Lennar Corp 10-Q for FY2023 Q3

Lennar Corp (LEN)

10-Q 2023-09-29 For: 2023-08-31

Added on April 06, 2026

About this 10-Q

Lennar Corp filed this 10-Q on September 29, 2023, covering the quarter ended August 31, 2023 (FY2023 Q3).

Headline figures

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

Revenue: $8.73B; down 2.3% from $8.93B a year earlier
Net income: $1.11B; down 24.4% from net income of $1.47B a year earlier
Diluted EPS: $3.87; down 23.1% from $5.03 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


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

ASSETS
Homebuilding:
Cash and cash equivalents	$	3,887,809	4,616,124
Restricted cash	16,201		23,046
Receivables, net	843,750		673,980
Inventories:
Finished homes and construction in progress	12,368,338		11,718,507
Land and land under development	6,993,835		7,382,273
Consolidated inventory not owned	2,687,343		2,331,231
Total inventories	22,049,516		21,432,011
Investments in unconsolidated entities	1,157,021		1,173,164
Goodwill	3,442,359		3,442,359
Other assets	1,578,692		1,323,478
	32,975,348		32,684,162
Financial Services	2,334,594		3,254,257
Multifamily	1,354,587		1,257,337
Lennar Other	773,596		788,539
Total assets	$	37,438,125	37,984,295


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

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,721,530	1,616,128
Liabilities related to consolidated inventory not owned	2,300,686		1,967,551
Senior notes and other debts payable, net	3,320,119		4,047,294
Other liabilities	2,600,807		3,347,673
	9,943,142		10,978,646
Financial Services	1,333,485		2,353,904
Multifamily	290,266		313,484
Lennar Other	82,690		97,894
Total liabilities	11,649,583		13,743,928
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: August 31, 2023 and November 30, 2022 - 400,000,000 shares; Issued: August 31, 2023 - 258,444,467 shares and November 30, 2022 - 256,084,147 shares	25,844		25,608
Class B common stock of $0.10 par value; Authorized: August 31, 2023 and November 30, 2022 - 90,000,000 shares; Issued: August 31, 2023 - 36,601,215 shares and November 30, 2022 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	5,561,793		5,417,796
Retained earnings	21,113,282		18,861,417
Treasury stock, at cost; August 31, 2023 - 8,292,109 shares of Class A common stock and 2,398,674 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	(1,052,000)		(210,389)
Accumulated other comprehensive income	4,040		2,408
Total stockholders’ equity	25,656,619		24,100,500
Noncontrolling interests	131,923		139,867
Total equity	25,788,542		24,240,367
Total liabilities and equity	$	37,438,125	37,984,295


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
	2023		2022	2023	2022
Revenues:
Homebuilding	$	8,318,615	8,479,496	22,144,937	22,209,683
Financial Services	266,206		202,078	672,166	578,945
Multifamily	137,394		243,056	432,661	686,436
Lennar Other	7,388		9,801	15,419	21,579
Total revenues	8,729,603		8,934,431	23,265,183	23,496,643
Costs and expenses:
Homebuilding	6,863,063		6,494,737	18,576,734	17,241,788
Financial Services	117,211		138,730	331,835	320,871
Multifamily	139,759		215,433	443,069	654,322
Lennar Other	6,155		10,007	19,426	23,650
Corporate general and administrative	114,144		115,557	365,002	334,425
Charitable foundation contribution	18,559		17,248	49,292	46,335
Total costs and expenses	7,258,891		6,991,712	19,785,358	18,621,391
Equity in loss from unconsolidated entities	(23,989)		(13,310)	(104,931)	(34,871)
Other income (expense), net and other gains (losses)	44,151		(19,296)	57,511	(25,564)



