,536
Net earnings attributable to Lennar	$	871,694	1,320,756	1,468,228	1,824,337
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	$	573	62	1,424	804
Reclassification adjustments for gain included in earnings, net of tax	—		—	—	2,285
Total other comprehensive income, net of tax	$	573	62	1,424	3,089
Total comprehensive income attributable to Lennar	$	872,267	1,320,818	1,469,652	1,827,426
Total comprehensive income attributable to noncontrolling interests	$	6,048	1,802	8,822	7,536
Basic earnings per share	$	3.01	4.50	5.07	6.17
Diluted earnings per share	$	3.01	4.49	5.07	6.16


(In thousands)	May 31, 2023
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	4,004,679	259,738	18,539	4,775	4,287,731
Restricted cash	19,000		9,113	—	—	28,113
Receivables, net (1)	619,720		354,548	115,865	—	1,090,133
Inventories	21,686,820		—	479,812	—	22,166,632
Loans held-for-sale (2)	—		1,175,280	—	—	1,175,280

Investments in equity securities (3)	—		—	—	412,593	412,593
Investments available-for-sale (4)	—		—	—	36,906	36,906
Loans held-for-investment, net	—		36,717	—	—	36,717
Investments held-to-maturity	—		141,360	—	—	141,360
Investments in unconsolidated entities	1,137,189		—	629,649	292,086	2,058,924
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,582,299		98,203	65,683	45,055	1,791,240
	$	32,492,066	2,264,658	1,309,548	791,415	36,857,687
Liabilities:
Notes and other debts payable, net	$	3,852,258	1,157,040	16,912	—	5,026,210
Accounts payable and other liabilities	6,148,439		154,888	281,611	85,420	6,670,358
	$	10,000,697	1,311,928	298,523	85,420	11,696,568


(In thousands)	November 30, 2022
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	4,616,124	139,378	17,827	5,391	4,778,720
Restricted cash	23,046		14,004	—	—	37,050
Receivables, net (1)	673,980		826,163	114,134	—	1,614,277
Inventories	21,432,011		—	430,442	—	21,862,453
Loans held-for-sale (2)	—		1,776,311	—	—	1,776,311

Investments in equity securities (3)	—		—	—	391,026	391,026
Investments available-for-sale (4)	—		—	—	35,482	35,482
Loans held-for-investment, net	—		45,636	—	—	45,636
Investments held-to-maturity	—		143,251	—	—	143,251
Investments in unconsolidated entities	1,173,164		—	648,126	316,523	2,137,813
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,323,478		119,815	46,808	40,117	1,530,218
	$	32,684,162	3,254,257	1,257,337	788,539	37,984,295
Liabilities:
Notes and other debts payable, net	$	4,047,294	2,135,093	16,749	—	6,199,136
Accounts payable and other liabilities	6,931,352		218,811	296,735	97,894	7,544,792
	$	10,978,646	2,353,904	313,484	97,894	13,743,928


(In thousands)	Maximum Aggregate Commitment
Residential facilities maturing:
June 2023 (1)	$	200,000
December 2023	500,000
April 2024	500,000
May 2024	600,000
Total residential facilities	$	1,800,000
LMF Commercial facilities maturing:
July 2023	$	50,000
November 2023	100,000
December 2023	400,000

Total LMF commercial facilities	$	550,000
Total	$	2,350,000


(Dollars in thousands)	May 31, 2023		November 30, 2022
Carrying value	$	141,360	143,251
Outstanding debt, net of debt issuance costs	131,656		133,283
Incurred interest rate	3.4%		3.4%


	May 31, 2023
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


	May 31, 2023
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	204,631	282,347
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,218,619
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		368,170
Lennar's remaining commitments (1)	3,635		12,830
Distributions to Lennar during the six months ended May 31, 2023	—		—


