Lennar Corp /New/ 10-Q for FY2025 Q2

Lennar Corp /New/ (LEN)

10-Q 2025-07-01 For: 2025-05-31

Added on April 06, 2026

About this 10-Q

Lennar Corp /New/ filed this 10-Q on July 1, 2025, covering the quarter ended May 31, 2025 (FY2025 Q2).

Headline figures

Quarter ended May 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $8.38B; down 4.4% from $8.77B a year earlier
Net income: $477.45M; down 50.0% from net income of $954.31M a year earlier
Diluted EPS: $1.81; down 47.5% from $3.45 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,
	2025 (1)		2024 (1)

ASSETS
Homebuilding:
Cash and cash equivalents	$	1,168,143	4,662,643
Restricted cash	23,987		11,799
Receivables, net	995,664		1,053,211
Inventories:
Finished homes and construction in progress	10,104,530		10,884,861
Land and land under development	1,270,931		4,750,025
Inventory owned	11,375,461		15,634,886
Consolidated inventory not owned	2,660,686		4,084,665
Inventory owned and consolidated inventory not owned	14,036,147		19,719,551
Deposits and pre-acquisition costs on real estate	5,265,591		3,625,372
Investments in unconsolidated entities	2,699,981		1,344,836
Goodwill	3,442,359		3,442,359
Other assets	1,759,645		1,734,698
	29,391,517		35,594,469
Financial Services	3,059,237		3,516,550
Multifamily	1,133,255		1,306,818
Lennar Other	790,537		894,944
Total assets	$	34,374,546	41,312,781


	May 31,		November 30,
	2025 (2)		2024 (2)

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	2,126,002	1,839,440
Liabilities related to consolidated inventory not owned	2,317,996		3,563,934
Senior notes and other debts payable, net	2,791,987		2,258,283
Other liabilities	2,584,497		3,201,552
	9,820,482		10,863,209
Financial Services	1,592,386		2,140,708
Multifamily	134,922		181,883
Lennar Other	94,874		105,756
Total liabilities	11,642,664		13,291,556
Commitments and contingent liabilities (See Note 11)
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: May 31, 2025 and November 30, 2024 - 400,000,000 shares; Issued: May 31, 2025 - 261,355,858 shares and November 30, 2024 - 259,979,453 shares	26,136		25,998
Class B common stock of $0.10 par value; Authorized: May 31, 2025 and November 30, 2024 - 90,000,000 shares; Issued: May 31, 2025 - 36,601,215 shares and November 30, 2024 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	5,842,732		5,729,434
Retained earnings	21,645,991		25,753,078
Treasury stock, at cost; May 31, 2025 - 33,754,219 shares of Class A common stock and 5,196,021 shares of Class B common stock; November 30, 2024 - 23,814,148 shares of Class A common stock and 4,532,701 shares of Class B common stock	(4,945,458)		(3,649,564)
Accumulated other comprehensive income	6,019		7,529
Total stockholders’ equity	22,579,080		27,870,135
Noncontrolling interests	152,802		151,090
Total equity	22,731,882		28,021,225
Total liabilities and equity	$	34,374,546	41,312,781


	Three Months Ended			Six Months Ended
	May 31,			May 31,
	2025		2024	2025	2024
Revenues:
Homebuilding	$	7,843,862	8,381,059	15,127,732	15,312,050
Financial Services	298,098		281,723	575,175	531,443
Multifamily	230,305		99,500	293,501	229,177
Lennar Other	5,237		3,310	12,639	5,852
Total revenues	8,377,502		8,765,592	16,009,047	16,078,522
Costs and expenses:
Homebuilding	7,147,552		7,106,455	13,687,512	13,083,991
Financial Services	140,818		134,711	274,412	253,135
Multifamily	254,677		102,205	328,053	234,872
Lennar Other	30,025		26,841	53,589	35,929
Corporate general and administrative	155,853		156,982	303,231	314,303
Charitable foundation contribution	20,131		19,690	37,965	36,488
Total costs and expenses	7,749,056		7,546,884	14,684,762	13,958,718
Equity in earnings (losses) from unconsolidated entities	12,116		(4,309)	45,351	(34,854)
Other income, net and other gains	30,759		68,172	62,426	133,544