Lennar Other unrealized losses from technology investments	(15,713)		(85,839)	(14,170)	(558,974)
Earnings before income taxes	1,475,161		1,824,274	3,418,235	4,255,843
Provision for income taxes	(358,209)		(351,580)	(824,233)	(951,276)
Net earnings (including net earnings attributable to noncontrolling interests)	1,116,952		1,472,694	2,594,002	3,304,567
Less: Net earnings attributable to noncontrolling interests	7,956		5,350	16,778	12,886
Net earnings attributable to Lennar	$	1,108,996	1,467,344	2,577,224	3,291,681
Other comprehensive income, net of tax:
Net unrealized gain on securities available-for-sale	$	208	342	1,632	1,146
Reclassification adjustments for gain included in earnings, net of tax	—		—	—	2,285
Total other comprehensive income, net of tax	$	208	342	1,632	3,431
Total comprehensive income attributable to Lennar	$	1,109,204	1,467,686	2,578,856	3,295,112
Total comprehensive income attributable to noncontrolling interests	$	7,956	5,350	16,778	12,886
Basic earnings per share	$	3.87	5.04	8.94	11.19
Diluted earnings per share	$	3.87	5.03	8.94	11.18


(In thousands)	August 31, 2023
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	3,887,809	167,216	28,712	5,344	4,089,081
Restricted cash	16,201		18,750	—	—	34,951
Receivables, net (1)	843,750		372,265	104,611	—	1,320,626
Inventories	22,049,516		—	529,467	—	22,578,983
Loans held-for-sale (2)	—		1,287,773	—	—	1,287,773

Investments in equity securities (3)	—		—	—	397,943	397,943
Investments available-for-sale (4)	—		—	—	37,114	37,114
Loans held-for-investment, net	—		51,330	—	—	51,330
Investments held-to-maturity	—		140,967	—	—	140,967
Investments in unconsolidated entities	1,157,021		—	623,269	288,534	2,068,824
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,578,692		106,594	68,528	44,661	1,798,475
	$	32,975,348	2,334,594	1,354,587	773,596	37,438,125
Liabilities:
Notes and other debts payable, net	$	3,320,119	1,154,163	3,477	—	4,477,759
Accounts payable and other liabilities	6,623,023		179,322	286,789	82,690	7,171,824
	$	9,943,142	1,333,485	290,266	82,690	11,649,583


(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:
December 2023	$	500,000
April 2024 (1)	500,000
May 2024 (2)	1,500,000
June 2024	200,000
Total residential facilities	$	2,700,000
LMF Commercial facilities maturing:

November 2023	$	100,000
December 2023	400,000

Total LMF commercial facilities	$	500,000
Total	$	3,200,000


(Dollars in thousands)	August 31, 2023		November 30, 2022
Carrying value	$	140,967	143,251
Outstanding debt, net of debt issuance costs	131,377		133,283
Incurred interest rate	3.4%		3.4%


	August 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


	August 31, 2023
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	200,707	277,265
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 nine months ended August 31, 2023	—		—


	Three Months Ended August 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 May 31, 2023	$	25,161,119	25,843	3,660	5,546,128	(675,686)	3,832	20,111,368	145,974
Net earnings (including net earnings attributable to noncontrolling interests)	1,116,952		—	—	—	—	—	1,108,996	7,956
Employee stock and directors plans	(8,552)		1	—	(620)	(7,933)	—	—	—

Purchases of treasury stock	(368,381)		—	—	—	(368,381)	—	—	—




Amortization of restricted stock	12,885		—	—	12,885	—	—	—	—
Cash dividends	(107,082)		—	—	—	—	—	(107,082)	—

Receipts related to noncontrolling interests	1,391		—	—	—	—	—	—	1,391
Payments related to noncontrolling interests	(22,795)		—	—	—	—	—	—	(22,795)
Non-cash purchase or activity of noncontrolling interests, net	2,797		—	—	3,400	—	—	—	(603)



Total other comprehensive income, net of tax	208		—	—	—	—	208	—	—
Balance at August 31, 2023	$	25,788,542	25,844	3,660	5,561,793	(1,052,000)	4,040	21,113,282	131,923


	Three Months Ended August 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 May 31, 2022	$	21,789,774	25,582	3,660	5,355,182	(76,615)	1,748	16,288,698	191,519
Net earnings (including net earnings attributable to noncontrolling interests)	1,472,694		—	—	—	—	—	1,467,344	5,350
Employee stock and directors plans	(13,106)		—	—	39	(13,145)	—	—	—





