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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 February 28, 2025
or
☐ 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 | R |  | 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 February 28, 2025:
Class A 232,184,470
Class B 31,609,709

LENNAR CORPORATION |  |
FORM 10-Q |  |
For the period ended February 28, 2025 |  |
Part I |  | Financial Information |  | 3
Item 1. |  | Financial Statements |  | 3
|  | Condensed Consolidated Balance Sheets as of February 28, 2025 and November 30, 2024 |  | 3
|  | Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended February 28, 2025 and Februar y 29, 2024 |  | 5
|  | Condensed Consolidated Statements of Cash Flows for the three months ended February 28, 2025 and February 29, 2024 |  | 6
|  | Notes to Condensed Consolidated Financial Statements |  | 8
|  | Forward-Looking Statements |  | 27
Item 2. |  | Management’s Discussion and Analysis of Financial Condition and Results of Operations |  | 28
Item 3. |  | Quantitative and Qualitative Disclosures About Market Risk |  | 42
Item 4. |  | Controls and Procedures |  | 42
Part II |  | Other Information |  | 43
Item 1. |  | Legal Proceedings |  | 43
Item 1A. |  | Risk Factors |  | 43
Item 2. |  | Unregistered Sales of Equity Securities and Use of Proceeds |  | 43
Item 3 - 4. |  | Not Applicable |  | 43
Item 5. |  | Other Information |  | 43
Item 6. |  | Exhibits |  | 44
|  | Signatures |  | 45

Part I. Financial Information
Item 1. Financial Statements
Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)

| February 28, |  | November 30,
| 2025 (1) |  | 2024 (1)
ASSETS |  |  |
Homebuilding: |  |  |
Cash and cash equivalents | $ | 2,283,928 |  |  | 4,662,643 |
Restricted cash | 22,487 |  |  | 11,799 |
Receivables, net | 1,063,934 |  |  | 1,053,211 |
Inventories: |  |  |
Finished homes and construction in progress | 9,091,705 |  |  | 10,884,861 |
Land and land under development | 1,062,369 |  |  | 4,750,025 |
Inventory owned | 10,154,074 |  |  | 15,634,886 |
Consolidated inventory not owned | 3,454,642 |  |  | 4,084,665 |
Inventory owned and consolidated inventory not owned | 13,608,716 |  |  | 19,719,551 |
Deposits and pre-acquisition costs on real estate | 5,161,259 |  |  | 3,625,372 |
Investments in unconsolidated entities | 2,645,734 |  |  | 1,344,836 |
Goodwill | 3,442,359 |  |  | 3,442,359 |
Other assets | 1,657,511 |  |  | 1,734,698 |
| 29,885,928 |  |  | 35,594,469 |
Financial Services | 3,000,778 |  |  | 3,516,550 |
Multifamily | 1,275,152 |  |  | 1,306,818 |
Lennar Other | 824,245 |  |  | 894,944 |
Total assets | $ | 34,986,103 |  |  | 41,312,781 |

(1)Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of February 28, 2025, total assets include $3.0 billion related to consolidated VIEs of which $72.3 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $5.6 million in Homebuilding finished homes and construction in progress, $342.4 million in Homebuilding land and land under development, $2.5 billion in Homebuilding consolidated inventory not owned, $67.7 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $11.7 million in Homebuilding other assets and $35.5 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.
See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(In thousands, except share amounts)
(Unaudited)

| February 28, |  | November 30,
| 2025 (2) |  | 2024 (2)
LIABILITIES AND EQUITY |  |  |
Homebuilding: |  |  |
Accounts payable | $ | 1,926,358 |  |  | 1,839,440 |
Liabilities related to consolidated inventory not owned | 3,037,085 |  |  | 3,563,934 |
Senior notes and other debts payable, net | 2,211,272 |  |  | 2,258,283 |
Other liabilities | 3,076,776 |  |  | 3,201,552 |
| 10,251,491 |  |  | 10,863,209 |
Financial Services | 1,626,271 |  |  | 2,140,708 |
Multifamily | 141,380 |  |  | 181,883 |
Lennar Other | 99,617 |  |  | 105,756 |
Total liabilities | 12,118,759 |  |  | 13,291,556 |
Commitments and contingent liabilities (See Note 11) |  |  |
Stockholders’ equity: |  |  |
Preferred stock | — |  |  | — |
Class A common stock of $0.10 par value; Authorized: February 28, 2025 and November 30, 2024 - 400,000,000 shares; Issued: February 28, 2025 - 261,330,901 shares and November 30, 2024 - 259,979,453 shares | 26,133 |  |  | 25,998 |
Class B common stock of $0.10 par value; Authorized: February 28, 2025 and November 30, 2024 - 90,000,000 shares; Issued: February 28, 2025 - 36,601,215 shares and November 30, 2024 - 36,601,215 shares | 3,660 |  |  | 3,660 |
Additional paid-in capital | 5,812,802 |  |  | 5,729,434 |
Retained earnings | 21,302,131 |  |  | 25,753,078 |
Treasury stock, at cost; February 28, 2025 - 29,146,431 shares of Class A common stock and 4,991,506 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 | (4,424,039) |  |  | (3,649,564) |
Accumulated other comprehensive income | 7,351 |  |  | 7,529 |
Total stockholders’ equity | 22,728,038 |  |  | 27,870,135 |
Noncontrolling interests | 139,306 |  |  | 151,090 |
Total equity | 22,867,344 |  |  | 28,021,225 |
Total liabilities and equity | $ | 34,986,103 |  |  | 41,312,781 |

(2)As of February 28, 2025, total liabilities include $2.4 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.8 million is included in Homebuilding accounts payable, $2.3 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $0.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except per share amounts)
(Unaudited)

| Three Months Ended |  |
| February 28, 2025 |  | February 29, 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |
Homebuilding | $ | 7,283,870 |  |  | 6,930,991 |  |  |  |  |
Financial Services | 277,077 |  |  | 249,720 |  |  |  |  |
Multifamily | 63,196 |  |  | 129,677 |  |  |  |  |
Lennar Other | 7,402 |  |  | 2,542 |  |  |  |  |
Total revenues | 7,631,545 |  |  | 7,312,930 |  |  |  |  |
Costs and expenses: |  |  |  |  |  |  |
Homebuilding | 6,539,960 |  |  | 5,977,536 |  |  |  |  |
Financial Services | 133,594 |  |  | 118,424 |  |  |  |  |
Multifamily | 73,376 |  |  | 132,667 |  |  |  |  |
Lennar Other | 23,564 |  |  | 9,088 |  |  |  |  |
Corporate general and administrative | 147,378 |  |  | 157,321 |  |  |  |  |
Charitable foundation contribution | 17,834 |  |  | 16,798 |  |  |  |  |
Total costs and expenses | 6,935,706 |  |  | 6,411,834 |  |  |  |  |
Equity in earnings (losses) from unconsolidated entities | 33,234 |  |  | (30,545) |  |  |  |  |
Other income, net and other gains | 31,668 |  |  | 65,372 |  |  |  |  |
Lennar Other realized and unrealized losses from technology investments | (62,503) |  |  | (5,137) |  |  |  |  |
Earnings before income taxes | 698,238 |  |  | 930,786 |  |  |  |  |
Provision for income taxes | (169,525) |  |  | (210,865) |  |  |  |  |
Net earnings (including net earnings attributable to noncontrolling interests) | 528,713 |  |  | 719,921 |  |  |  |  |
Less: Net earnings attributable to noncontrolling interests | 9,187 |  |  | 587 |  |  |  |  |
Net earnings attributable to Lennar | $ | 519,526 |  |  | 719,334 |  |  |  |  |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Net unrealized gains (losses) on securities available-for-sale | $ | (178) |  |  | 362 |  |  |  |  |
Total other comprehensive income (loss), net of tax | $ | (178) |  |  | 362 |  |  |  |  |
Total comprehensive income attributable to Lennar | $ | 519,348 |  |  | 719,696 |  |  |  |  |
Total comprehensive income attributable to noncontrolling interests | $ | 9,187 |  |  | 587 |  |  |  |  |
Basic and diluted earnings per share | $ | 1.96 |  |  | 2.57 |  |  |  |  |

See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

| Three Months Ended
| February 28, 2025 |  | February 29, 2024
Cash flows from operating activities: |  |  |
Net earnings (including net earnings attributable to noncontrolling interests) | $ | 528,713 |  |  | 719,921 |
Adjustments to reconcile net earnings to net cash (used in ) provided by operating activities: |  |  |
Depreciation and amortization | 31,332 |  |  | 27,139 |
Amortization of discount/premium and accretion on debt, net | (91) |  |  | 39 |
Equity in (earnings) loss from unconsolidated entities | (33,234) |  |  | 30,545 |
Distributions of earnings from unconsolidated entities | 11,586 |  |  | 8,422 |
Share-based compensation expense | 84,085 |  |  | 87,680 |
Deferred income tax expense | 23,472 |  |  | 11,979 |
Loans held-for-sale unrealized (gains) losses | (30,403) |  |  | 46,052 |
Lennar Other realized losses and unrealized (gains) losses from technology investments and other (gains) losses | 71,427 |  |  | 2,555 |
Gains on sale of other assets | (23,411) |  |  | (2,671) |
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets | 28,261 |  |  | 6,609 |
Changes in assets and liabilities: |  |  |
Decrease in receivables | 117,753 |  |  | 379,102 |
Increase in inventories, excluding valuation adjustments | (513,257) |  |  | (285,023) |
Increase in deposits and pre-acquisition costs on real estate | (757,972) |  |  | (410,936) |
(Increase) decrease in other assets | (57,501) |  |  | 19,061 |
Decrease in loans held-for-sale | 445,233 |  |  | 53,797 |
Decrease in accounts payable and other liabilities | (215,035) |  |  | (326,404) |
Net cash provided by (used in) operating activities | (289,042) |  |  | 367,867 |
Cash flows from investing activities: |  |  |
Net additions of operating properties and equipment | (56,043) |  |  | (72,925) |
Proceeds from the sale of other assets | 40,258 |  |  | 5,094 |
Proceeds from sale of investment in unconsolidated joint ventures | 233,007 |  |  | — |
Proceeds from sales of investments | 72,003 |  |  | — |
Investments in and contributions to unconsolidated entities | (78,709) |  |  | (117,593) |
Distributions of capital from unconsolidated entities | 35,455 |  |  | 35,330 |
Acquisition, net of cash and restricted cash acquired | (231,426) |  |  | — |
Decrease in Financial Services loans held-for-investment | 8,467 |  |  | 2,749 |
Purchases of investment securities | (3,456) |  |  | (2,063) |
Proceeds from maturities/sales of investment securities | 1,934 |  |  | 1,493 |
Net cash provided by (used in) investing activities | $ | 21,490 |  |  | (147,915) |

See accompanying notes to condensed consolidated financial statements.
6

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
(Unaudited)

| Three Months Ended |
| February 28, 2025 |  | February 29, 2024 |
Cash flows from financing activities: |  |  |  |
Net repayments under warehouse facilities | $ | (533,831) |  |  | (599,514) |  |
Principal payments on notes payable and other borrowings | (27,600) |  |  | (19,251) |  |
Proceeds from other borrowings | — |  |  | 6,230 |  |
Net cash distributed in connection with Millrose Properties, Inc. spin-off | (416,006) |  |  | — |  |
Proceeds from liabilities related to consolidated inventory not owned | 259 |  |  | 67,650 |  |
Payments related to liabilities related to consolidated inventory not owned | (255,862) |  |  | (252,446) |  |
Payments related to other liabilities, net | (1,421) |  |  | (1,421) |  |
Receipts related to noncontrolling interests | 11,328 |  |  | 5,796 |  |
Payments related to noncontrolling interests | (5,389) |  |  | (1,979) |  |
Common stock: |  |  |  |
Repurchases | (774,475) |  |  | (595,100) |  |
Dividends | (131,646) |  |  | (139,387) |  |
Net cash used in financing activities | (2,134,643) |  |  | (1,529,422) |  |
Net decrease in cash and cash equivalents and restricted cash | (2,402,195) |  |  | (1,309,470) |  |
Cash and cash equivalents and restricted cash at beginning of period | 4,990,210 |  |  | 6,570,938 |  |
Cash and cash equivalents and restricted cash at end of period | $ | 2,588,015 |  |  | 5,261,468 |  |
Summary of cash and cash equivalents and restricted cash: |  |  |  |
Homebuilding | $ | 2,283,928 |  |  | 4,950,128 |  |
Financial Services | 188,833 |  |  | 233,846 |  |
Multifamily | 15,030 |  |  | 27,091 |  |
Lennar Other | 28,981 |  |  | 2,700 |  |
Homebuilding restricted cash | 22,487 |  |  | 12,635 |  |
Financial Services restricted cash | 48,756 |  |  | 35,068 |  |
| $ | 2,588,015 |  |  | 5,261,468 |  |
Supplemental disclosures of non-cash investing and financing activities: |  |  |  |
Homebuilding: |  |  |  |
Payments of inventories financed by sellers | $ | 320 |  |  | 23,081 |  |
Net non-cash contributions to unconsolidated entities | 17,330 |  |  | — |  |
Non-cash impacts of Millrose Properties, Inc. spin-off: |  |  |  |
Inventories | $ | (5,576,376) |  |  | — |  |
Investments in unconsolidated entities | 1,194,711 |  |  | — |  |
Other assets | (60,156) |  |  | — |  |
Notes payable | 19,000 |  |  | — |  |
Retained earnings | 4,422,821 |  |  | — |  |