Lennar Other realized and unrealized losses from technology investments	(29,440)		(21,514)	(91,943)	(26,651)
Earnings before income taxes	641,881		1,261,057	1,340,119	2,191,843
Provision for income taxes	(160,061)		(300,471)	(329,586)	(511,336)
Net earnings (including net earnings attributable to noncontrolling interests)	481,820		960,586	1,010,533	1,680,507
Less: Net earnings attributable to noncontrolling interests	4,371		6,275	13,558	6,862
Net earnings attributable to Lennar	$	477,449	954,311	996,975	1,673,645
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available-for-sale	$	(1,332)	1,355	(1,510)	1,717

Total other comprehensive income (loss), net of tax	$	(1,332)	1,355	(1,510)	1,717
Total comprehensive income attributable to Lennar	$	476,117	955,666	995,465	1,675,362
Total comprehensive income attributable to noncontrolling interests	$	4,371	6,275	13,558	6,862
Basic and diluted earnings per share	$	1.81	3.45	3.77	6.01


(In thousands)	May 31, 2025
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,168,143	202,647	14,211	22,693	1,407,694
Restricted cash	23,987		47,334	—	—	71,321
Receivables, net (1)	995,664		440,853	34,226	—	1,470,743
Inventory owned and consolidated inventory not owned	14,036,147		—	480,653	—	14,516,800
Deposits and pre-acquisition costs on real estate	5,265,591		—	13,965	—	5,279,556
Investments in unconsolidated entities (2)	2,699,981		2,806	518,453	367,989	3,589,229
Loans held-for-sale (3)	—		1,887,000	—	—	1,887,000

Investments in equity securities (4)	—		—	—	216,188	216,188
Investments available-for-sale (5)	—		—	—	39,069	39,069
Loans held-for-investment, net	—		52,489	—	—	52,489
Investments held-to-maturity	—		134,280	—	—	134,280


Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,759,645		102,129	71,747	144,598	2,078,119
Total assets	$	29,391,517	3,059,237	1,133,255	790,537	34,374,546
Liabilities:
Senior notes and other debts payable, net	$	2,791,987	1,416,138	—	—	4,208,125
Liabilities related to consolidated inventory not owned	2,317,996		—	—	—	2,317,996
Accounts payable and other liabilities	4,710,499		176,248	134,922	94,874	5,116,543
Total liabilities	$	9,820,482	1,592,386	134,922	94,874	11,642,664


(In thousands)	November 30, 2024
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	4,662,643	175,382	30,948	40,691	4,909,664
Restricted cash	11,799		68,747	—	—	80,546
Receivables, net (1)	1,053,211		545,752	53,595	—	1,652,558
Inventory owned and consolidated inventory not owned	19,719,551		—	592,879	—	20,312,430
Deposits and pre-acquisition costs on real estate	3,625,372		—	32,643	—	3,658,015
Investments in unconsolidated entities	1,344,836		—	503,303	379,435	2,227,574
Loans held-for-sale (3)	—		2,250,718	—	—	2,250,718

Investments in equity securities (4)	—		—	—	347,810	347,810
Investments available-for-sale (5)	—		—	—	40,578	40,578
Loans held-for-investment, net	—		60,969	—	—	60,969
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


	Maximum Aggregate Commitment
(In thousands)	Committed Amount		Uncommitted Amount	Total
Residential facilities maturing:

June 2025 (1)	$	560,000	—	560,000
August 2025	325,000		325,000	650,000
October 2025	50,000		100,000	150,000
May 2026	250,000		250,000	500,000
December 2026	375,000		—	375,000
Total residential facilities	$	1,560,000	675,000	2,235,000
LMF commercial facilities maturing:

December 2025	200,000		—	200,000
January 2026	100,000		—	100,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	2,535,000


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


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



(In thousands)	At May 31, 2025		At November 30, 2024
Investments in unconsolidated entities (1) (2)	$	2,699,981	1,344,836
Underlying equity in unconsolidated entities' net assets (1) (2)	2,952,717		1,636,307


	Three Months Ended May 31,			Six Months Ended May 31,

(In thousands)	2025		2024	2025	2024

General contractor services, net of deferrals	$	28,264	84,434	58,714	186,070
General contractor costs	27,586		79,995	55,900	175,684
Land sales to joint ventures	145,118		—	162,447	12,000
Management fee income, net of deferrals	6,436		13,669	13,377	29,710


	May 31, 2025
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	107,616	218,239
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, 2025	19,690		770


	Three Months Ended May 31, 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 February 28, 2025	$	22,867,344	26,133	3,660	5,812,802	(4,424,039)	7,351	21,302,131	139,306
Net earnings (including net earnings attributable to noncontrolling interests)	481,820		—	—	—	—	—	477,449	4,371
Employee stock and directors plans	722		3	—	1,157	(438)	—	—	—