	Three Months Ended May 31, 2023
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income	Retained Earnings	Noncontrolling Interests
Balance at February 28, 2023	$	24,555,287	25,834	3,660	5,503,789	(468,347)	3,259	19,350,060	137,032
Net earnings (including net earnings attributable to noncontrolling interests)	877,742		—	—	—	—	—	871,694	6,048
Employee stock and directors plans	4,229		9	—	1,631	2,589	—	—	—

Purchases of treasury stock	(209,928)		—	—	—	(209,928)	—	—	—




Amortization of restricted stock	40,173		—	—	40,173	—	—	—	—
Cash dividends	(110,386)		—	—	—	—	—	(110,386)	—

Receipts related to noncontrolling interests	2,421		—	—	—	—	—	—	2,421

Non-cash purchase or activity of noncontrolling interests, net	1,008		—	—	535	—	—	—	473



Total other comprehensive income, net of tax	573		—	—	—	—	573	—	—
Balance at May 31, 2023	$	25,161,119	25,843	3,660	5,546,128	(675,686)	3,832	20,111,368	145,974


	Three Months Ended May 31, 2022
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income	Retained Earnings	Noncontrolling Interests
Balance at February 28, 2022	$	20,847,432	30,243	3,944	8,855,151	(3,290,748)	1,686	15,078,788	168,368
Net earnings (including net earnings attributable to noncontrolling interests)	1,322,558		—	—	—	—	—	1,320,756	1,802
Employee stock and directors plans	(2,533)		6	—	994	(3,533)	—	—	—
Retirement of treasury stock	—		(4,667)	(284)	(3,533,425)	3,538,376	—	—	—
Purchases of treasury stock	(320,710)		—	—	—	(320,710)	—	—	—



Amortization of restricted stock	35,053		—	—	35,053	—	—	—	—
Cash dividends	(110,846)		—	—	—	—	—	(110,846)	—

Receipts related to noncontrolling interests	11,111		—	—	—	—	—	—	11,111
Payments related to noncontrolling interests	(3,708)		—	—	—	—	—	—	(3,708)

Non-cash purchase or activity of noncontrolling interests, net	11,355		—	—	(2,591)	—	—	—	13,946


Total other comprehensive income, net of tax	62		—	—	—	—	62	—	—
Balance at May 31, 2022	$	21,789,774	25,582	3,660	5,355,182	(76,615)	1,748	16,288,698	191,519


	Six Months Ended May 31, 2023
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income		Retained Earnings	Noncontrolling Interests
Balance at November 30, 2022	$	24,240,367	25,608	3,660	5,417,796	(210,389)	2,408		18,861,417	139,867
Net earnings (including net earnings attributable to noncontrolling interests)	1,477,050		—	—	—	—	—		1,468,228	8,822
Employee stock and directors plans	(62,761)		235	—	1,442	(64,438)	—		—	—

Purchases of treasury stock	(400,859)		—	—	—	(400,859)	—		—	—




Amortization of restricted stock	126,731		—	—	126,731	—	—		—	—
Cash dividends	(218,277)		—	—	—	—	—	—	(218,277)	—

Receipts related to noncontrolling interests	4,918		—	—	—	—	—		—	4,918
Payments related to noncontrolling interests	(20,623)		—	—	—	—	—		—	(20,623)
Non-cash purchase or activity of noncontrolling interests, net	13,149		—	—	159	—	—		—	12,990



Total other comprehensive income, net of tax	1,424		—	—	—	—	1,424		—	—
Balance at May 31, 2023	$	25,161,119	25,843	3,660	5,546,128	(675,686)	3,832		20,111,368	145,974


	Six Months Ended May 31, 2022
(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, 2021	$	20,996,282	30,050	3,944	8,807,891	(2,709,448)	(1,341)		14,685,329	179,857
Net earnings (including net earnings attributable to noncontrolling interests)	1,831,873		—	—	—	—	—		1,824,337	7,536
Employee stock and directors plans	(57,419)		199	—	854	(58,472)	—		—	—
Retirement of treasury stock	—		(4,667)	(284)	(3,533,425)	3,538,376	—		—	—
Purchases of treasury stock	(847,071)		—	—	—	(847,071)	—		—	—