See accompanying notes to condensed consolidated financial statements.
7

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 ("Form 10-K"). The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2024. 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 months ended February 28, 2025 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of February 28, 2025 and November 30, 2024 included $522.9 million and $265.6 million, respectively, of cash held in escrow for approximately two days.
Share-based Payments
During the three months ended February 28, 2025 and February 29, 2024, the Company granted employees 1.4 million and 1.2 million of nonvested shares, respectively.
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for the Company's fiscal year ending November 30, 2025 and interim reporting periods starting in the first quarter of fiscal 2026. The Company is currently reviewing the impact that the adoption of ASU 2023-07 will have on its condensed consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the Company's fiscal year ending November 30, 2026 and may be applied either retrospectively or prospectively. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on its condensed consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure s (“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.
8

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Reclassifications
As a result of the Company's change in Homebuilding reportable segments following the acquisition of Rausch Coleman Homes ("Rausch") (refer to Note 2 of the Notes to Condensed Consolidated Financial Statements for more information), the Company reclassified certain prior year segment information in the condensed consolidated financial statements to conform with the 2025 presentation. This reclassification was for operational purposes and between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements. In addition, certain amounts in the prior year's statement of cash flows were reclassified to conform with the 2025 presentation.
(2)Business Transactions
Spin-off of Millrose Properties, Inc.
On February 7, 2025, the Company completed the taxable spin-off of Millrose Properties, Inc. ("Millrose") through a distribution of approximately 80% of Millrose's stock to its stockholders. The Company will temporarily retain, but will not vote, the remaining 20% of the total outstanding shares of Millrose common stock, which it expects to dispose of through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year. 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 $312.2 million of assets, primarily consisting of homes under construction, finished homesites, cash and other assets, and assumed liabilities of $50.4 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:
9

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(In thousands) | February 28, 2025
Assets: | Homebuilding |  | Financial Services |  | Multifamily |  | Lennar Other |  | Total
Cash and cash equivalents | $ | 2,283,928 |  |  | 188,833 |  |  | 15,030 |  |  | 28,981 |  |  | 2,516,772 |
Restricted cash | 22,487 |  |  | 48,756 |  |  | — |  |  | — |  |  | 71,243 |
Receivables, net (1) | 1,063,934 |  |  | 426,410 |  |  | 43,264 |  |  | — |  |  | 1,533,608 |
Inventory owned and consolidated inventory not owned | 13,608,716 |  |  | — |  |  | 643,214 |  |  | — |  |  | 14,251,930 |
Deposits and pre-acquisition costs on real estate | 5,161,259 |  |  | — |  |  | 10,825 |  |  | — |  |  | 5,172,084 |
Investments in unconsolidated entities (2) | 2,645,734 |  |  | — |  |  | 472,668 |  |  | 375,393 |  |  | 3,493,795 |
Loans held-for-sale (3) | — |  |  | 1,835,897 |  |  | — |  |  | — |  |  | 1,835,897 |
Investments in equity securities (4) | — |  |  | — |  |  | — |  |  | 245,628 |  |  | 245,628 |
Investments available-for-sale (5) | — |  |  | — |  |  | — |  |  | 40,401 |  |  | 40,401 |
Loans held-for-investment, net | — |  |  | 52,674 |  |  | — |  |  | — |  |  | 52,674 |
Investments held-to-maturity | — |  |  | 134,369 |  |  | — |  |  | — |  |  | 134,369 |
Goodwill | 3,442,359 |  |  | 189,699 |  |  | — |  |  | — |  |  | 3,632,058 |
Other assets | 1,657,511 |  |  | 124,140 |  |  | 90,151 |  |  | 133,842 |  |  | 2,005,644 |
Total assets | $ | 29,885,928 |  |  | 3,000,778 |  |  | 1,275,152 |  |  | 824,245 |  |  | 34,986,103 |
Liabilities: |  |  |  |  |  |  |  |  |
Senior notes and other debts payable, net | $ | 2,211,272 |  |  | 1,397,125 |  |  | — |  |  | — |  |  | 3,608,397 |
Liabilities related to consolidated inventory not owned | 3,037,085 |  |  | — |  |  | — |  |  | — |  |  | 3,037,085 |
Accounts payable and other liabilities | 5,003,134 |  |  | 229,146 |  |  | 141,380 |  |  | 99,617 |  |  | 5,473,277 |
Total liabilities | $ | 10,251,491 |  |  | 1,626,271 |  |  | 141,380 |  |  | 99,617 |  |  | 12,118,759 |

(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 |

(1)Receivables, net for Financial Services are primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2025 and November 30, 2024, respectively.
10

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(2)I nvestments in unconsolidated entities as of February 28, 2025 include the carrying value of 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion.
(3)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(4)Investments in equity securities include investments of $133.5 million and $143.0 million without readily available fair values as of February 28, 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) on the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:

| Three Months Ended |  |
(In thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Revenues: |  |  |  |  |  |  |
Homebuilding | $ | 7,283,870 |  |  | 6,930,991 |  |  |  |  |
Financial Services | 277,077 |  |  | 249,720 |  |  |  |  |
Multifamily | 63,196 |  |  | 129,677 |  |  |  |  |
Lennar Other | 7,402 |  |  | 2,542 |  |  |  |  |
| $ | 7,631,545 |  |  | 7,312,930 |  |  |  |  |
Earnings (loss) before income taxes: |  |  |  |  |  |  |
Homebuilding | $ | 809,273 |  |  | 1,028,796 |  |  |  |  |
Financial Services | 143,483 |  |  | 131,296 |  |  |  |  |
Multifamily | (23) |  |  | (15,639) |  |  |  |  |
Lennar Other | (89,283) |  |  | (39,548) |  |  |  |  |
Corporate and Unallocated (1) | (165,212) |  |  | (174,119) |  |  |  |  |
| $ | 698,238 |  |  | 930,786 |  |  |  |  |

(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.
Homebuilding Segments
Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment.
Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the Homebuilding segments consist of revenues generated from the sales of homes and land, other revenues from management fees and forfeited deposits, equity in earnings (losses) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment. Homebuilding Other also includes management of a fund that acquires single-family homes and holds them as rental properties.
The Company renamed its Texas reportable Homebuilding segment to South Central as a result of the Rausch acquisition (see Note 2 of the Notes to Condensed Consolidated Financial Statements) in order to streamline and synergize geographic homebuilding operations, assess performance, and allocate resources across the Company’s geographic homebuilding segments. The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Florida, New Jersey and Pennsylvania
Central: Alabama, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee,
and Virginia
South Central: Arkansas, Kansas, Missouri, Oklahoma and Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC (“FivePoint”), and Millrose investment.
11

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) | February 28, 2025 |  | November 30, 2024
East | $ | 5,615,263 |  |  | 6,967,571 |
Central | 4,415,791 |  |  | 5,567,451 |
South Central | 4,214,025 |  |  | 4,238,587 |
West | 10,280,135 |  |  | 12,148,434 |
Other | 2,938,045 |  |  | 1,729,407 |
Corporate and Unallocated | 2,422,669 |  |  | 4,943,019 |
Total Homebuilding | $ | 29,885,928 |  |  | 35,594,469 |

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

| Three Months Ended |  |
(In thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Revenues |  |  |  |  |  |  |
East | $ | 1,653,755 |  |  | 1,877,938 |  |  |  |  |
Central | 1,560,008 |  |  | 1,441,314 |  |  |  |  |
South Central | 1,166,828 |  |  | 1,071,786 |  |  |  |  |
West | 2,894,933 |  |  | 2,530,061 |  |  |  |  |
Other | 8,346 |  |  | 9,892 |  |  |  |  |
| $ | 7,283,870 |  |  | 6,930,991 |  |  |  |  |
Operating earnings |  |  |  |  |  |  |
East | $ | 222,622 |  |  | 376,909 |  |  |  |  |
Central | 135,452 |  |  | 161,623 |  |  |  |  |
South Central | 122,083 |  |  | 168,583 |  |  |  |  |
West | 298,781 |  |  | 308,787 |  |  |  |  |
Other | 30,335 |  |  | 12,894 |  |  |  |  |
| $ | 809,273 |  |  | 1,028,796 |  |  |  |  |

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.
12

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
At February 28, 2025, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

| Maximum Aggregate Commitment |  |
(In thousands) | Committed Amount |  | Uncommitted Amount |  | Total
Residential facilities maturing: |  |  |  |  |
April 2025 | $ | 250,000 |  |  | 250,000 |  |  | 500,000 |
June 2025 | 560,000 |  |  | — |  |  | 560,000 |
August 2025 | 325,000 |  |  | 325,000 |  |  | 650,000 |
October 2025 | 50,000 |  |  | 100,000 |  |  | 150,000 |
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 |

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) | February 28, 2025 |  | November 30, 2024
Borrowings under the residential facilities | $ | 1,235,008 |  |  | 1,776,045 |
Collateral under the residential facilities | 1,286,848 |  |  | 1,837,833 |
Borrowings under the LMF Commercial facilities | 37,465 |  |  | 28,747 |

If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.
Substantially all of the residential loans the Financial Services segment originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray losses by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements. Mortgage investors could seek to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold based on claims that the Company breached its limited representations or warranties. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors. The Company establishes accruals for such possible losses based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans, as well as previous settlements. While the Company believes that it has adequately reserved for known losses and projected repurchase requests, given the volatility in the residential mortgage industry and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving those repurchases exceed the Company’s expectations, additional recourse expense may be incurred. There was no provision for loan losses for the three months ended February 28, 2025. The provision for loan losses was immaterial for the three months ended February 29, 2024. Loan origination liabilities were $16.7 million as of both February 28, 2025 and November 30, 2024, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets.
13

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 |  |
(Dollars in thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Originations (1) | $ | 127,965 |  |  | 140,825 |  |  |  |  |
Sold | 94,887 |  |  | 26,950 |  |  |  |  |
Securitizations | 4 |  | 2 |  |  |  |

(1)During both the three months ended February 28, 2025 and February 29, 2024, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Investments held-to-maturity
At February 28, 2025 and November 30, 2024, the Financial Services segment held commercial mortgage-backed securities (“CMBS”). These securities are classified as held-to-maturity based on the segment's intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during the three months ended February 28, 2025 and February 29, 2024. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment.
Details related to Financial Services' CMBS were as follows:

(Dollars in thousands) | February 28, 2025 |  | November 30, 2024
Carrying value | $ | 134,369 |  |  | 135,646 |
Outstanding debt, net of debt issuance costs | 124,651 |  |  | 126,164 |
Incurred interest rate | 3.4% |  | 3.4%

| February 28, 2025
| Range
Discount rates at purchase | 6% | — | 84%
Coupon rates | 2.0% | — | 5.3%
Distribution dates | October 2027 | — | December 2028
Stated maturity dates | October 2050 | — | December 2051

Multifamily
The Company is actively involved, primarily through unconsolidated funds and joint ventures, in the development, construction and property management 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, property management, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and from management and promote fees generated from funds and joint ventures less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Multifamily segment also include equity in earnings (losses) from unconsolidated entities and other gains (losses), which includes proceeds of sales of investments.
Lennar Other
Lennar Other primarily includes strategic investments in technology companies, primarily managed by the Company's LEN X 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.
14

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

| Three Months Ended |  |
(In thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Blend Labs (BLND) | $ | (3,737) |  |  | 2,936 |  |  |  |  |
Hippo (HIPO) | (12,890) |  |  | 16,449 |  |  |  |  |
Opendoor (OPEN) | (18,786) |  |  | 1,315 |  |  |  |  |
SmartRent (SMRT) | (4,483) |  |  | (1,963) |  |  |  |  |
Sonder (SOND) | (19) |  |  | 51 |  |  |  |  |
Sunnova (NOVA) | (22,588) |  |  | (23,925) |  |  |  |  |
Lennar Other realized and unrealized losses from technology investments (1) | $ | (62,503) |  |  | (5,137) |  |  |  |  |

(1)During the three months ended February 28, 2025, the Company realized a loss of $28.4 million on the sale of its shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of February 28, 2025, has a small remaining interest in Sunnova.
(4)Investments in Unconsolidated Entities
Homebuilding Unconsolidated Entities
The investments in the Company's Homebuilding unconsolidated entities were as follows:

(In thousands) |  | February 28, 2025 |  | November 30, 2024
Investments in unconsolidated entities (1) (2) |  | $ | 2,645,734 |  |  | 1,344,836 |
Underlying equity in unconsolidated entities' net assets (1) (2) |  | 2,911,139 |  |  | 1,636,307 |