Purchases of treasury stock	(520,981)		—	—	—	(520,981)	—	—	—




Amortization of restricted stock	28,773		—	—	28,773	—	—	—	—
Cash dividends	(133,589)		—	—	—	—	—	(133,589)	—

Receipts related to noncontrolling interests	9,701		—	—	—	—	—	—	9,701
Payments related to noncontrolling interests	(576)		—	—	—	—	—	—	(576)





Total other comprehensive loss, net of tax	(1,332)		—	—	—	—	(1,332)	—	—
Balance at May 31, 2025	$	22,731,882	26,136	3,660	5,842,732	(4,945,458)	6,019	21,645,991	152,802


	Three Months Ended May 31, 2024
(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 29, 2024	$	26,777,930	25,983	3,660	5,651,836	(1,988,200)	5,241	22,949,315	130,095
Net earnings (including net earnings attributable to noncontrolling interests)	960,586		—	—	—	—	—	954,311	6,275
Employee stock and directors plans	(1,046)		13	—	1,277	(2,336)	—	—	—

Purchases of treasury stock	(607,270)		—	—	—	(607,270)	—	—	—



Amortization of restricted stock	34,506		—	—	34,506	—	—	—	—
Cash dividends	(138,931)		—	—	—	—	—	(138,931)	—

Receipts related to noncontrolling interests	8,926		—	—	—	—	—	—	8,926
Payments related to noncontrolling interests	(24,667)		—	—	—	—	—	—	(24,667)

Non-cash purchase or activity of noncontrolling interests, net	4,364		—	—	(12,886)	—	—	—	17,250


Total other comprehensive income, net of tax	1,355		—	—	—	—	1,355	—	—
Balance at May 31, 2024	$	27,015,753	25,996	3,660	5,674,733	(2,597,806)	6,596	23,764,695	137,879


	Six Months Ended
	May 31,
	2025		2024
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	1,010,533	1,680,507
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	65,157		55,746
Amortization of discount/premium and accretion on debt, net	(142)		336
Equity in (earnings) losses from unconsolidated entities	(45,351)		34,854
Distributions of earnings from unconsolidated entities	20,070		20,894
Share-based compensation expense	112,858		122,186

Deferred income tax expense	38,381		36,848
Gains on redemption/repurchase of senior notes	—		(825)
Loans held-for-sale unrealized losses	2,350		28,865
Lennar Other realized and unrealized losses from technology investments and other losses, net	100,006		6,515
Gains on sale of other assets and loans receivables	(34,597)		(13,585)



Gain on sale of investments in unconsolidated entities and other	(35,033)		—




Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets	89,727		26,526

Changes in assets and liabilities:

Decrease in receivables	69,599		30,956
Increase in inventories, excluding valuation adjustments	(1,624,586)		(631,180)
Increase in deposits and pre-acquisition costs on real estate	(781,716)		(755,232)
(Increase) decrease in other assets	(132,671)		11,393
Decrease in loans held-for-sale	361,377		335,788
Decrease in accounts payable and other liabilities	(600,026)		(380,966)
Net cash (used in) provided by operating activities	(1,384,064)		609,626
Cash flows from investing activities:

Net additions of operating properties and equipment	(71,259)		(111,733)


(In thousands)	May 31, 2025		November 30, 2024


East	$	5,720,593	6,967,571
Central	4,660,446		5,567,451
South Central	4,296,364		4,238,587
West	10,424,040		12,148,434
Other	2,859,356		1,729,407
Corporate and Unallocated	1,430,718		4,943,019
Total Homebuilding	$	29,391,517	35,594,469


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2025		2024	2025	2024
Revenues
East	$	1,707,226	2,138,410	3,360,981	4,016,347
Central	1,771,545		1,771,279	3,331,553	3,212,593
South Central	1,523,398		1,196,425	2,690,226	2,268,211
West	2,833,297		3,265,467	5,728,230	5,795,529
Other	8,396		9,478	16,742	19,370
	$	7,843,862	8,381,059	15,127,732	15,312,050

Operating earnings
East	$	175,004	427,048	397,626	803,958
Central	163,839		236,436	299,291	398,059
South Central	136,689		184,576	258,772	353,157
West	245,424		478,937	544,205	787,724
Other	7,278		13,158	37,613	26,053
	$	728,234	1,340,155	1,537,507	2,368,951