Amortization of restricted stock	38,200		—	—	38,200	—	—	—	—
Cash dividends	(108,749)		—	—	—	—	—	(108,749)	—

Receipts related to noncontrolling interests	11,965		—	—	—	—	—	—	11,965
Payments related to noncontrolling interests	(19,577)		—	—	—	—	—	—	(19,577)

Non-cash purchase or activity of noncontrolling interests, net	(44,005)		—	—	(5,008)	—	—	—	(38,997)


Total other comprehensive income, net of tax	342		—	—	—	—	342	—	—
Balance at August 31, 2022	$	23,127,538	25,582	3,660	5,388,413	(89,760)	2,090	17,647,293	150,260


	Nine Months Ended August 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)	2,594,002		—	—	—	—	—		2,577,224	16,778
Employee stock and directors plans	(71,313)		236	—	822	(72,371)	—		—	—

Purchases of treasury stock	(769,240)		—	—	—	(769,240)	—		—	—




Amortization of restricted stock	139,616		—	—	139,616	—	—		—	—
Cash dividends	(325,359)		—	—	—	—	—	—	(325,359)	—

Receipts related to noncontrolling interests	6,309		—	—	—	—	—		—	6,309
Payments related to noncontrolling interests	(43,418)		—	—	—	—	—		—	(43,418)
Non-cash purchase or activity of noncontrolling interests, net	15,946		—	—	3,559	—	—		—	12,387



Total other comprehensive income, net of tax	1,632		—	—	—	—	1,632		—	—
Balance at August 31, 2023	$	25,788,542	25,844	3,660	5,561,793	(1,052,000)	4,040		21,113,282	131,923


	Nine Months Ended August 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)	3,304,567		—	—	—	—	—		3,291,681	12,886
Employee stock and directors plans	(70,525)		199	—	893	(71,617)	—		—	—
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	154,710		—	—	154,710	—	—		—	—
Cash dividends	(329,717)		—	—	—	—	—	—	(329,717)	—

Receipts related to noncontrolling interests	30,060		—	—	—	—	—		—	30,060
Payments related to noncontrolling interests	(85,098)		—	—	—	—	—		—	(85,098)
Non-cash purchase or activity of noncontrolling interests, net	(29,101)		—	—	(41,656)	—	—		—	12,555



Total other comprehensive loss, net of tax	3,431		—	—	—	—	3,431		—	—
Balance at August 31, 2022	$	23,127,538	25,582	3,660	5,388,413	(89,760)	2,090		17,647,293	150,260


	Nine Months Ended
	August 31,
	2023		2022
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	2,594,002	3,304,567
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	81,146		57,921
Amortization of discount/premium on debt, net	(2,194)		(1,312)
Equity in loss from unconsolidated entities	104,931		34,870
Distributions of earnings from unconsolidated entities	33,714		46,376
Share-based compensation expense	139,616		154,710

Deferred income tax benefit	(102,322)		(15,991)
Gain on redemption/repurchases of senior notes	(6,878)		—
Loans held-for-sale unrealized loss	33,358		41,356
Lennar Other unrealized losses from technology investments and other (gains) losses	14,131		578,674
Gain on sale of other assets	(7,015)		(7,572)







Valuation adjustments and write-offs of option deposits, pre-acquisition costs and other assets	96,451		27,247
Changes in assets and liabilities:

(Increase) decrease in receivables	167,573		(164,383)
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(7,571)		(3,894,170)
Increase in other assets	(100,843)		(110,761)
Decrease in loans held-for-sale	434,332		318,974
(Decrease) increase in accounts payable and other liabilities	(881,890)		180,946
Net cash provided by operating activities	2,590,541		551,452
Cash flows from investing activities:

Net additions of operating properties and equipment	(53,610)		(27,534)
Proceeds from the sale of other assets	13,215		18,247


	August 31,		November 30,
	2023		2022
(In thousands)
East	$	7,390,919	6,877,581
Central	4,262,363		4,010,610
Texas	3,604,254		3,742,663
West	11,872,484		12,182,709
Other	1,524,150		1,382,864
Corporate and Unallocated	4,321,178		4,487,735
Total Homebuilding	$	32,975,348	32,684,162