(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint.
(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 28, 2025 and November 30, 2024, the carrying amount of the Company's investment was $524.8 million and $470.8 million, respectively. Additionally, included is the carrying value of approximately 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion as of February 28, 2025. The Company has determined that Millrose is a VIE, but it 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% in a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year.
As of February 28, 2025 and November 30, 2024, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $421.8 million and $287.0 million, respectively.
The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances, the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it.
As of both February 28, 2025 and November 30, 2024, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were not material. The Company believes that as of February 28, 2025, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under 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 8 of the Notes to Condensed Consolidated Financial Statements). The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2024.
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 February 28, 2025 and November 30, 2024, the carrying amount of the Company's investment in Upward America was $16.7 million and $20.8 million, respectively.
15

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Multifamily Unconsolidated Entities
The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to the Multifamily unconsolidated joint ventures, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as constructions 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 after the achievement of certain threshold. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2024. As of both February 28, 2025 and November 30, 2024, the fair value of the completion guarantees was immaterial. As of February 28, 2025 and November 30, 2024, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $665.9 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 rental operation projects in Multifamily Venture Fund I.
In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:

| Three Months Ended |  |
(In thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
General contractor services, net of deferrals | $ | 30,450 |  |  | 101,635 |  |  |  |  |
General contractor costs | 28,314 |  |  | 95,688 |  |  |  |  |
Land sales to joint ventures | 17,330 |  |  | 12,000 |  |  |  |  |
Management fee income, net of deferrals | 6,941 |  |  | 16,042 |  |  |  |  |

The Multifamily segment includes managing and investing in Multifamily Venture Fund I (“LMV I”), Multifamily Venture Fund II LP (“LMV II”) and Canada Pension Plan Investments Fund (the “CPPIB Fund”), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. The Multifamily segment completed the closing of the CPPIB Fund. 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 February 28, 2025, the Company has a $27.4 million investment in the CPPIB Fund. Additional dollars will be committed as opportunities are identified by the CPPIB Fund.
Details of LMV I and LMV II are included below:

| February 28, 2025
(In thousands) | LMV I |  | LMV II
Lennar's carrying value of investments | $ | 114,067 |  |  | 224,072 |
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 | 13,950 |  |  | 770 |

(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls.
During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. As of February 28, 2025, two additional LMV I rental operation projects were sold to various 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 $136.6 million and $140.1 million as of February 28, 2025 and November 30, 2024, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The
16

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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 $238.8 million and $239.3 million, as of February 28, 2025 and November 30, 2024, respectively.
(5)Stockholders' Equity
The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three months ended February 28, 2025 and February 29, 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 February 29, 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) | 719,921 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 719,334 |  |  | 587 |
Employee stock and directors plans | (83,473) |  |  | 135 |  |  | — |  |  | (65) |  |  | (83,543) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (511,557) |  |  | — |  |  | — |  |  | — |  |  | (511,557) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 87,680 |  |  | — |  |  | — |  |  | 87,680 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (139,387) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (139,387) |  |  | — |
Receipts related to noncontrolling interests | 5,796 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,796 |
Payments related to noncontrolling interests | (1,979) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,979) |
Non-cash purchase or activity of noncontrolling interests, net | (1,399) |  |  | — |  |  | — |  |  | (5,788) |  |  | — |  |  | — |  |  | — |  |  | 4,389 |
Total other comprehensive income, net of tax | 362 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 362 |  |  | — |  |  | — |
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 |

On February 12, 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 January 29, 2025. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2024 for both its Class A and Class B common stock.
In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At February 28, 2025, we have a remaining authorization to repurchase $2.7 billion in value of our Class A or 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:
17

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

| Three Months Ended |  |
| February 28, 2025 |  | February 29, 2024 |  |  |  |
(Dollars in thousands, except price per share amounts) | Class A |  | Class B |  | Class A |  | Class B |  |  |  |  |  |  |  |
Shares repurchased | 4,770,000 |  |  | 458,805 |  |  | 3,026,128 |  |  | 373,872 |  |  |  |  |  |  |  |  |
Total purchase price | $ | 644,618 |  |  | $ | 58,121 |  |  | $ | 454,788 |  |  | $ | 51,637 |  |  |  |  |  |  |  |  |
Average price per share | $ | 135.14 |  |  | $ | 126.68 |  |  | $ | 150.29 |  |  | $ | 138.11 |  |  |  |  |  |  |  |  |

(6)Income Taxes
The provision for income taxes and effective tax rate were as follows:

| Three Months Ended |  |
(Dollars in thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Provision for income taxes | $169,525 |  |  | 210,865 |  |  |  |  |
Effective tax rate (1) | 24.6% |  | 22.7% |  |  |  |

(1)For the three months ended February 28, 2025 and February 29, 2024, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate from the prior year quarter was primarily due to a decrease in excess tax benefits from shared-based compensation and a decrease in solar tax credits.
(7)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 |  |
(In thousands, except per share amounts) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net earnings attributable to Lennar | $ | 519,526 |  |  | 719,334 |  |  |  |  |
Less: distributed earnings allocated to nonvested shares | 955 |  |  | 1,023 |  |  |  |  |
Less: undistributed earnings allocated to nonvested shares | 3,862 |  |  | 5,877 |  |  |  |  |
Numerator for basic and diluted earnings per share | 514,709 |  |  | 712,434 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Denominator for basic and diluted earnings per share - weighted average common shares outstanding | 262,733 |  |  | 276,946 |  |  |  |  |
Basic and diluted earnings per share | $ | 1.96 |  |  | 2.57 |  |  |  |  |

For both the three months ended February 28, 2025 and February 29, 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) | February 28, 2025 |  | November 30, 2024
4.75% senior notes due 2025 | $ | 499,890 |  |  | 499,779 |
5.25% senior notes due 2026 | 401,520 |  |  | 401,824 |
5.00% senior notes due 2027 | 350,878 |  |  | 350,974 |
4.75% senior notes due 2027 | 698,411 |  |  | 698,266 |
Mortgage notes on land and other debt | 260,573 |  |  | 307,440 |
| $ | 2,211,272 |  |  | 2,258,283 |

The carrying amounts of the senior notes in the table above are net of debt issuance costs of $2.1 million and $2.4 million as of February 28, 2025 and November 30, 2024, respectively.
18

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the "Credit Facility"). During the three months ended February 28, 2025, the Company received an additional $150 million in commitments. The maximum available borrowings on the Credit Facility were as follows:

(In thousands) |  | At February 28, 2025
Commitments - maturing in May 2027 |  | $ | 225,000 |
Commitments - maturing in November 2029 |  | 2,800,000 |
Total commitments |  | $ | 3,025,000 |
Accordion feature |  | 475,000 |
Total maximum borrowings capacity |  | $ | 3,500,000 |

The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on 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 Annual Report on Form 10-K for the year ended November 30, 2024. The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands) |  | February 28, 2025 |  | November 30, 2024
Performance letters of credit |  | $ | 1,748,316 |  |  | 1,668,061 |
Financial letters of credit |  | 924,248 |  |  | 745,578 |
Surety bonds |  | 5,257,345 |  |  | 5,140,432 |
Anticipated future costs primarily for site improvements related to performance surety bonds |  | 2,875,118 |  |  | 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. The terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its Annual Report on Form 10-K for the year ended November 30, 2024.
(9)Financial Instruments and Fair Value Disclosures
The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at February 28, 2025 and November 30, 2024, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

|  |  | At February 28, 2025 |  | At November 30, 2024 |  |  |  |  |  |  |
(In thousands) | Fair Value Hierarchy |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held-for-investment, net | Level 3 |  | $ | 52,674 |  |  | 52,674 |  |  | 60,969 |  |  | 61,044 |  |  |  |  |  |  |  |
Investments held-to-maturity | Level 3 |  | 134,369 |  |  | 136,366 |  |  | 135,646 |  |  | 138,160 |  |  |  |  |  |  |  |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding senior notes and other debt payable, net | Level 2 |  | $ | 2,211,272 |  |  | $ | 2,215,537 |  |  | 2,258,283 |  |  | 2,264,375 |  |  |  |  |  |  |  |
Financial Services notes and other debt payable, net | Level 2 |  | 1,397,125 |  |  | 1,397,646 |  |  | 1,930,956 |  |  | 1,931,515 |  |  |  |  |  |  |  |

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. For notes and other debt payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings.
19

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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) |  | February 28, 2025 |  | November 30, 2024
Financial Services Assets: |  |  |  |  |
Residential loans held-for-sale | Level 2 |  | $ | 1,753,103 |  |  | 2,200,402 |
LMF Commercial loans held-for-sale | Level 3 |  | 82,794 |  |  | 50,316 |
Mortgage servicing rights | Level 3 |  | 3,297 |  |  | 3,463 |
Forward options | Level 1 |  | 2,693 |  |  | 1,458 |
Lennar Other Assets: |  |  |  |  |
Investments in equity securities | Level 1 |  | $ | 112,154 |  |  | 204,777 |
Investments available-for-sale | Level 3 |  | 40,401 |  |  | 40,578 |

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

| February 28, 2025 |  | November 30, 2024
(In thousands) | Aggregate Principal Balance |  |  |  | Change in Fair Value |  | Aggregate Principal Balance |  |  |  | Change in Fair Value
Residential loans held-for-sale | $ | 1,785,606 |  |  |  |  | (32,503) |  |  | 2,263,310 |  |  |  |  | (62,907) |
LMF Commercial loans held-for-sale | 83,075 |  |  |  |  | (281) |  |  | 50,020 |  |  |  |  | 296 |

The estimated fair values of the Company's financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgement is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values.
Financial Services residential loans held-for-sale - Fair value is based on independent quoted market prices, where available, or the prices for other mortgage whole loans with similar characteristics. 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 February 28, 2025 and November 30, 2024. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics.
LMF Commercial loans held-for-sale - The fair value of commercial loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its Annual Report on Form 10-K for the year ended November 30, 2024. 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:
20

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

| February 28, 2025 |  | November 30, 2024
Unobservable inputs: |  |  |
Mortgage prepayment rate | 8% |  | 8%
Discount rate | 13% |  | 13%
Delinquency rate | 14% |  | 12%

Forward contracts, forward options and interest rate swaps - Fair value of forward contracts, forward options and interest rate swaps is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and other liabilities and the Company recognizes the changes in the fair value of the premium paid as Financial Services' Revenue.
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.
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 |  |
(In thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Changes in fair value included in Financial Services revenues: |  |  |  |  |  |  |
Loans held-for-sale | $ | 30,403 |  |  | (46,052) |  |  |  |  |
Mortgage loan commitments | 33,504 |  |  | (30,655) |  |  |  |  |
Forward contracts | (48,463) |  |  | 100,292 |  |  |  |  |
Forward options | 1,134 |  |  | (344) |  |  |  |  |
Interest rate swaps | (3,296) |  |  | 1,554 |  |  |  |  |
Changes in fair value included in Lennar Other realized and unrealized gains (losses) from technology investments: |  |  |  |  |  |  |
Investments in equity securities | $ | (62,503) |  |  | (5,137) |  |  |  |  |
Changes in fair value included in other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Lennar Other investments available-for-sale | $ | (178) |  |  | 362 |  |  |  |  |

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 |
| February 28, 2025 |  | February 29, 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 | 26 |  |  | 127,965 |  |  | 61 |  |  | 140,825 |  |
Sales/loan originations sold, including those not settled | — |  |  | (94,887) |  |  | — |  |  | (26,950) |  |
Disposals/settlements | (97) |  |  | — |  |  | (26) |  |  | — |  |
Changes in fair value (1) | (95) |  |  | (281) |  |  | — |  |  | (2,128) |  |
Interest and principal paydowns | — |  |  | (319) |  |  | — |  |  | 191 |  |
Ending balance | $ | 3,297 |  |  | 82,794 |  |  | 3,475 |  |  | 125,397 |  |

(1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
21

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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, 2025 |  | February 29, 2024
(In thousands) | Fair Value Hierarchy |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1) |  | Carrying Value |  | Fair Value |  | Total Losses, Net (1)
Non-financial assets - Homebuilding: |  |  |  |  |  |  |  |  |  |  |  |  |
Finished homes and construction in progress (2) | Level 3 |  | $ | 259,540 |  |  | 239,197 |  |  | (20,343) |  |  | 71,756 |  |  | 68,017 |  |  | (3,739) |
Land and land under development (2) | Level 3 |  | 190 |  |  | 134 |  |  | (56) |  |  | 2,870 |  |  | — |  |  | (2,870) |
Deposits and pre-acquisition costs on real estate (3) | Level 3 |  | 268 |  |  | — |  |  | (268) |  |  | — |  |  | — |  |  | — |
Non-financial assets - Multifamily: |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in unconsolidated entities (4) | Level 3 |  | $ | 7,594 |  |  | — |  |  | (7,594) |  |  | — |  |  | — |  |  | — |