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2025		2024	2025	2024
Blend Labs (BLND)	$	—	715	(3,737)	3,651
Hippo (HIPO)	(15,462)		10,737	(28,352)	27,186
Opendoor (OPEN)	(12,921)		(16,907)	(31,707)	(15,592)
SmartRent (SMRT)	—		(4,609)	(4,483)	(6,572)
Sonder (SOND)	—		(40)	(19)	11
Sunnova (NOVA)	(1,057)		(11,410)	(23,645)	(35,335)
Lennar Other realized and unrealized losses from technology investments (1)	$	(29,440)	(21,514)	(91,943)	(26,651)


	Six Months Ended May 31, 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)	1,010,533		—	—	—	—	—	996,975	13,558
Employee stock and directors plans	(63,671)		138	—	1,389	(65,198)	—	—	—
Retirement of treasury stock	—		—	—	—	—	—	—	—
Purchases of treasury stock	(1,230,696)		—	—	—	(1,230,696)	—	—	—




Amortization of restricted stock	112,858		—	—	112,858	—	—	—	—
Cash dividends	(265,235)		—	—	—	—	—	(265,235)	—

Receipts related to noncontrolling interests	21,029		—	—	—	—	—	—	21,029
Payments related to noncontrolling interests	(5,965)		—	—	—	—	—	—	(5,965)
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 income, net of tax	(1,510)		—	—	—	—	(1,510)	—	—
Balance at May 31, 2025	$	22,731,882	26,136	3,660	5,842,732	(4,945,458)	6,019	21,645,991	152,802


	Six Months Ended May 31, 2024
(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, 2023	$	26,701,966	25,848	3,660	5,570,009	(1,393,100)	4,879	22,369,368	121,302
Net earnings (including net earnings attributable to noncontrolling interests)	1,680,507		—	—	—	—	—	1,673,645	6,862
Employee stock and directors plans	(84,519)		148	—	1,212	(85,879)	—	—	—

Purchases of treasury stock	(1,118,827)		—	—	—	(1,118,827)	—	—	—




Amortization of restricted stock	122,186		—	—	122,186	—	—	—	—
Cash dividends	(278,318)		—	—	—	—	—	(278,318)	—

Receipts related to noncontrolling interests	14,722		—	—	—	—	—	—	14,722
Payments related to noncontrolling interests	(26,646)		—	—	—	—	—	—	(26,646)

Non-cash purchase or activity of noncontrolling interests, net	2,965		—	—	(18,674)	—	—	—	21,639


Total other comprehensive income, net of tax	1,717		—	—	—	—	1,717	—	—
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


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


	Fair Value Hierarchy	Fair Value at
(In thousands)		May 31, 2025		November 30, 2024
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,814,797	2,200,402
LMF Commercial loans held-for-sale	Level 3	72,203		50,316



Mortgage servicing rights	Level 3	3,467		3,463
Forward options	Level 1	2,037		1,458
Lennar Other Assets:
Investments in equity securities	Level 1	$	82,714	204,777
Investments available-for-sale	Level 3	39,069		40,578



	May 31, 2025	November 30, 2024
Unobservable inputs:
Mortgage prepayment rate	8%	8%
Discount rate	13%	13%
Delinquency rate	11%	12%


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

May 31, 2025	1,617	102	14	$	35,482	$	17,918
May 31, 2024	1,245	32	4	25,769		15,263


(In thousands)	Lease Payments
2025	$	48,623
2026	73,824
2027	46,918
2028	35,963
2029 and thereafter	99,756

Total future minimum lease payments (1)	$	305,084
Less: Interest (2)	38,814
Present value of lease liabilities (2)	$	266,270


	Three Months Ended May 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	$	1,689,129	1,367,873	19.0	%	154,866	793	3,714	8,295	7,336	175,004
Central	1,769,582		1,440,084	18.6	%	162,742	(1,789)	1,963	(1)	924	163,839
South Central	1,505,750		1,241,884	17.5	%	137,955	(1,415)	1,058	(6)	(903)	136,689
West	2,818,980		2,346,962	16.7	%	254,863	(10,567)	2,095	1,038	(2,005)	245,424
Other (2)	4,834		5,729	(18.5)	%	(13,530)	—	3,562	8,390	8,856	7,278
Totals	$	7,788,275	6,402,532	17.8	%	696,896	(12,978)	12,392	17,716	14,208	728,234


	At May 31,
	2025 (1)	2024	2025		2024	2025		2024
	Homes		Dollar Value (In thousands)			Average Sales Price