Amortization of restricted stock	116,510		—	—	116,510	—	—		—	—
Cash dividends	(220,968)		—	—	—	—	—	—	(220,968)	—

Receipts related to noncontrolling interests	18,095		—	—	—	—	—		—	18,095
Payments related to noncontrolling interests	(65,521)		—	—	—	—	—		—	(65,521)
Non-cash purchase or activity of noncontrolling interests, net	14,904		—	—	(36,648)	—	—		—	51,552



Total other comprehensive loss, net of tax	3,089		—	—	—	—	3,089		—	—
Balance at May 31, 2022	$	21,789,774	25,582	3,660	5,355,182	(76,615)	1,748		16,288,698	191,519


	Six Months Ended
	May 31,
	2023		2022
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	1,477,050	1,831,873
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	44,039		39,519
Amortization of discount/premium on debt, net	(1,691)		(959)
Equity in loss from unconsolidated entities	80,942		21,559
Distributions of earnings from unconsolidated entities	16,657		11,050
Share-based compensation expense	126,731		116,510

Deferred income tax benefit	(131,520)		(82,461)
Gain on repurchases of senior notes	(724)		—
Loans held-for-sale unrealized loss	23,563		27,037
Lennar Other unrealized (gains) losses from technology investments and other (gains) losses	1,000		482,829
Gain on sale of other assets and operating properties and equipment	(3,726)		(7,572)







Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets	85,117		14,611
Changes in assets and liabilities:

Decrease in receivables	435,880		126,247
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	10,741		(3,114,358)
Increase in other assets	(111,955)		(26,053)
Decrease in loans held-for-sale	577,891		336,083
(Decrease) increase in accounts payable and other liabilities	(991,319)		276,695
Net cash provided by operating activities	1,638,676		52,610
Cash flows from investing activities:

Net additions of operating properties and equipment	(31,268)		(10,866)
Proceeds from the sale of operating properties and equipment and other assets	7,762		18,247


	May 31,		November 30,
	2023		2022
(In thousands)
East	$	7,027,996	6,877,581
Central	4,115,812		4,010,610
Texas	3,522,252		3,742,663
West	11,854,686		12,182,709
Other	1,391,807		1,382,864
Corporate and Unallocated	4,579,513		4,487,735
Total Homebuilding	$	32,492,066	32,684,162


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2023		2022	2023	2022
Revenues
East	$	2,323,281	2,214,451	4,199,258	3,884,637
Central	1,412,408		1,283,990	2,460,415	2,393,262
Texas	1,141,612		1,095,500	2,163,664	1,908,119
West	2,781,097		3,370,462	4,986,158	5,521,260
Other	11,619		13,579	16,827	22,909
	$	7,670,017	7,977,982	13,826,322	13,730,187

Operating earnings (loss)
East	$	505,923	553,819	930,119	905,814
Central	215,076		206,795	345,598	358,873
Texas	183,041		272,857	308,360	444,169
West	355,472		847,849	585,972	1,289,297
Other	(45,103)		(909)	(48,801)	(7,892)
	$	1,214,409	1,880,411	2,121,248	2,990,261


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2023		2022	2023	2022
Blend Labs (BLND)	$	(1,332)	(13,550)	(746)	(20,992)
Hippo (HIPO)	(4,399)		(37,946)	2,233	(162,403)
Opendoor (OPEN)	22,512		(20,999)	14,821	(164,360)
SmartRent (SMRT)	8,621		(3,950)	9,926	(48,313)
Sonder (SOND)	(138)		(1,626)	(458)	(2,132)
Sunnova (NOVA)	233		106	(24,233)	(74,935)
Lennar Other unrealized gains (losses) from technology investments	$	25,497	(77,965)	1,543	(473,135)


(In thousands)	May 31, 2023
Commitments - maturing in April 2024	$	350,000
Commitments - maturing in May 2027	2,225,000
Total commitment	$	2,575,000
Accordion feature	425,000
Total maximum borrowings capacity	$	3,000,000