(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.
(3)Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).
(4)Valuation 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) for the three months ended February 28, 2025.
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 Annual Report on Form 10-K for the year ended November 30, 2024.
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, 2025 | 1,584 |  | 46 |  |  |  |  |  | 2 |  |  |  |  |  | $ | 14,934 |  |  | $ | 3,834 |
February 29, 2024 | 1,227 |  | 31 |  |  |  |  |  | 2 |  |  |  |  |  | 4,863 |  |  | 1,521 |

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:

| Three Months Ended
| February 28, 2025 |  | February 29, 2024
Unobservable inputs | Range |  | Range
Average selling price (1) | $215,000 | — | 571,000 |  | 178,000 | — | 197,000
Absorption rate per quarter (homes) | 5 | — | 7 |  | 10 | — | 13
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 three months ended February 28, 2025 and February 29, 2024.
The Company disclosed its accounting policy related to investments in unconsolidated entities and its review for indicators of impairment for the long-lived assets of an unconsolidated entity and the decline in the fair value of an investment
22

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
below the carrying value in the Summary of Significant Accounting Policies in its Annual Report on Form 10-K for the year ended November 30, 2024.
The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions, (3) the length of the time and the extent to which the market value has been less than cost and (4) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status, length of the time and the extent to which the market value has been below the carrying value, and liquidity needs of the unconsolidated entity. The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from an unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams. During the three months ended February 28, 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 $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 months ended February 29, 2024, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment.
The Company estimates the fair value of investments in unconsolidated entities evaluated for impairment based on market conditions and assumptions made by management at the time the investment is evaluated, which may differ materially from actual results if market conditions or assumptions change.
(10)Variable Interest Entities
During the three months ended February 28, 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 variable interest entities (“VIEs”) that were consolidated during the three months ended February 28, 2025. During the three months ended February 28, 2025, there was a deconsolidation of a VIE that had a 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.
23

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Unconsolidated VIEs
The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:

| February 28, 2025 |  | November 30, 2024
(In thousands) | Investments in Unconsolidated VIEs |  | Lennar’s Maximum Exposure to Loss |  | Investments in Unconsolidated VIEs |  | Lennar’s Maximum Exposure to Loss
Homebuilding (1) | $ | 2,045,818 |  |  | 2,116,469 |  |  | 802,901 |  |  | 876,035 |
Multifamily (2) | 117,083 |  |  | 117,993 |  |  | 136,158 |  |  | 140,120 |
Financial Services (3) | 134,369 |  |  | 134,369 |  |  | 135,646 |  |  | 135,646 |
Lennar Other (4) | 118,775 |  |  | 118,775 |  |  | 119,258 |  |  | 119,258 |
| $ | 2,416,045 |  |  | 2,487,606 |  |  | 1,193,963 |  |  | 1,271,059 |

(1)As of February 28, 2025 and November 30, 2024, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs, except with regard to the Company's remaining commitment to fund capital in Upward America of $20.2 million and $20.4 million, respectively. In addition, as of both February 28, 2025 and November 30, 2024, there was recourse debt of VIEs of $44.2 million. As of February 28, 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 February 28, 2025 and November 30, 2024, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs.
(3)As of both February 28, 2025 and November 30, 2024, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and related to the Financial Services' CMBS investments held-to-maturity investments.
(4)As of both February 28, 2025 and November 30, 2024, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs.
The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of February 28, 2025 in accordance with ASC 810 due to insufficient equity at risk. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent.
There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs. While the Company has option contracts to purchase land from certain of its unconsolidated VIEs, the Company is not required to purchase the assets and could walk away from the contracts.
Option Contracts
The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land banks) until the Company has determined whether to exercise the options.
The Company evaluates option contracts with third party land holding companies for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary and makes a significant deposit or pre-acquisition cost investment for optioned land, or is otherwise economically compelled to takedown the optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. As of February 28, 2025, land under option with third parties that the Company was compelled to takedown was $2.5 billion, of which $1.1 billion 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 $994.0 million as of February 28, 2025.
During the three months ended February 28, 2025, consolidated inventory not owned decreased by $630.0 million with a corresponding decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 28, 2025. The decrease was primarily due to homesite takedowns and reassessment of certain
24

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
option contracts. This reassessment resulted in a decrease of $1.1 billion of consolidated inventories not owned with a corresponding decrease of $1.0 billion of liabilities related to consolidated inventories not owned. The decrease was partially offset by the consolidation of homesites under option that the Company is economically compelled to takedown, which resulted in an increase of $801.4 million of consolidated inventories not owned with a corresponding increase of $739.2 million of liabilities related to consolidated inventories not owned. To reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes and construction in progress in the accompanying condensed consolidated balance sheet as of February 28, 2025. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits.
The Company's exposure to losses on its option contracts with third parties and unconsolidated entities was as follows:

(In thousands) | At February 28, 2025 |  | At November 30, 2024
Non-refundable option deposits and pre-acquisition costs | $ | 5,055,676 |  |  | 3,529,889 |
Non-refundable option deposits included in consolidated inventory not owned | 417,557 |  |  | 520,731 |
Letters of credit in lieu of cash deposits under certain land and option contracts | 401,454 |  |  | 341,834 |

For the three months ended February 28, 2025, 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, 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 February 28, 2025, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $2.2 billion. As of February 28, 2025, total consolidated inventory not owned and liabilities related to consolidated inventory not owned relating to contracts with the Land Banks were $815.9 million and $633.4 million, respectively.
The Company believes there are other land banks that could be substituted should the Land Banks become unavailable or non-competitive with respect to land banking of future land. Thus, the Company does not believe that the loss of the Company’s relationship with these Land Banks would have a material adverse effect on the Company’s business, financial condition or cash flows.
As discussed in Note 2, on February 7, 2025, the Company completed the spin-off of Millrose. The spin-off involved $5.6 billion of land assets, representing approximately 87,000 homesites. The Company entered into a Master Option Agreement ("Agreement") to option the land back from Millrose. As a result of entering into the Agreement with Millrose, the Company paid $584.0 million of option deposits to Millrose at the spin-off. Subsequently, on February 10, 2025, Millrose acquired Rausch’s land assets (except for any homesites with homes under construction which were acquired by the Company) and Lennar paid Millrose an additional $95.5 million in option deposits. As of February 28, 2025, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose were $680.3 million.
(11)Commitments and Contingent Liabilities
The Company is party to various claims, legal actions and complaints relating to homes sold by the Company arising in the ordinary course of business. In the opinion of management, the disposition of these matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. From time to time, the Company is also a party to various lawsuits involving purchases and sales of real property. These lawsuits often include claims regarding representations and warranties made in connection with the transfer of properties and disputes regarding the obligation to purchase or sell properties.
The Company does not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on its business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into.
Product Warranty
Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:
25

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

| Three Months Ended |  |
(In thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Warranty reserve, beginning of the period | $ | 446,240 |  |  | 414,796 |  |  |  |  |
Warranties issued | 60,468 |  |  | 61,776 |  |  |  |  |
Adjustments to pre-existing warranties from changes in estimates | 2,562 |  |  | (2,904) |  |  |  |  |
Payments | (80,344) |  |  | (68,110) |  |  |  |  |
Warranty reserve, end of period | $ | 428,926 |  |  | 405,558 |  |  |  |  |

(1)The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2025 and February 29, 2024 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 information about the Company's leases:

(Dollars in thousands) | At February 2025 |  | At November 30, 2024
Right-of-use assets | $ | 270,683 |  |  | 275,248 |
Lease liabilities | 256,082 |  |  | 262,119 |
Weighted-average remaining lease term (in years) | 4.8 |  | 4.7
Weighted-average discount rate | 5.1% |  | 5.0%

The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at February 28, 2025 were as follows:

(In thousands) | Lease Payments
2025 | $ | 77,685 |
2026 | 66,473 |
2027 | 40,978 |
2028 | 31,228 |
2029 and thereafter | 71,552 |
Total future minimum lease payments (1) | $ | 287,916 |
Less: Interest (2) | 31,834 |
Present value of lease liabilities (2) | $ | 256,082 |

(1)Total future minimum lease payments exclude variable lease costs of $27.0 million and short-term lease costs of $2.6 million.
(2)The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of February 28, 2025, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.
The Company's rental expense on lease liabilities were as follows:

| Three Months Ended
(In thousands) | February 28, 2025 |  | February 29, 2024
Rental expense | $ | 51,504 |  |  | 26,217 |

In December 2023, the Company purchased its corporate headquarters building in which the Company had previously leased office space. This building contains approximately 213,200 square feet of office space, of which the Company leases approximately 53,000 square feet of unused office space to other tenants. On occasion, the Company may sublease other rented space which is no longer used for the Company's operations. For both the three months ended February 28, 2025 and February 29, 2024, the Company had an immaterial amount of sublease income.
26

Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “will,” “may” or other words of similar meaning. Some of them are opinions formed based upon general observations, anecdotal evidence and industry experience, but that are not supported by specific investigation or analysis.
These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from what is anticipated by our forward-looking statements. The most important factors that could cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limited to: slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials and labor, including lumber, and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties; changes in U.S and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business and operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy; any potential subsequent transactions we may enter into following our spin-off of Millrose Properties, Inc.; 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 related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; labor shortages due to increased enforcement of restrictions on immigration; possible unfavorable outcomes results in legal proceedings; and conditions in the capital, credit and financial markets; 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, filed with the Securities and Exchange Commission (the “SEC”) on January 23, 2025 and our other filings with the SEC for a further discussion of these and other risks and uncertainties which could affect our future results. We undertake no obligation, other than those imposed by securities laws, to publicly revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events.
27

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 Annual Report on Form 10-K for the fiscal year ended November 30, 2024.
Outlook
Our first quarter results were achieved against the backdrop of a challenging macroeconomic environment for the housing market. We adhered to our strategy and focus on driving consistent volume and growth by matching sales and production pace and using our margin as our shock absorber. Mortgage interest rates have remained higher for longer than we expected, which has left the overall housing market weaker for longer than expected. There remains a housing deficit and actionable demand is limited by affordability and credit, which remain challenged by limited funds for a down payment as well as insufficient homebuyer income to meet qualification requirements for mortgages. Even where household income indicates an approvable mortgage qualification, elevated personal debt levels have often presented an impediment to mortgage access. Until recently, consumers have been generally confident that they will remain employed and that their compensation is secure. However, more recently, even that security has been called into question. While there continues to be a considerable number of customers looking at homes, the urgency to purchase homes remains tepid.
Against this backdrop, our strategy has remained clear. Operationally, it is to build and deliver consistent volume to maximize efficiencies, while financially, it is to drive our asset-light, land-light focus to build cash flow. Now that we have completed our Millrose spin-off, we have intensified our focus on each. We have two focuses in our operating strategy.
First, we focus on maintaining a consistent volume of production and matching our sales pace to our production pace. This allows us to maximize efficiencies in construction costs, and cycle time, in S,G&A expenses and in all elements of marketing and sales. It also delivers a consistent and even-flow volume to our trade partners so they can be more efficient and deliver cost savings to us. By matching our sales pace and our production pace, we avoid building up inventory of finished homes or developed homesites, which efficiently converts production to cash.
Our second focus is our asset-light configuration. The Millrose spin-off completed the backbone of that effort. With Millrose operational, we have a strong complement of land bank partners that undertake land acquisition and land development and provide just-in-time delivery of finished homesites that enables us to act almost entirely as a manufacturer of homes. As with all of our trade partners, our land partners will benefit from our consistent and predictable volume, which will be reflected in reduced costs to us.
To date, tariffs have had no impact on our costs. However, we have recently been discussing the potential impact of tariffs with our supply chain, including working on alternative sourcing strategies and preparing our trade partners to absorb potential increases in their costs due to tariffs. Similarly, to date we have encountered no labor disruptions due to immigration enforcement policies.
In summary, the housing market has softened as affordability and consumer confidence have limited actionable demand. Incentives have been increasing, and net housing prices seem to be moderating. At very least, housing will not be contributing to inflationary pressures, and while demand is constrained, supply is equally limited.
We expect to sell in the second quarter of 2025 between 22,500 and 23,500 homes and to deliver between 19,500 and 20,500 homes. We expect our margin to be approximately 18%, depending on market conditions. We are focused on driving sales and closings to create strong cash flow, even at reduced profitability, while maintaining properly sized inventory levels, so that as market conditions stabilize or improve, we will benefit from normalized margins across our volume.
While the short-term road ahead may still seem choppy, we are optimistic about the longer-term outlook. We have continued to drive production to meet the housing shortage that we know persists across the markets. As and when homebuyer interest normalizes, we believe pent-up demand will be activated and our margins will quickly recover. As we complete our asset-light transformation, we expect to continue to generate cash flow which we can return to stockholders through dividends and stock buybacks, while continuing to pursue strategic growth.
28