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2023		2022	2023	2022
Revenues
East	$	2,414,026	2,540,285	6,613,284	6,424,922
Central	1,600,131		1,577,544	4,060,546	3,970,805
Texas	1,176,875		1,140,556	3,340,539	3,048,676
West	3,117,265		3,212,169	8,103,423	8,733,429
Other	10,318		8,942	27,145	31,851
	$	8,318,615	8,479,496	22,144,937	22,209,683

Operating earnings (loss)
East	$	553,700	642,482	1,483,819	1,548,296
Central	261,542		272,351	607,140	631,224
Texas	219,871		278,814	528,231	722,983
West	479,968		788,443	1,065,940	2,077,740
Other	(21,261)		(18,866)	(70,062)	(26,758)
	$	1,493,820	1,963,224	3,615,068	4,953,485


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2023		2022	2023	2022
Blend Labs (BLND)	$	386	(518)	(360)	(21,510)
Hippo (HIPO)	(17,166)		(32,933)	(14,933)	(195,336)
Opendoor (OPEN)	23,638		(54,391)	38,459	(218,751)
SmartRent (SMRT)	(1,707)		(23,118)	8,219	(71,431)
Sonder (SOND)	(91)		(168)	(549)	(2,300)
Sunnova (NOVA)	(20,773)		25,289	(45,006)	(49,646)
Lennar Other unrealized losses from technology investments	$	(15,713)	(85,839)	(14,170)	(558,974)


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


	Fair Value Hierarchy	Fair Value at
(In thousands)		August 31, 2023		November 30, 2022
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,250,478	1,750,712
LMF Commercial loans held-for-sale	Level 3	37,295		25,599



Mortgage servicing rights	Level 3	3,416		3,463
Forward options	Level 1	5,714		9,473
Lennar Other Assets:
Investments in equity securities	Level 1	$	211,898	212,981
Investments available-for-sale	Level 3	37,114		35,482



	As of August 31, 2023	As of November 30, 2022
Unobservable inputs
Mortgage prepayment rate	8%	8%
Discount rate	13%	13%
Delinquency rate	10%	7%


			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, 2023	1,247	21	6	$	53,211	$	18,844
August 31, 2022	1,182	5	1	8,815		2,710


(In thousands)	Lease Payments
2023	$	8,491
2024	30,400
2025	26,485
2026	20,905
2027	17,471
Thereafter	60,367
Total future minimum lease payments (1)	$	164,119
Less: Interest (2)	18,113
Present value of lease liabilities (2)	$	146,006


	Three Months Ended August 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	$	2,397,446	1,677,337	30.0	%	528,089	21	3,353	5,699	16,538	553,700
Central	1,598,527		1,224,134	23.4	%	252,147	6	1,582	1,029	6,778	261,542
Texas	1,174,858		878,430	25.2	%	214,919	749	897	—	3,306	219,871
West	3,108,783		2,467,213	20.6	%	464,351	934	2,421	(90)	12,352	479,968
Other (2)	6,259		14,464	(131.1)	%	(17,976)	—	4,059	(10,654)	3,310	(21,261)
Totals	$	8,285,873	6,261,578	24.4	%	1,441,530	1,710	12,312	(4,016)	42,284	1,493,820


	Three Months Ended
	Homes		Dollar Value (In thousands)			Average Sales Price
	August 31,		August 31,			August 31,
	2023	2022	2023		2022	2023		2022
East	5,605	5,647	$	2,430,072	2,538,479	$	434,000	450,000
Central	3,807	3,501	1,598,527		1,566,610	420,000		447,000
Texas	4,102	3,447	1,174,859		1,138,901	286,000		330,000
West	5,036	4,649	3,108,783		3,208,713	617,000		690,000
Other	9	4	6,258		3,655	695,000		914,000
Total	18,559	17,248	$	8,318,499	8,456,358	$	448,000	491,000


		Three Months Ended
	Average Sales Incentives Per Home Delivered			Sales Incentives as a % of Revenue
	August 31,			August 31,
		2023		2022	2023		2022
East		$	30,600	8,300	6.6	%	1.8	%
Central		27,200		7,500	6.1	%	1.6	%
Texas		49,300		19,200	14.7	%	5.5	%
West		39,200		15,600	6.0	%	2.2	%
Other		89,800		86,900	11.4	%	8.7	%
Total		$	36,400	12,300	7.5	%	2.5	%