	Fair Value Hierarchy	Fair Value at
(In thousands)		May 31, 2023		November 30, 2022
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,152,526	1,750,712
LMF Commercial loans held-for-sale	Level 3	22,754		25,599



Mortgage servicing rights	Level 3	3,398		3,463
Forward options	Level 1	7,261		9,473
Lennar Other Assets:
Investments in equity securities	Level 1	$	227,548	212,981
Investments available-for-sale	Level 3	36,906		35,482



	As of May 31, 2023	As of November 30, 2022
Unobservable inputs
Mortgage prepayment rate	8%	8%
Discount rate	13%	13%
Delinquency rate	9%	7%


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

May 31, 2023	1,256	34	5	$	42,408	$	12,247
May 31, 2022	1,218	6	—	—		—


(In thousands)	Lease Payments
2023	$	17,412
2024	29,701
2025	25,185
2026	19,571
2027	16,366
Thereafter	56,958
Total future minimum lease payments (1)	$	165,193
Less: Interest (2)	17,971
Present value of lease liabilities (2)	$	147,222


	Three Months Ended May 31, 2023
	Gross Margins					Operating Earnings (Loss)
($ in thousands)	Sales of Homes Revenue		Costs of Sales of Homes	Gross Margin %		Net Margins on Sales of Homes (1)	Gross Margins (Loss) on Sales of Land	Other Revenue	Equity in Earnings (Loss) from Unconsolidated Entities	Other Income (Expense), net	Operating Earnings (Loss)
East	$	2,318,431	1,638,651	29.3	%	508,830	554	4,130	3,110	(10,701)	505,923
Central	1,400,226		1,095,239	21.8	%	197,812	4,803	2,740	(915)	10,636	215,076
Texas	1,137,517		890,432	21.7	%	171,391	1,318	1,454	—	8,878	183,041
West	2,773,005		2,282,859	17.7	%	333,314	(2,293)	4,581	1,814	18,056	355,472
Other (2)	7,400		9,144	(23.6)	%	(1,793)	—	4,219	(16,288)	(31,241)	(45,103)
Totals	$	7,636,579	5,916,325	22.5	%	1,209,554	4,382	17,124	(12,279)	(4,372)	1,214,409


	Three Months Ended
	Homes		Dollar Value (In thousands)			Average Sales Price
	May 31,		May 31,			May 31,
	2023	2022	2023		2022	2023		2022
East	5,372	5,198	$	2,349,348	2,225,725	$	437,000	428,000
Central	3,220	2,944	1,400,226		1,283,763	435,000		436,000
Texas	3,908	3,288	1,137,517		1,093,533	291,000		333,000
West	4,565	5,110	2,773,005		3,367,261	607,000		659,000
Other	9	9	7,401		9,159	822,000		1,018,000
Total	17,074	16,549	$	7,667,497	7,979,441	$	449,000	483,000


		Three Months Ended
	Average Sales Incentives Per Home Delivered			Sales Incentives as a % of Revenue
	May 31,			May 31,
		2023		2022	2023		2022
East		$	30,900	5,600	6.6	%	1.3	%
Central		28,600		5,100	6.2	%	1.1	%
Texas		57,600		12,000	16.5	%	3.5	%
West		47,300		6,700	7.2	%	1.0	%
Other		101,800		103,200	11.0	%	9.2	%
Total		$	41,000	7,200	8.4	%	1.5	%


	Three Months Ended
	Active Communities		Homes		Dollar Value (In thousands)			Average Sales Price
	May 31,		May 31,		May 31,			May 31,
	2023	2022	2023	2022	2023		2022	2023		2022
East	370	354	5,484	5,973	$	2,356,554	2,753,770	$	430,000	461,000
Central	299	315	3,618	3,576	1,539,430		1,663,354	425,000		465,000
Texas	226	205	3,732	3,375	1,079,757		1,189,263	289,000		352,000
West	365	348	5,045	4,858	3,190,159		3,482,679	632,000		717,000
Other	3	3	6	10	5,544		9,203	924,000		920,000
Total	1,263	1,225	17,885	17,792	$	8,171,444	9,098,269	$	457,000	511,000