(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 months ended February 28, 2025 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns.
Our net earnings attributable to Lennar were $519.5 million, or $1.96 per diluted share, in the first quarter of 2025, compared to net earnings attributable to Lennar of $719.3 million, or $2.57 per diluted share, in the first quarter of 2024. Excluding mark-to-market losses on technology investments, first quarter net earnings attributable to Lennar in 2025 were $566.7 million, or $2.14 per diluted share, compared to first quarter net earnings attributable to Lennar in 2024 were $723.3 million or $2.58 per diluted share.
Financial information relating to our operations was as follows:

| Three Months Ended February 28, 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) | 30,359 |  |  | — |  |  | 9,430 |  |  | (8,121) |  |  | — |  |  | 31,668 |  |  |  |  |
Lennar Other realized and unrealized 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 |  |  |  |  |

29

| Three Months Ended February 29, 2024 |  |
(In thousands) | Homebuilding |  | Financial Services |  | Multifamily |  | Lennar Other |  | Corporate |  | Total |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales of homes | $ | 6,901,781 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,901,781 |  |  |  |  |
Sales of land | 20,752 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,752 |  |  |  |  |
Other revenues | 8,458 |  |  | 249,720 |  |  | 129,677 |  |  | 2,542 |  |  | — |  |  | 390,397 |  |  |  |  |
Total revenues | 6,930,991 |  |  | 249,720 |  |  | 129,677 |  |  | 2,542 |  |  | — |  |  | 7,312,930 |  |  |  |  |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Costs of homes sold | 5,395,532 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,395,532 |  |  |  |  |
Costs of land sold | 14,017 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,017 |  |  |  |  |
Selling, general and administrative expenses | 567,987 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 567,987 |  |  |  |  |
Other costs and expenses | — |  |  | 118,424 |  |  | 132,667 |  |  | 9,088 |  |  | — |  |  | 260,179 |  |  |  |  |
Total costs and expenses | 5,977,536 |  |  | 118,424 |  |  | 132,667 |  |  | 9,088 |  |  | — |  |  | 6,237,715 |  |  |  |  |
Equity in losses from unconsolidated entities | 13,302 |  |  | — |  |  | (12,606) |  |  | (31,241) |  |  | — |  |  | (30,545) |  |  |  |  |
Other income (expense), net and other gains (losses) | 62,039 |  |  | — |  |  | (43) |  |  | 3,376 |  |  | — |  |  | 65,372 |  |  |  |  |
Lennar Other unrealized losses from technology investments | — |  |  | — |  |  | — |  |  | (5,137) |  |  | — |  |  | (5,137) |  |  |  |  |
Operating earnings (loss) | $ | 1,028,796 |  |  | 131,296 |  |  | (15,639) |  |  | (39,548) |  |  | — |  |  | 1,104,905 |  |  |  |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | — |  |  | 157,321 |  |  | 157,321 |  |  |  |  |
Charitable foundation contribution | — |  |  | — |  |  | — |  |  | — |  |  | 16,798 |  |  | 16,798 |  |  |  |  |
Earnings (loss) before income taxes | $ | 1,028,796 |  |  | 131,296 |  |  | (15,639) |  |  | (39,548) |  |  | (174,119) |  |  | 930,786 |  |  |  |  |

Three Months Ended February 28, 2025 versus Three Months Ended February 29, 2024
On February 10, 2025, we completed our acquisition of Rausch Coleman Homes. The results of operations include activity related to Rausch Coleman Homes from February 10, 2025 to February 28, 2025. Prior year information includes only stand-alone data for Lennar Corporation for the three months ended February 29, 2024.
Revenues from home sales increased 5% in the first quarter of 2025 to $7.2 billion from $6.9 billion in the first quarter of 2024. Revenues were higher primarily due to a 6% increase in the number of home deliveries, partially offset by a 1% decrease in the average sales price of homes delivered. New home deliveries increased to 17,834 homes in the first quarter of 2025 from 16,798 homes in the first quarter of 2024. The average sales price of homes delivered was $408,000 in the first quarter of 2025, compared to $413,000 in the first quarter of 2024. The decrease in average sales price of homes delivered in the first 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 18.7% (18.8% excluding purchase accounting of $7.8 million), in the first quarter of 2025, compared to $1.5 billion, or 21.8%, in the first quarter of 2024. During the first quarter of 2025, gross margins decreased due to an increase in land costs year over year, as well as a decrease in revenue per square foot, which was partially offset by a decrease in construction costs as we continue to focus on construction cost savings.
Selling, general and administrative expenses were $615.7 million in the first quarter of 2025, compared to $568.0 million in the first quarter of 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 8.5% in the first quarter of 2025, from 8.2% in the first quarter of 2024, primarily due to an increase in marketing and selling expenses.
During the three months ended February 28, 2025, our homebuilding operating earnings included $23.2 million of interest income, compared to $57.6 million of interest income in the three months ended February 29, 2024.
Operating earnings for the Financial Services segment were $142.9 million in the first quarter of 2025, compared to $130.6 million in the first quarter of 2024. The increase in operating earnings was primarily due to higher volume from increased Lennar deliveries.
The Multifamily operations were breakeven in the first quarter of 2025, compared to an operating loss of $15.5 million in the first quarter of 2024. Operating loss for the Lennar Other segment was $89.3 million in the first quarter of 2025, compared to an operating loss of $39.5 million in the first quarter of 2024. The Lennar Other operating loss for the first quarter of 2025 was primarily due to losses on our technology investments.
In the first quarter of 2025 and 2024, we had tax provisions of $169.5 million and $210.9 million, which resulted in an overall effective income tax rate of 24.6% and 22.7%, 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 from the prior year for the first quarter of 2025 was primarily due to a decrease in excess tax benefits from share-based compensation and a decrease in solar tax credits.
30

Homebuilding Segments
At February 28, 2025, our reportable Homebuilding segments and Homebuilding Other are outlined in Note 3 of the Notes to Condensed Consolidated Financial Statements. The following tables set forth selected financial and operational information related to our homebuilding operations for the periods indicated:
Selected Financial and Operational Data

| Three Months Ended February 28, 2025 |  |
| Gross Margins |  | Operating Earnings (Loss) |  |  |  |
($ in thousands) | Sales of Homes Revenue |  | Costs of Sales of Homes |  | Gross Margin % |  | Net Margins (Loss) on Sales of Homes (1) |  | Gross Margins (Loss) on Sales of Land |  | Other Revenues |  | Equity in Earnings (Losses) from Unconsolidated Entities |  | Other Income, net |  | Operating Earnings |  |  |  |
East | $ | 1,627,897 |  |  | 1,278,646 |  |  | 21.5 | % |  | 188,049 |  |  | 72 |  |  | 2,735 |  |  | 6,638 |  |  | 25,128 |  |  | 222,622 |  |  |  |  |
Central | 1,557,554 |  |  | 1,269,983 |  |  | 18.5 | % |  | 134,263 |  |  | (1,901) |  |  | 854 |  |  | (3) |  |  | 2,239 |  |  | 135,452 |  |  |  |  |
South Central | 1,160,523 |  |  | 946,529 |  |  | 18.4 | % |  | 119,172 |  |  | 2,664 |  |  | 701 |  |  | (2) |  |  | (452) |  |  | 122,083 |  |  |  |  |
West | 2,888,685 |  |  | 2,386,679 |  |  | 17.4 | % |  | 299,625 |  |  | (1,586) |  |  | 1,248 |  |  | (28) |  |  | (478) |  |  | 298,781 |  |  |  |  |
Other (2) | 5,887 |  |  | 6,307 |  |  | (7.1) | % |  | (4,446) |  |  | — |  |  | 2,460 |  |  | 28,399 |  |  | 3,922 |  |  | 30,335 |  |  |  |  |
Totals | $ | 7,240,546 |  |  | 5,888,144 |  |  | 18.7 | % |  | 736,663 |  |  | (751) |  |  | 7,998 |  |  | 35,004 |  |  | 30,359 |  |  | 809,273 |  |  |  |  |

| Three Months Ended February 29, 2024 |  |
| Gross Margins |  | Operating Earnings (Loss) |  |  |  |
($ in thousands) | Sales of Homes Revenue |  | Costs of Sales of Homes |  | Gross Margin % |  | Net Margins (Loss) on Sales of Homes (1) |  | Gross Margins (Loss) on Sales of Land |  | Other Revenues |  | Equity in Earnings from Unconsolidated Entities |  | Other Income (Expense), net |  | Operating Earnings |  |  |  |
East | $ | 1,862,885 |  |  | 1,342,969 |  |  | 27.9 | % |  | 346,339 |  |  | 5,263 |  |  | 2,311 |  |  | 7,097 |  |  | 15,899 |  |  | 376,909 |  |  |  |  |
Central | 1,440,429 |  |  | 1,155,758 |  |  | 19.8 | % |  | 150,334 |  |  | (421) |  |  | 886 |  |  | 16 |  |  | 10,808 |  |  | 161,623 |  |  |  |  |
South Central | 1,070,159 |  |  | 831,873 |  |  | 22.3 | % |  | 161,594 |  |  | 1,042 |  |  | 612 |  |  | — |  |  | 5,335 |  |  | 168,583 |  |  |  |  |
West | 2,521,491 |  |  | 2,055,622 |  |  | 18.5 | % |  | 287,062 |  |  | 851 |  |  | 1,644 |  |  | 2,477 |  |  | 16,753 |  |  | 308,787 |  |  |  |  |
Other (2) | 6,817 |  |  | 9,310 |  |  | (36.6) | % |  | (7,067) |  |  | — |  |  | 3,005 |  |  | 3,712 |  |  | 13,244 |  |  | 12,894 |  |  |  |  |
Totals | $ | 6,901,781 |  |  | 5,395,532 |  |  | 21.8 | % |  | 938,262 |  |  | 6,735 |  |  | 8,458 |  |  | 13,302 |  |  | 62,039 |  |  | 1,028,796 |  |  |  |  |

(1)Net margins on sales of homes include selling, general and administrative expenses.
(2)Negative gross and net margins were due to period costs and/or impairments in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.
Summary of Homebuilding Data
Deliveries:

| First Quarter
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| Homes |  | Dollar Value (In thousands) |  | Average Sales Price
East | 4,311 |  |  | 4,583 |  |  | $ | 1,668,880 |  |  | 1,905,846 |  |  | $ | 387,000 |  |  | 416,000 |
Central | 4,029 |  |  | 3,701 |  |  | 1,557,555 |  |  | 1,440,429 |  |  | 387,000 |  |  | 389,000 |
South Central | 4,730 |  |  | 4,263 |  |  | 1,160,523 |  |  | 1,070,159 |  |  | 245,000 |  |  | 251,000 |
West | 4,756 |  |  | 4,238 |  |  | 2,888,685 |  |  | 2,521,491 |  |  | 607,000 |  |  | 595,000 |
Other | 8 |  |  | 13 |  |  | 5,886 |  |  | 6,817 |  |  | 736,000 |  |  | 524,000 |
Total | 17,834 |  |  | 16,798 |  |  | $ | 7,281,529 |  |  | 6,944,742 |  |  | $ | 408,000 |  |  | 413,000 |

Of the total homes delivered listed above, 80 homes with a dollar value of $41.0 million and an average sales price of $512,000 represent home deliveries from unconsolidated entities for the three months ended February 28, 2025, compared to 77 home deliveries with a dollar value of $43.0 million and an average sales price of $558,000 for the three months ended February 29, 2024.
31

Sales Incentives (1):

| First Quarter |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
|  | Average Sales Incentives Per Home Delivered |  | Sales Incentives as a % of Revenue |  |  |  |
East |  | $ | 67,400 |  |  | 46,500 |  |  | 14.9 | % |  | 10.1 | % |  |  |  |  |  |  |  |
Central |  | 50,600 |  |  | 46,500 |  |  | 11.6 | % |  | 10.7 | % |  |  |  |  |  |  |  |
South Central |  | 58,400 |  |  | 54,900 |  |  | 19.2 | % |  | 18.0 | % |  |  |  |  |  |  |  |
West |  | 65,300 |  |  | 54,200 |  |  | 9.7 | % |  | 8.4 | % |  |  |  |  |  |  |  |
Other |  | 97,300 |  |  | 89,300 |  |  | 11.7 | % |  | 14.6 | % |  |  |  |  |  |  |  |
Total |  | $ | 60,600 |  |  | 50,600 |  |  | 12.9 | % |  | 10.9 | % |  |  |  |  |  |  |  |

(1) Sales incentives relate to home deliveries during the period, excluding deliveries by unconsolidated entities.
New Orders (2):

| First Quarter
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| Active Communities |  | Homes |  | Dollar Value (In thousands) |  | Average Sales Price
East | 330 |  |  | 284 |  |  | 3,974 |  |  | 4,383 |  |  | $ | 1,526,559 |  |  | 1,851,718 |  |  | $ | 384,000 |  |  | 422,000 |
Central | 447 |  |  | 340 |  |  | 4,639 |  |  | 4,417 |  |  | 1,835,498 |  |  | 1,764,896 |  |  | 396,000 |  |  | 400,000 |
South Central | 387 |  |  | 233 |  |  | 4,921 |  |  | 4,431 |  |  | 1,172,861 |  |  | 1,119,999 |  |  | 238,000 |  |  | 253,000 |
West | 418 |  |  | 368 |  |  | 4,811 |  |  | 4,927 |  |  | 2,888,650 |  |  | 2,996,239 |  |  | 600,000 |  |  | 608,000 |
Other | 2 |  |  | 2 |  |  | 10 |  |  | 18 |  |  | 7,164 |  |  | 9,530 |  |  | 716,000 |  |  | 529,000 |
Total | 1,584 |  |  | 1,227 |  |  | 18,355 |  |  | 18,176 |  |  | $ | 7,430,732 |  |  | 7,742,382 |  |  | $ | 405,000 |  |  | 426,000 |