	Three Months Ended
	Active Communities		Homes		Dollar Value (In thousands)			Average Sales Price
	August 31,		August 31,		August 31,			August 31,
	2023	2022	2023	2022	2023		2022	2023		2022
East	362	328	5,779	5,675	$	2,398,206	2,514,776	$	415,000	443,000
Central	277	296	4,003	3,033	1,669,911		1,348,226	417,000		445,000
Texas	235	217	4,730	2,577	1,302,268		776,156	275,000		301,000
West	375	345	5,140	3,077	3,261,380		2,015,897	635,000		655,000
Other	4	3	14	4	7,877		2,668	563,000		667,000
Total	1,253	1,189	19,666	14,366	$	8,639,642	6,657,723	$	439,000	463,000


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


Multifamily investments in unconsolidated entities	$	623,269	648,126
Lennar's net investment in Multifamily	1,056,365		935,961


Statement of Operations	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(Dollars in thousands)	2023		2022	2023	2022
Number of operating properties/investments sold through joint ventures	—		1	—	1
Lennar's share of gains on the sale of operating properties/investments	$	—	19,730	—	19,730


(Dollars in thousands)	Covenant Level		Level Achieved as of August 31, 2023
Minimum net worth test	$	13,024,540	19,231,774
Maximum leverage ratio	65.0%		(0.8)%
Liquidity test	1.00		74.91


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



Bank debt without recourse to Lennar	$	1,355,552	92,095	385,080	753,811	124,566	—
Land seller and other debt without recourse to Lennar	9,131		—	—	—	9,131	—
Maximum recourse debt exposure to Lennar	10,525		—	—	—	10,525	—
Debt issuance costs	(14,712)		—	—	—	—	(14,712)
Total	$	1,360,496	92,095	385,080	753,811	144,222	(14,712)


				Years of
August 31, 2023	Controlled Homesites	Owned Homesites	Total Homesites	Supply Owned (1)
East	94,607	31,534	126,141
Central	44,145	25,468	69,613
Texas	77,866	24,946	102,812
West	61,721	23,176	84,897
Other	5,411	1,891	7,302
Total homesites	283,750	107,015	390,765	1.5
% of total homesites	73%	27%


	Three Months Ending November 30,			Years Ending November 30,														Fair Value at August 31,
(Dollars in millions)	2023			2024		2025		2026		2027		2028		Thereafter		Total		2023
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	2.7		871.2		676.3		456.0		1,275.9		37.7		—		3,319.8		3,271.8
Average interest rate	4.2		%	4.6	%	4.7	%	5.1	%	4.8	%	6.2	%	—		4.8	%	—


Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		131.4		131.4		132.0
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	1,022.8		—		—		—		—		—		—		1,022.8		1,022.8
Average interest rate	7.0		%	—		—		—		—		—		—		7.0	%	—
Multifamily:
Notes payable:


Variable rate	$	—		3.5		—		—		—		—		—		3.5		3.5
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)
June 1 to June 30, 2023	46,264	$	113.96	43,810	21,560,537
July 1 to July 31, 2023	1,183,364	$	121.49	1,122,714	20,437,823
August 1 to August 31, 2023	1,833,911	$	122.56	1,833,476	18,604,347


10.1*			Separation Agreement and General Release, dated July 14, 2023, between Lennar Corporation and Rick Beckwitt - Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated July 14, 2023.
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 August 31, 2023, filed on September 29, 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:	September 29, 2023	/s/ Diane Bessette
		Diane Bessette
		Vice President, Chief Financial Officer and Treasurer

Date:	September 29, 2023	/s/ David Collins
		David Collins
		Vice President and Controller


Date:	September 29, 2023	/s/ Stuart Miller
		Name:	Stuart Miller
		Title:	Executive Chairman and Co-Chief Executive Officer


Date:	September 29, 2023	/s/ Jonathan M. Jaffe
		Name:	Jonathan M. Jaffe
		Title:	Co-Chief Executive Officer and President