Balance Sheets
(In thousands)	May 31, 2023		November 30, 2022


Multifamily investments in unconsolidated entities	$	629,649	648,126
Lennar's net investment in Multifamily	1,003,069		935,961


(Dollars in thousands)	Covenant Level		Level Achieved as of May 31, 2023
Minimum net worth test	$	12,853,382	18,674,331
Maximum leverage ratio	65.0%		0.8%
Liquidity test	1.00		48.11


	Principal Maturities of Unconsolidated JVs by Period
(In thousands)	Total JV Debt		2023	2024	2025	Thereafter	Other



Bank debt without recourse to Lennar	$	1,358,757	122,008	385,674	734,563	116,512	—
Land seller and other debt without recourse to Lennar	11,349		—	—	—	11,349	—
Maximum recourse debt exposure to Lennar	9,770		—	—	—	9,770	—
Debt issuance costs	(16,278)		—	—	—	—	(16,278)
Total	$	1,363,598	122,008	385,674	734,563	137,631	(16,278)


				Years of
May 31, 2023	Controlled Homesites	Owned Homesites	Total Homesites	Supply Owned (1)
East	88,396	34,718	123,114
Central	40,298	26,922	67,220
Texas	75,316	28,734	104,050
West	60,118	24,462	84,580
Other	5,758	1,891	7,649
Total homesites	269,886	116,727	386,613	1.7
% of total homesites	70%	30%


	Six Months Ending November 30,			Years Ending November 30,														Fair Value at May 31,
(Dollars in millions)	2023			2024		2025		2026		2027		2028		Thereafter		Total		2023
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	40.7		1,347.6		677.9		465.3		1,275.9		38.0		—		3,845.4		3,813.7
Average interest rate	4.8		%	5.0	%	4.7	%	5.0	%	4.8	%	6.2	%	—		4.9	%	—


Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		131.7		131.7		132.3
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	1,025.4		—		—		—		—		—		—		1,025.4		1,025.4
Average interest rate	6.9		%	—		—		—		—		—		—		6.9	%	—
Multifamily:
Notes payable:
Fixed rate	$	13.5		—		—		—		—		—		—		13.5		13.5
Average interest rate	0.0		%	—		—		—		—		—		—		0.0	%	—
Variable rate	$	—		3.4		—		—		—		—		—		3.4		3.4
Average interest rate	—			3.6	%	—		—		—		—		—		3.6	%	—


Period:	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2)
March 1 to March 31, 2023	358,466	$	98.42	350,000	23,254,347
April 1 to April 30, 2023	659,707	$	98.73	659,707	22,594,640
May 1 to May 31, 2023	990,955	$	109.34	990,293	21,604,347


31.1*			Rule 13a-14(a) certification by Rick Beckwitt.
31.2*			Rule 13a-14(a) certification by Jonathan M. Jaffe.
31.3*			Rule 13a-14(a) certification by Diane Bessette.
32.**			Section 1350 certifications by Rick Beckwitt, Jonathan M. Jaffe, and Diane Bessette.
101.*			The following financial statements from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended May 31, 2023, filed on June 30, 2023, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements.
104***			Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)


		Lennar Corporation
		(Registrant)

Date:	June 30, 2023	/s/ Diane Bessette
		Diane Bessette
		Vice President, Chief Financial Officer and Treasurer

Date:	June 30, 2023	/s/ David Collins
		David Collins
		Vice President and Controller


Date:	June 30, 2023	/s/ Rick Beckwitt
		Name:	Rick Beckwitt
		Title:	Co-Chief Executive Officer and Co-President


Date:	June 30, 2023	/s/ Jonathan M. Jaffe
		Name:	Jonathan M. Jaffe
		Title:	Co-Chief Executive Officer and Co-President