Of the total homes listed above, 101 homes with a dollar value of $59.9 million and an average sales price of $593,000 represent homes in 11 active communities from unconsolidated entities for the three months ended February 28, 2025, compared to 46 homes with a dollar value of $25.2 million and an average sales price of $548,000 in six active communities for the three months ended February 29, 2024.
(2)Homes represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three months ended February 28, 2025 and February 29, 2024.
We experienced cancellation rates in our Homebuilding segments and Homebuilding Other as follows:

| First Quarter |  |
| 2025 |  | 2024 |  |  |  |
East | 16 | % |  | 16 | % |  |  |  |
Central | 11 | % |  | 11 | % |  |  |  |
South Central | 16 | % |  | 17 | % |  |  |  |
West | 11 | % |  | 11 | % |  |  |  |
Other | 23 | % |  | 5 | % |  |  |  |
Total | 14 | % |  | 14 | % |  |  |  |

Backlog:

| First Quarter
| 2025 (1) |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| Homes |  | Dollar Value (In thousands) |  | Average Sales Price
East | 2,999 |  |  | 6,310 |  |  | $ | 1,333,063 |  |  | 2,632,787 |  |  | $ | 445,000 |  |  | 417,000 |
Central | 4,045 |  |  | 3,949 |  |  | 1,684,706 |  |  | 1,722,219 |  |  | 416,000 |  |  | 436,000 |
South Central | 3,027 |  |  | 2,063 |  |  | 725,427 |  |  | 525,781 |  |  | 240,000 |  |  | 255,000 |
West | 3,071 |  |  | 3,940 |  |  | 2,021,262 |  |  | 2,547,090 |  |  | 658,000 |  |  | 646,000 |
Other | 3 |  |  | 8 |  |  | 1,626 |  |  | 4,241 |  |  | 542,000 |  |  | 530,000 |
Total | 13,145 |  |  | 16,270 |  |  | $ | 5,766,084 |  |  | 7,432,118 |  |  | $ | 439,000 |  |  | 457,000 |

Of the total homes in backlog listed above, 100 homes with a backlog dollar value of $82.7 million and an average sales price of $827,000 represent the backlog from unconsolidated entities at February 28, 2025, compared to 116 homes with a backlog dollar value of $57.5 million and an average sales price of $495,000 at February 29, 2024.
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(1) As of February 28, 2025, backlog includes 980 homes acquired in connection with the Rausch Coleman Homes acquisition. Of the homes in backlog, 214 and 766 homes were in the Central and South Central homebuilding segments, respectively. As of February 28, 2025, backlog also includes 11 homes acquired from a small builder in the West homebuilding segment.
Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally accompanied by sales deposits. In some instances, purchasers are permitted to cancel sales contracts if they fail to qualify for financing or under certain other circumstances. Various state and federal laws and regulations may sometimes give purchasers a right to cancel contracts homes in backlog. We do not recognize revenue on homes under sales contracts until the sales are closed and title passes to the new homeowners.
Three Months Ended February 28, 2025 versus Three Months Ended February 29, 2024
Homebuilding East: Revenues from home sales decreased in the first quarter of 2025 compared to the first quarter of 2024, primarily due to a decrease in both the average sales price of homes delivered and the number of home deliveries in all the states in the segment except in New Jersey, which was partially offset by an increase in the average sales price of homes delivered and the number of home deliveries in New Jersey. The decrease in the average sales price of homes delivered in Florida and Pennsylvania was primarily due to pricing to market through an increased use of incentives and product mix. The increase in the average sales price of homes delivered in New Jersey was primarily due to product mix. The decrease in the number of home deliveries in Florida and Pennsylvania was primarily due to a decrease in the number of deliveries per active community due to the timing of opening and closing of communities. The increase in the number of home deliveries in New Jersey was primarily due to an increase in the number of active communities. In the first quarter of 2025, a decrease in revenues per square foot was partially offset by a decrease in costs per square foot. In addition, land costs increased year over year. Overall, gross margin percentage of home deliveries decreased year over year.
Homebuilding Central: Revenues from home sales increased in the first quarter of 2025 compared to the first quarter of 2024, primarily due to an increase in the number of home deliveries in all the states in the segment except in Maryland, Minnesota and South Carolina, which was partially offset by a decrease in the average sales price of homes delivered in Alabama, Georgia, North Carolina, South Carolina and Virginia. The increase in the number of home deliveries in Alabama, Georgia, Illinois, Indiana, North Carolina, Tennessee and Virginia was primarily due to an increase in the number of active communities including communities acquired from Rausch. The decrease in the number of home deliveries in Maryland, Minnesota and South Carolina was primarily due to a decrease in the number of deliveries per active community due to the timing of opening and closing of communities. The decrease in the average sales price of homes delivered in Alabama, Georgia, North Carolina, South Carolina and Virginia was primarily due to pricing to market through an increased use of incentives and product mix. The increase in the average sales price of homes delivered in Illinois, Indiana, Maryland, Minnesota and Tennessee was primarily due to product mix. In the first quarter of 2025, an increase in revenues per square foot and a decrease in costs per square foot was more than offset by an increase in land costs per square foot. Overall, the gross margin percentage of home deliveries decreased year over year.
Homebuilding South Central: Revenues from home sales increased in the first quarter of 2025 compared to the first quarter of 2024, primarily due to an increase in the number of home deliveries in all states in the segment, which was partially offset by a decrease in the average sales price of homes delivered. The increase in the number of home deliveries was primarily due to an increase in the number of active communities including communities acquired from Rausch. The decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the first quarter of 2025, a decrease in revenues per square foot was partially offset by a decrease in costs per square foot. In addition, land costs increased year over year. Overall, the gross margin percentage of home deliveries decreased year over year.
Homebuilding West: Revenues from home sales increased in the first quarter of 2025 compared to the first quarter of 2024, primarily due to an increase in the number of home deliveries in all the states in the segment except in Colorado, Nevada and Oregon, which was partially offset by a decrease in the average sales price of homes delivered in all the states in the segment except in California and Idaho. The increase in the number of home deliveries in Arizona, California, Idaho, Utah and Washington was primarily due to an increase in the number of active communities and deliveries per active community. The decrease in the number of home deliveries in Colorado, Nevada and Oregon was primarily due to a decrease in the number of deliveries per active community due to the timing of opening and closing of communities. The decrease in the average sales price of homes delivered in Arizona, Colorado, Nevada, Oregon, Utah and Washington was primarily due to pricing to market through an increased use of incentives. The increase in the average sales price of homes delivered in California and Idaho was primarily due to product mix. In the first quarter of 2025, an increase in revenues per square foot and a decrease in costs per square foot were more than offset by an increase in land costs per square foot. Overall, the gross margin percentage of home deliveries decreased year over year.
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Financial Services Segment
Our Financial Services reportable segment provides mortgage financing, title and closing services primarily for buyers of our homes. The segment also originates and sells into securitizations commercial mortgage loans through its LMF Commercial business. Our Financial Services segment sells substantially all of the residential loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, we retain potential liability for possible claims by purchasers that we breached certain limited industry-standard representations and warranties in the loan sale agreements.
The following table sets forth selected financial and operational information related to the residential mortgage and title activities of our Financial Services segment:

| Three Months Ended |  |
(Dollars in thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Dollar value of mortgages originated | $ | 4,443,000 |  |  | 4,111,000 |  |  |  |  |
Number of mortgages originated | 12,200 |  |  | 11,500 |  |  |  |  |
Mortgage capture rate of Lennar homebuyers | 85% |  | 85% |  |  |  |
Number of title and closing service transactions | 18,200 |  |  | 17,800 |  |  |  |  |

At February 28, 2025 and November 30, 2024, the carrying value of Financial Services' commercial mortgage-backed securities was $134.4 million and $135.6 million, respectively. Details of these securities and related debt are disclosed in Note 3 of the Notes to Condensed Consolidated Financial Statements.
Multifamily Segment
We have been actively involved, primarily through unconsolidated funds and joint ventures, in the development, construction and property management of multifamily rental properties. Our Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.
The following table provides information related to our investment in the Multifamily segment:

Balance Sheets |  |  |
(In thousands) | February 28, 2025 |  | November 30, 2024
Multifamily investments in unconsolidated entities | $ | 472,668 |  |  | 503,303 |
Lennar's net investment in Multifamily | 1,125,271 |  |  | 1,116,295 |

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. As of February 28, 2025, two additional LMV I rental operation projects were sold to various third-party buyers.
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Lennar Other Segment
Our Lennar Other segment includes fund investments we retained subsequent to our sale of the Rialto investment and asset management platform, as well as strategic investments in technology companies that are looking to improve the homebuilding and financial services industries to better serve homebuyers and homeowners and increase efficiencies. At February 28, 2025 and November 30, 2024, we had $824.2 million and $894.9 million, respectively, of assets in our Lennar Other segment, which included investments in unconsolidated entities of $375.4 million and $379.4 million, respectively. The investments in equity securities of Blend Labs, Inc. (“Blend Labs”), Hippo Holdings, Inc. (“Hippo”), Opendoor Technologies, Inc. (“Opendoor”), SmartRent, Inc. (“SmartRent”), Sonder Holdings, Inc. (“Sonder”), and Sunnova Energy International, Inc. (“Sunnova”) are carried at market and will therefore change depending on the market value of our shareholdings in those entities on the last day of each quarter. All of the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. Details of these investments are included within Note 3 of the Notes to Condensed Consolidated Financial Statements. The following is a detail of Lennar Other realized and unrealized gains (losses) from sales of shares and mark-to-market adjustments on our publicly traded technology investments:

| Three Months Ended |  |
(In thousands) | February 28, 2025 |  | February 29, 2024 |  |  |  |
Blend Labs (BLND) | $ | (3,737) |  |  | 2,936 |  |  |  |  |
Hippo (HIPO) | (12,890) |  |  | 16,449 |  |  |  |  |
Opendoor (OPEN) | (18,786) |  |  | 1,315 |  |  |  |  |
SmartRent (SMRT) | (4,483) |  |  | (1,963) |  |  |  |  |
Sonder (SOND) | (19) |  |  | 51 |  |  |  |  |
Sunnova (NOVA) | (22,588) |  |  | (23,925) |  |  |  |  |
Lennar Other realized and unrealized losses from technology investments (1) | $ | (62,503) |  |  | (5,137) |  |  |  |  |