East	3,825	5,744	$	1,530,495	2,432,505	$	400,000	423,000
Central	4,781	5,130	1,937,087		2,171,264	405,000		423,000
South Central	3,430	2,607	815,681		663,648	238,000		255,000
West	3,500	4,383	2,200,051		2,962,332	629,000		676,000
Other	2	9	1,176		3,586	588,000		398,000
Total	15,538	17,873	$	6,484,490	8,233,335	$	417,000	461,000


Balance Sheets
(In thousands)	At May 31, 2025		At November 30, 2024


Multifamily investments in unconsolidated entities	$	518,453	503,303
Lennar's net investment in Multifamily	989,978		1,116,295


(Dollars in thousands)	Covenant Level		Level Achieved as of May 31, 2025
Minimum net worth test	$	10,000,000	16,545,782
Maximum leverage ratio	60.0%		12.4%
Liquidity test	1.00		246.00


	Principal Maturities of Unconsolidated JVs by Period
(In thousands)	Total JV Debt		2025	2026	2027	Thereafter	Other



Bank debt without recourse to Lennar	$	1,393,293	224,027	156,833	420,179	592,254	—
Land seller and other debt without recourse to Lennar	(1,242)		—	—	—	(1,242)	—
Maximum recourse debt exposure to Lennar	33,913		—	12,003	—	21,910	—
Debt issuance costs	(6,159)		—	—	—	—	(6,159)
Total	$	1,419,805	224,027	168,836	420,179	612,922	(6,159)


				Years of
May 31, 2025	Controlled Homesites	Owned Homesites	Total Homesites	Supply Owned (1)
East	113,568	1,017	114,585
Central	133,925	3,948	137,873
South Central	168,768	2,236	171,004
West	99,155	3,356	102,511
Other	4,649	1,561	6,210
Total homesites	520,065	12,118	532,183	0.1
% of total homesites	98%	2%


	Six Months Ending November 30,			Years Ending November 30,														Fair Value at May 31,
(Dollars in millions)	2025			2026		2027		2028		2029		2030		Thereafter		Total		2025
LIABILITIES:
Homebuilding:
Senior Notes and other debt payable:
Fixed rate	$	32.3		464.6		1,164.7		10.1		11.5		702.7		12.1		2,398.0		2,410.0
Average interest rate	2.9		%	5.2	%	4.9	%	3.0	%	7.5	%	5.2	%	6.6	%	5.0	%	—
Variable rate	$	400.0		—		—		—		—		—		—		400.0		400.0
Average interest rate	2.8		%	—		—		—		—		—		—		2.8	%	—
Financial Services:
Notes and other debt payable:
Fixed rate	$	—		—		—		—		—		—		124.3		124.3		124.8
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	1,219.2		72.6		—		—		—		—		—		1,291.8		1,291.8
Average interest rate	5.8		%	6.6	%	—		—		—		—		—		5.8	%	—


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)	Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2) (In thousands)
March 1 to March 31, 2025	—	$	—	—	$	2,714,335
April 1 to April 30, 2025	1,323	$	108.41	—	$	2,714,335
May 1 to May 31, 2025	4,708,700	$	109.79	4,706,451	$	2,197,601


4.1		Fifteenth Supplemental Indenture, dated as of May 19, 2025, among Lennar Corporation, each of the Guarantors identified therein and The Bank of New York Mellon, as trustee, including the form of 5.200% Senior Notes due 2030 and the form of Guarantee - Incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, dated May 14, 2025.

10.1		Delayed Draw Term Loan Credit Agreement, dated as of May 14, 2025, among Lennar Corporation, as borrower, JPMorgan Chase Bank, N.A., administrative agent, the several lenders from time to time parties thereto, and the other parties and agents thereto - Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated May 14, 2025.

10.2		Guarantee Agreement, dated as of May 14, 2025, among certain of the Lennar Corporation’s subsidiaries in favor of the guaranteed parties referred to therein - Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated May 14, 2025.

31.1	*	Rule 13a-14(a) certification by Stuart Miller.
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 Stuart Miller, 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, 2025, filed on July 1, 2025, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (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:	July 1, 2025	/s/ Diane Bessette
		Diane Bessette
		Vice President and Chief Financial Officer


Date:	July 1, 2025	/s/ David Collins
		David Collins
		Vice President and Controller


Date:	July 1, 2025	/s/ Stuart Miller
		Name:	Stuart Miller
		Title:	Executive Chairman and Co-Chief Executive Officer


Date:	July 1, 2025	/s/ Jonathan M. Jaffe
		Name:	Jonathan M. Jaffe
		Title:	Co-Chief Executive Officer and President