(1)During the three months ended February 28, 2025, we realized a loss of $28.4 million on the sale of our shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of February 28, 2025, have a small remaining interest in Sunnova.
(2) Financial Condition and Capital Resources
At February 28, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $2.6 billion, compared to $5.0 billion at November 30, 2024 and $5.3 billion at February 29, 2024.
We finance all of our activities, including homebuilding, financial services, multifamily, other and general operating needs, primarily with cash generated from our operations, debt issuances and cash borrowed under our warehouse lines of credit and our unsecured revolving credit facility (the “Credit Facility”). At February 28, 2025, we had $2.3 billion of homebuilding cash and cash equivalents and no outstanding borrowings under our $3.0 billion revolving credit facility, thereby providing approximately $5.3 billion of available capacity.
Operating Cash Flow Activities
During the three months ended February 28, 2025 and February 29, 2024, cash (used in) provided by operating activities totaled ($289) million and $368 million, respectively. During the three months ended February 28, 2025, cash used in operating activities was impacted by an increase in inventories due to strategic land purchases, land development and construction costs of $513 million, an increase in deposits and pre-acquisition costs on real estate of $758 million as we increased the percentage of controlled homesites primarily as a result of option contracts with Millrose Properties, Inc. ("Millrose"), and a decrease in accounts payable and other liabilities of $215 million. This was offset by our net earnings and a decrease in loans held-for-sale of $445 million primarily related to the sale of loans originated by our Financial Services segment.
During the three months ended February 29, 2024, cash provided by operating activities was impacted primarily by our net earnings, a decrease in loans held-for-sale of $54 million primarily related to the sale of loans originated by our Financial Services segment and a decrease in receivables of $379 million primarily related to a decrease in Financial Services receivables, net, which are loans sold to investors for which we have not yet been paid. This was partially offset by an increase in inventories due to strategic land purchases, land development and construction costs of $285 million, an increase in deposits and pre-acquisition costs on real estate of $411 million as we increased the percentage of controlled homesites, and a decrease in accounts payable and other liabilities of $326 million.
Investing Cash Flow Activities
During the three months ended February 28, 2025 and February 29, 2024, cash provided by (used in) investing activities totaled $21 million and ($148) million, respectively. During the three months ended February 28, 2025, our cash provided by investing activities was primarily due to $233 million received from the sale of an investment in a joint venture, $72 million
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proceeds from the sale of investments and distributions of capital from unconsolidated entities of $35 million, which primarily included (1) $15 million from Homebuilding unconsolidated entities, (2) $17 million from Multifamily entities and (3) $4 million from our Lennar Other unconsolidated entities. This was partially offset by the $231 million acquisition of Rausch Coleman Homes ("Rausch"), net of cash acquired. In addition, we had cash contributions of $79 million to unconsolidated entities, which included (1) $67 million to Homebuilding unconsolidated entities, (2) $4 million to Lennar other unconsolidated entities and (3) $8 million to Multifamily unconsolidated entities and $56 million of net additions of operating properties and equipment.
During the three months ended February 29, 2024, our cash used in investing activities was primarily due to cash contributions of $118 million to unconsolidated entities, which included (1) $56 million to Homebuilding unconsolidated entities, (2) $54 million to Lennar Other unconsolidated entities, and (3) $7 million to Multifamily unconsolidated entities. This was partially offset by distributions of capital from unconsolidated entities of $35 million, which primarily included (1) $23 million from Homebuilding unconsolidated entities, (2) $8 million from our Lennar Other unconsolidated entities, and (3) $4 million from Multifamily entities.
Financing Cash Flow Activities
During the three months ended February 28, 2025 and February 29, 2024, cash used in financing activities totaled $2.1 billion and $1.5 billion, respectively. During the three months ended February 28, 2025, cash used in financing activities was primarily due to (1) $534 million of net repayments under our Financial Services' warehouse facilities; (2) $416 million net cash in connection with Millrose spin-off; (3) $256 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks; (4) $775 million of repurchases of our common stock, which included $710 million of repurchases under our repurchase program and $65 million of repurchases related to our equity compensation plan; and (5) $132 million of dividend payments.
During the three months ended February 29, 2024, cash used in financing activities was primarily due to (1) $600 million of net repayments under our Financial Services' warehouse facilities; (2) $595 million of repurchases of our common stock, which included $512 million of repurchases under our repurchase program and $84 million of repurchases related to our equity compensation plan; (3) $139 million of dividend payments; and (4) $185 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks.
Debt to total capital ratios are financial measures commonly used in the homebuilding industry and are presented to assist in understanding the leverage of our homebuilding operations. Homebuilding debt to total capital and net Homebuilding debt to total capital are calculated as follows:

(Dollars in thousands) | February 28, 2025 |  | November 30, 2024 |  | February 29, 2024
Homebuilding debt | $ | 2,211,272 |  |  | 2,258,283 |  |  | 2,830,332 |
Stockholders’ equity | 22,728,038 |  |  | 27,870,135 |  |  | 26,647,835 |
Total capital | $ | 24,939,310 |  |  | 30,128,418 |  |  | 29,478,167 |
Homebuilding debt to total capital | 8.9 | % |  | 7.5 | % |  | 9.6 | %
Homebuilding debt | $ | 2,211,272 |  |  | 2,258,283 |  |  | 2,830,332 |
Less: Homebuilding cash and cash equivalents | 2,283,928 |  |  | 4,662,643 |  |  | 4,950,128 |
Net Homebuilding debt | $ | (72,656) |  |  | (2,404,360) |  |  | (2,119,796) |
Net Homebuilding debt to total capital (1) | (0.3) | % |  | (9.4) | % |  | (8.6) | %

(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). We believe the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results.
At February 28, 2025, Homebuilding debt to total capital was higher compared to November 30, 2024, primarily as a result of a decrease in stockholders' equity due to the spin-off of Millrose and share repurchases, partially offset by net earnings and a decrease in Homebuilding debt due to debt paydowns. At February 28, 2025, Homebuilding debt to total capital was lower compared to February 29, 2024, primarily as a result of a decrease in stockholders' equity due to the spin-off of Millrose and share repurchases, partially offset by net earnings and a decrease in Homebuilding debt due to debt paydowns.
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We are continually exploring various types of transactions to manage our leverage and liquidity positions, take advantage of market opportunities and increase our revenues and earnings. These transactions may include the issuance of additional indebtedness, the repurchase of our outstanding indebtedness, the repurchase of our common stock, the acquisition of homebuilders and other companies, the purchase or sale of assets or lines of business, the issuance of common stock, strategic transactions to accelerate our land light strategy or securities convertible into shares of common stock, and/or the pursuit of other financing alternatives. In connection with some of our non-homebuilding businesses, we are also considering other types of transactions such as sales, restructurings, joint ventures as we continue to move towards being a pure play homebuilding company.
On February 7, 2025, we successfully completed the taxable spin-off of Millrose from Lennar through a distribution of approximately 80% of Millrose's stock to our stockholders. We will temporarily retain, but will not vote, the remaining 20% of the total outstanding shares of Millrose common stock, which we expect to dispose of through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year. In connection with the spin-off, we contributed to Millrose $5.6 billion in land assets and cash of $1.0 billion, which included $584 million of cash deposits related to option contracts. The spin-off transaction accelerates our longstanding strategy of becoming a pure-play, asset-light, new home manufacturing company.
On February 10, 2025, we acquired Rausch, a residential homebuilder based in Fayetteville, Arkansas. We acquired Rausch’s homebuilding operations while Millrose acquired Rausch's land assets and we have options on the land. With this acquisition, we have expanded our 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).
Our Homebuilding senior notes and other debt payable as well as letters of credit and surety bonds are summarized within Note 8 of the Notes to Condensed Consolidated Financial Statements. Our Homebuilding average debt outstanding and the average rates of interest was as follows:

| Three Months Ended
(Dollars in thousands) | February 28, 2025 |  | February 29, 2024
Homebuilding average debt outstanding | $ | 2,236,667 |  |  | $ | 2,839,363 |
Average interest rate | 4.8% |  | 4.8%
Interest incurred | $ | 31,489 |  |  | 36,511 |

The maximum available borrowings on our Credit Facility were as follows:

(In thousands) |  | February 28, 2025
Commitments - maturing in May 2027 |  | $ | 225,000 |
Commitments - maturing in November 2029 |  | 2,800,000 |
Total commitments |  | $ | 3,025,000 |
Accordion feature |  | 475,000 |
Total maximum borrowings capacity |  | $ | 3,500,000 |

The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. During the three months ended February 28, 2025, we received an additional $150 million in commitments. The Credit Facility 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 our Financial Condition and Capital Resources section in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. In addition to the Credit Facility, we have other letter of credit facilities with different financial institutions.
Under the agreement governing our Credit Facility, we are required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility agreement, which involves adjustments to GAAP financial measures. We believe we were in compliance with our debt covenants as of February 28, 2025. The following summarizes our debt covenant requirements and our actual levels or ratios with respect to those covenants as calculated per the Credit Facility agreement as of February 28, 2025:

(Dollars in thousands) | Covenant Level |  | Level Achieved as of February 28, 2025
Minimum net worth test | $ | 10,000,000 |  |  | 16,321,992 |
Maximum leverage ratio | 60.0% |  | 4.6%
Liquidity test | 1.00 |  |  | (226.00) |

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Financial Services Warehouse Facilities
Our 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 us and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial warehouse facilities finance LMF Commercial loan origination and securitization activities and are secured by up to 80% interests in the originated commercial loans financed. These facilities and the related borrowings and collateral are detailed in Note 3 of the Notes to Condensed Consolidated Financial Statements.
Changes in Capital Structure
In January 2024, our Board of Directors authorized an increase to our stock repurchase program to enable us to repurchase up to an additional $5 billion in value of our outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date. At February 28 2025, we have a remaining authorization to repurchase $2.7 billion in value of our Class A or B common stock. The details of our Class A and Class B common stock repurchases under the authorized repurchase program for the three months ended February 28, 2025 and February 29, 2024 are included in Note 5 of the Notes to Condensed Consolidated Financial Statements.
During the three months ended February 28, 2025, treasury shares increased by 5.8 million shares primarily due to our repurchase of 5.2 million shares of Class A and Class B common stock through our stock repurchase program. During the three months ended February 29, 2024, treasury shares increased by 3.6 million shares primarily due to our repurchase of 3.4 million shares of Class A and Class B common stock through our stock repurchase program.
On February 7, 2025, we distributed a stock dividend consisting of 120,980,401 shares of Millrose Class A common stock outstanding and 11,819,811 shares of Millrose Class B common stock outstanding (representing approximately 80% of the total outstanding shares of Millrose common stock) to each holder of Lennar Class A or Class B common stock as of the close of business on January 21, 2025, the record date of the Millrose spin-off.
On February 12, 2025, we paid a quarterly cash dividend of 0.50 per share for both our Class A and Class B common stock to holders of record at the close of business day January 29, 2025. We 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.
Based on our current financial condition and credit relationships, we believe that our operations and borrowing resources will provide for our current and long-term capital requirements at our anticipated levels of activity.
Supplemental Financial Information
Currently, certain of our 100% owned subsidiaries, which are primarily homebuilding subsidiaries, are guaranteeing all our senior notes. The guarantees are full and unconditional.
The indentures governing our senior notes require that, if any of our 100% owned subsidiaries, other than our finance company subsidiaries and foreign subsidiaries, directly or indirectly guarantee at least $75 million principal amount of debt of Lennar Corporation (other than senior notes), those subsidiaries must also guarantee Lennar Corporation’s obligations with regard to its senior notes. Included in the following tables as part of “Obligors” together with Lennar Corporation are subsidiary entities that are not finance company subsidiaries or foreign subsidiaries and were guaranteeing the senior notes because at February 28, 2025 they were guaranteeing Lennar Corporation's letter of credit facilities and its Credit Facility, disclosed in Note 8 of the Notes to Condensed Consolidated Financial Statements. The guarantees are full, unconditional and joint and several and the guarantor subsidiaries are 100% directly or indirectly owned by Lennar Corporation. A subsidiary's guarantee of Lennar senior notes will be suspended at any time when it is not directly or indirectly guaranteeing at least $75 million principal amount of debt of Lennar Corporation (other than senior notes), and a subsidiary will be released from its guarantee and any other obligations it may have regarding the senior notes if all or substantially all its assets, or all of its capital stock, are sold or otherwise disposed.
Supplemental information for the Obligors, which excludes non-guarantor subsidiaries and intercompany transactions, at February 28, 2025 is included in the following tables. Intercompany balances and transactions within the Obligors have been eliminated and amounts attributable to the Obligors' investment in consolidated subsidiaries that have not issued or guaranteed the senior notes have been excluded. Amounts due from and transactions with nonobligor subsidiaries and related parties are separately disclosed:

(In thousands) | February 28, 2025 |  | November 30, 2024 |  |  |  |  |  |
Due from non-guarantor subsidiaries | $ | 13,932,597 |  |  | 18,396,060 |  |  |  |  |  |  |
Equity method investments | 2,356,934 |  |  | 1,078,635 |  |  |  |  |  |  |
Total assets | 40,401,865 |  |  | 50,251,091 |  |  |  |  |  |  |
Total liabilities | 9,407,173 |  |  | 10,067,424 |  |  |  |  |  |  |

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| Three Months Ended
(In thousands) | February 28, 2025
Total revenues | $ | 7,005,631 |
Operating earnings | 794,557 |
Earnings before income taxes | 632,631 |
Net earnings attributable to Lennar | 477,240 |

Off-Balance Sheet Arrangements
We regularly monitor the results of our Homebuilding, Multifamily and Lennar Other unconsolidated joint ventures and any trends that may affect their future liquidity or results of operations. We also monitor the performance of joint ventures in which we have investments on a regular basis to assess compliance with debt covenants. For those joint ventures not in compliance with the debt covenants, we evaluate and assess possible impairment of our investments. We believe that substantially all of the joint ventures were in compliance with applicable debt covenants at February 28, 2025.
Homebuilding: Investments in Unconsolidated Entities
As of February 28, 2025, we had equity investments in 53 active Homebuilding and land unconsolidated entities (of which 5 had recourse debt, 14 had non-recourse debt and 34 had no debt) and 51 active Homebuilding and land unconsolidated entities at November 30, 2024. Historically, we have invested in unconsolidated entities that acquired and developed land (1) for our homebuilding operations or for sale to third parties or (2) for the construction of homes for sale to third-party homebuyers. Through these entities, we have primarily sought to reduce and share our risk by limiting the amount of our capital invested in land, while obtaining access to potential future homesites and allowing us to participate in strategic ventures. The use of these entities also, in some instances, has enabled us to acquire land to which we could not otherwise obtain access, or could not obtain access on as favorable terms, without the participation of a strategic partner. Participants in these joint ventures have been land owners/developers, other homebuilders and financial or strategic partners. Joint ventures with land owners/developers have given us access to homesites owned or controlled by our partners. Joint ventures with other homebuilders have provided us with the ability to bid jointly with our partners for large land parcels. Joint ventures with financial partners have allowed us to combine our homebuilding expertise with access to our partners’ capital. Joint ventures with strategic partners have allowed us to combine our homebuilding expertise with the specific expertise (e.g. commercial or infill experience) of our partners. Each joint venture is governed by an executive committee consisting of members from each partner. Details regarding these investments, balances and debt are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.
The following table summarizes the principal maturities of our Homebuilding unconsolidated entities (“JVs”) debt as per current debt arrangements as of February 28, 2025. It does not represent estimates of future cash payments that will be made to reduce debt balances. Many JV loans have extension options in the loan agreements that would allow the loans to be extended into future years.

|  |  | Principal Maturities of Unconsolidated JVs by Period
(In thousands) |  |  | Total JV Debt |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Other
Bank debt without recourse to Lennar |  |  | $ | 1,346,172 |  |  | 244,224 |  |  | 163,692 |  |  | 335,654 |  |  | 602,602 |  |  | — |
Land seller and other debt without recourse to Lennar |  |  | 59 |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |
Maximum recourse debt exposure to Lennar |  |  | 44,241 |  |  | — |  |  | 12,331 |  |  | — |  |  | 31,910 |  |  | — |
Debt issuance costs |  |  | (2,430) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,430) |
Total |  |  | $ | 1,388,042 |  |  | 244,224 |  |  | 176,023 |  |  | 335,654 |  |  | 634,571 |  |  | (2,430) |

We own an approximately 40% interest in FivePoint Holdings, LLC., a NYSE listed company, and companies it manages, which own three large multi-use properties in California.
We temporarily hold an approximately 20% investment in the total outstanding shares of Millrose common stock, which we expect to dispose of through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions later in the year.
Multifamily: Investments in Unconsolidated Entities
At February 28, 2025, Multifamily had equity investments in 24 active unconsolidated entities that are engaged in multifamily residential developments (of which 17 had non-recourse debt and 7 had no debt) and 23 active unconsolidated entities at November 30, 2024. We invest in unconsolidated entities that acquire and develop land to construct multifamily rental properties. Through these entities, we are focusing on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. Initially, we participated in building multifamily developments and selling them soon after they were completed. Participants in these joint ventures have been financial partners. Joint ventures with financial partners have allowed us to combine our development and construction expertise with access to our partners’
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capital. Each joint venture is governed by an operating agreement that provides significant substantive participating voting rights on major decisions to our partners.
The Multifamily segment includes LMV I, LMV II and Canada Pension Plan Investments Fund, which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. Details of each fund as of and during the three months ended February 28, 2025 are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.
The following table summarizes the principal maturities of our Multifamily unconsolidated entities debt as per current debt arrangements as of February 28, 2025. It does not represent estimates of future cash payments that will be made to reduce debt balances.

|  |  | Principal Maturities of Unconsolidated JVs by Period
(In thousands) |  |  | Total JV Debt |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Other
Debt without recourse to Lennar |  |  | $ | 2,458,957 |  |  | 336,420 |  |  | 1,098,001 |  |  | 777,565 |  |  | 246,971 |  |  | — |
Debt issuance costs |  |  | (14,295) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14,295) |
Total |  |  | $ | 2,444,662 |  |  | 336,420 |  |  | 1,098,001 |  |  | 777,565 |  |  | 246,971 |  |  | (14,295) |

Lennar Other: Investments in Unconsolidated Entities
As part of the sale of the Rialto investment and asset management platform, we retained the right to receive a portion of payments with regard to carried interests if certain funds meet specified performance thresholds. We periodically receive advance distributions related to the carried interests in order to cover income tax obligations resulting from allocations of taxable income to the carried interests. These distributions are not subject to clawbacks but reduce future carried interest payments to which we become entitled from the applicable funds and are recorded as equity in earnings (losses) in the condensed consolidated statement of operations. Our investment in the Rialto funds totaled $136.6 million and $140.1 million as of February 28, 2025 and November 30, 2024, respectively.
As of February 28, 2025 and November 30, 2024, we had strategic technology investments in unconsolidated entities of $238.8 million and $239.3 million, respectively, accounted for under the equity method of accounting. Our strategic technology investments through our LEN X business help to enhance the homebuying and homeownership experience, and help us stay at the forefront of homebuilding innovation. Details regarding these investments are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.
Option Contracts
We often obtain access to land through option contracts, which generally enable us to control portions of properties owned by third parties (including land banks) and unconsolidated entities until we have determined whether to exercise the options. Since fiscal year 2020, we have been increasing the percentage of our total homesites that we control through option contracts rather than own.
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The table below indicates the number of homesites to which we had access through option contracts with third parties and unconsolidated JVs (i.e., controlled homesites) and homesites owned (excluding homes in inventory):

|  |  |  |  |  |  |  |  |  |  | Years of
February 28, 2025 |  |  |  |  | Controlled Homesites |  | Owned Homesites |  | Total Homesites |  | Supply Owned (1)
East |  |  |  |  | 116,953 |  |  | 1,246 |  |  | 118,199 |  |  |
Central |  |  |  |  | 132,879 |  |  | 4,242 |  |  | 137,121 |  |  |
South Central |  |  |  |  | 172,985 |  |  | 2,214 |  |  | 175,199 |  |  |
West |  |  |  |  | 105,947 |  |  | 3,503 |  |  | 109,450 |  |  |
Other |  |  |  |  | 4,649 |  |  | 1,561 |  |  | 6,210 |  |  |
Total homesites |  |  |  |  | 533,413 |  |  | 12,766 |  |  | 546,179 |  |  | 0.2 |
% of total homesites |  |  |  |  | 98% |  | 2% |  |  |  |

|  |  |  |  |  |  |  |  |  |  | Years of
February 29, 2024 |  |  |  |  | Controlled Homesites |  | Owned Homesites |  | Total Homesites |  | Supply Owned (1)
East |  |  |  |  | 83,792 |  |  | 18,324 |  |  | 102,116 |  |  |
Central |  |  |  |  | 69,738 |  |  | 33,669 |  |  | 103,407 |  |  |
South Central |  |  |  |  | 94,065 |  |  | 19,789 |  |  | 113,854 |  |  |
West |  |  |  |  | 70,746 |  |  | 22,784 |  |  | 93,530 |  |  |
Other |  |  |  |  | 4,828 |  |  | 1,891 |  |  | 6,719 |  |  |
Total homesites |  |  |  |  | 323,169 |  |  | 96,457 |  |  | 419,626 |  |  | 1.3 |
% of total homesites |  |  |  |  | 77% |  | 23% |  |  |  |

(1)Based on trailing twelve months of home deliveries.
Details on option contracts and related consolidated inventory not owned and exposure are included in Note 10 of the Notes to Condensed Consolidated Financial Statements.
Contractual Obligations and Commercial Commitments
Our contractual obligations and commercial commitments have not changed materially from those reported in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024, except for a decrease of $534 million in borrowings under the Financial Services' warehouse repurchase facilities and a decrease of $449 million in land purchase contract obligations.
(3) Recently Adopted Accounting Pronouncements
See Note 1 of the Notes to Condensed Consolidated Financial Statements included under Item 1 of this Quarterly Report on Form 10-Q for a discussion of recently adopted accounting pronouncements.
(4) Critical Accounting Policies
There have been no significant changes to our critical accounting policies during the three months ended February 28, 2025 as compared to those we disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks related to fluctuations in interest rates on our investments, debt obligations, loans held-for-sale and loans held-for-investment. We utilize forward commitments and option contracts to mitigate the risks associated with our mortgage loan portfolio. Since November 30, 2024, there have been no material changes in market risk exposures associated with interest rate risk.
As of February 28, 2025, we had no outstanding borrowings under our Credit Facility.
As of February 28, 2025, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.2 billion under residential facilities and $37.5 million under LMF Commercial facilities.
Information Regarding Interest Rate Sensitivity
Principal (Notional) Amount by
Expected Maturity and Average Interest Rate
February 28, 2025

| Nine Months Ending November 30, |  | Years Ending November 30, |  |  |  |  |  | Fair Value at February 28,
(Dollars in millions) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total |  | 2025
LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Homebuilding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Notes and other debt payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate | $ | 514.2 |  |  | 602.1 |  |  | 1,057.7 |  |  | 10.1 |  |  | 11.5 |  |  | 2.9 |  |  | 12.1 |  |  | 2,210.6 |  |  | 2,215.5 |
Average interest rate | 4.6 | % |  | 4.3 | % |  | 4.8 | % |  | 3.0 | % |  | 7.5 | % |  | 5.6 | % |  | 6.6 | % |  | 4.7 | % |  | — |
Financial Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Notes and other debt payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 124.7 |  |  | 124.7 |  |  | 125.2 |
Average interest rate | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3.4 | % |  | 3.4 | % |  | — |
Variable rate | $ | 1,269.1 |  |  | 3.4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,272.5 |  |  | 1,272.5 |
Average interest rate | 5.9 | % |  | 6.4 | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.9 | % |  | — |

For additional information regarding our market risk refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024.
Item 4. Controls and Procedures
Our Executive Chairman and Co-Chief Executive Officer, our Co-Chief Executive Officer and President (together, “Co-CEOs”) and our Chief Financial Officer (“CFO”) participated in an evaluation by our management of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on their participation in that evaluation, our Co-CEOs and CFO concluded that our disclosure controls and procedures were effective as of February 28, 2025 to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that information required to be disclosed in our reports filed or furnished under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to our management, including both of our Co-CEOs and our CFO, as appropriate, to allow timely decisions regarding required disclosures.
Both of our Co-CEOs and our CFO also participated in an evaluation by our management of any changes in our internal control over financial reporting that occurred during the quarter ended February 28, 2025. That evaluation did not identify any changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II. Other Information
Item 1. Legal Proceedings
We are party to various claims and lawsuits relating to homes we sold which arise in the ordinary course of business, but we do not consider the volume of our claims and lawsuits unusual given the number of homes we deliver and the fact that the lawsuits often relate to homes delivered several years before the lawsuits are commenced. Although the specific allegations in the lawsuits differ, they most commonly involve claims that we failed to construct homes in particular communities in accordance with plans and specifications or applicable construction codes and seek reimbursement for sums allegedly needed to remedy the alleged deficiencies, assert contract issues or relate to personal injuries. Lawsuits of these types are common within the homebuilding industry. We are a plaintiff in a number of cases in which we seek contribution from our subcontractors for home repair costs. The costs incurred by us in construction defect lawsuits may be offset by warranty reserves, our third-party insurers, subcontractor insurers or indemnity contributions from subcontractors. From time to time, we are also a party to lawsuits involving purchases and sales of real property. These lawsuits often include claims regarding representations and warranties made in connection with the transfer of the property and disputes regarding the obligation to purchase or sell the property. From time-to-time, we also receive notices from environmental agencies or other regulators regarding alleged violations of environmental or other laws. We typically settle all of the foregoing matters before they reach litigation for amounts that are not material to us.
We do not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on our business or financial position. However, the financial effect of litigation concerning purchases and sales of property may depend upon the value of the subject property, which may have changed from the time the agreement for purchase or sale was entered into.
Item 1A. Risk Factors
Our business is subject to a variety of risks and uncertainties. These risks are described elsewhere in this Quarterly Report on Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations above, or in our other filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. There have been no material changes in our risk factors from those disclosed in those reports, other than the impact of inflation, increased interest rates, possible effects of tariffs and increased enforcement of restrictions on immigration, which are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations above.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about our repurchases of common stock during the three months ended February 28, 2025:

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)
December 1 to December 31, 2024 | 2,710,306 |  |  | $ | 137.92 |  |  | 2,709,500 |  |  | $ | 3,043,412 |
January 1 to January 31, 2025 | 1,802,303 |  |  | $ | 134.73 |  |  | 1,651,238 |  |  | $ | 2,820,457 |
February 1 to February 28, 2025 | 1,219,766 |  |  | $ | 122.18 |  |  | 868,067 |  |  | $ | 2,714,335 |

(1)Includes shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due.
(2)In January 2024, our Board of Directors authorized an increase to our stock repurchase program to enable us to repurchase up to an additional $5 billion in value of our outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date.
Items 3 - 4. Not Applicable
Item 5. Other Information
During the period covered by this Quarterly Report on Form 10-Q, no director or executive officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits

10.1 | * ** | 2025 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Stuart Miller.
10.2 | * ** | 2025 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Jon Jaffe.
10.3 | * ** | 2025 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Diane Bessette.
10.4 | * ** | 2025 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Mark Sustana.
10.5 | * ** | 2025 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for David Collins.
10.6 | * ** | Form of 2025 Award Agreement under the Company’s 2016 Equity Incentive Plan, as amended and restated, for Stuart Miller, Jon Jaffe, and Diane Bessette.
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 February 28, 2025, filed on April 4, 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).

* Management contract or compensatory plan or arrangement.
** Filed herewith.
*** Furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  |  | Lennar Corporation
|  |  | (Registrant)
Date: | April 4, 2025 |  | /s/ Diane Bessette
|  |  | Diane Bessette
|  |  | Vice President and Chief Financial Officer
Date: | April 4, 2025 |  | /s/ David Collins
|  |  | David Collins
|  |  | Vice President and Controller

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