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Operating and Reporting Segments (Tables)
 9 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Disclosure Of Financial Information Relating To Company's Operations
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)At August 31, 2025
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$1,406,215 216,129 17,337 22,532 1,662,213 
Restricted cash29,928 64,856 — — 94,784 
Receivables, net (1)948,295 556,273 45,715 — 1,550,283 
Inventory owned and consolidated inventory not owned13,377,654 — 322,502 — 13,700,156 
Deposits and pre-acquisition costs on real estate6,012,493 — 15,425 — 6,027,918 
Investments in unconsolidated entities (2)2,648,329 2,657 519,510 372,256 3,542,752 
Loans held-for-sale (3) (6)— 2,081,628 — — 2,081,628 
Investments in equity securities (4)— — — 285,589 285,589 
Investments available-for-sale (5)— — — 39,069 39,069 
Investments held-to-maturity— 133,558 — — 133,558 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,798,459 123,788 80,989 125,157 2,128,393 
Total assets$29,663,732 3,368,588 1,001,478 844,603 34,878,401 
Liabilities:
Senior notes and other debts payable, net$3,523,766 1,863,845 — — 5,387,611 
Liabilities related to consolidated inventory not owned1,987,263 — — — 1,987,263 
Accounts payable and other liabilities4,331,167 206,206 116,014 98,585 4,751,972 
Total liabilities$9,842,196 2,070,051 116,014 98,585 12,126,846 
(In thousands)At November 30, 2024
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$4,662,643 175,382 30,948 40,691 4,909,664 
Restricted cash11,799 68,747 — — 80,546 
Receivables, net (1)1,053,211 545,752 53,595 — 1,652,558 
Inventory owned and consolidated inventory not owned19,719,551 — 592,879 — 20,312,430 
Deposits and pre-acquisition costs on real estate3,625,372 — 32,643 — 3,658,015 
Investments in unconsolidated entities1,344,836 — 503,303 379,435 2,227,574 
Loans held-for-sale (3)— 2,250,718 — — 2,250,718 
Investments in equity securities (4)— — — 347,810 347,810 
Investments available-for-sale (5)— — — 40,578 40,578 
Loans held-for-investment, net (6)— 60,969 — — 60,969 
Investments held-to-maturity— 135,646 — — 135,646 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,734,698 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 owned3,563,934 — — — 3,563,934 
Accounts payable and other liabilities5,040,992 209,752 181,883 105,756 5,538,383 
Total liabilities$10,863,209 2,140,708 181,883 105,756 13,291,556 
(1)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2025 and November 30, 2024, respectively.
(2)Investments in unconsolidated entities as of August 31, 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, of which $50.3 million of residential loans are carried at lower of cost or fair value.
(4)Investments in equity securities include investments of $118.3 million and $143.0 million without readily available fair values as of August 31, 2025 and November 30, 2024, respectively.
(5)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.
(6)As of August 31, 2025, the Financial Services segment transferred its loans held-for-investment of $61.0 million (fair value of $50.3 million) to held-for-sale, based on the Company’s intent to sell the loans in the near future.
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2025202420252024
Revenues:
Homebuilding$8,253,675 9,045,692 23,381,407 24,357,742 
Financial Services 314,195 273,270 889,370 804,713 
Multifamily228,465 93,443 521,966 322,620 
Lennar Other13,943 3,637 26,582 9,489 
$8,810,278 9,416,042 24,819,325 25,494,564 
Earnings (loss) before income taxes:
Homebuilding$759,785 1,477,918 2,297,292 3,846,869 
Financial Services177,872 144,400 478,635 422,708 
Multifamily(16,471)78,908 (31,248)42,795 
Lennar Other62,498 20,095 (79,680)(48,417)
Corporate and Unallocated (1)(192,981)(186,188)(534,177)(536,979)
$790,703 1,535,133 2,130,822 3,726,976 
(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.
The assets related to the Company’s Homebuilding segments were as follows:
(In thousands)At August 31, 2025At November 30, 2024
East$5,724,354 6,967,571 
Central4,848,376 5,567,451 
South Central4,207,858 4,238,587 
West 10,442,228 12,148,434 
Other2,813,064 1,729,407 
Corporate and Unallocated 1,627,852 4,943,019 
Total Homebuilding$29,663,732 35,594,469 
Financial information relating to the Company’s Homebuilding segments was as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2025202420252024
Revenues
East$1,703,457 2,074,799 5,064,438 6,091,146 
Central2,075,062 2,206,293 5,406,615 5,418,886 
South Central1,508,269 1,286,625 4,198,495 3,554,836 
West 2,960,730 3,471,591 8,688,960 9,267,120 
Other6,157 6,384 22,899 25,754 
$8,253,675 9,045,692 23,381,407 24,357,742 
Operating earnings (loss)
East$181,648 401,908 579,274 1,205,866 
Central189,458 343,490 488,749 741,549 
South Central130,129 197,767 388,901 550,924 
West270,323 514,448 814,528 1,302,172 
Other(11,773)20,305 25,840 46,358 
$759,785 1,477,918 2,297,292 3,846,869 
Schedule of Line of Credit Facilities
At August 31, 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 AmountUncommitted AmountTotal
Residential facilities maturing:
September 2025 (1)$1,000,000 — 1,000,000 
October 2025100,000 100,000 200,000 
March 2026250,000 250,000 500,000 
May 2026250,000 450,000 700,000 
July 2026100,000 100,000 200,000 
December 2026— 375,000 375,000 
Total residential facilities$1,700,000 1,275,000 2,975,000 
LMF commercial facilities maturing:
December 2025200,000 — 200,000 
January 2026100,000 — 100,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$3,275,000 
(1)Subsequent to August 31, 2025, the maturity date was extended to September 2026.
Borrowings and collateral under the facilities were as follows:
(In thousands)At August 31, 2025At November 30, 2024
Borrowings under residential facilities$1,682,918 1,776,045 
Collateral under residential facilities1,743,688 1,837,833 
Borrowings under LMF Commercial facilities57,313 28,747 
The maximum available borrowings on the Credit Facility were as follows:
(In thousands)At August 31, 2025
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,900,000 
Total commitments$3,125,000 
Accordion feature375,000 
Total maximum borrowings capacity$3,500,000 
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)At August 31, 2025At November 30, 2024
Performance letters of credit$1,889,234 1,668,061 
Financial letters of credit874,904 745,578 
Surety bonds5,495,538 5,140,432 
Anticipated future costs primarily for site improvements related to performance surety bonds3,075,021 2,766,088 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2025202420252024
Originations (1)$177,837 236,665 486,677 449,000 
Sold172,643 145,325 458,466 301,610 
Securitizations248 9 
(1)During both the three and nine months ended August 31, 2025 and 2024, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Schedule of Commercial Mortgage-Backed Securities
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)August 31, 2025November 30, 2024
Carrying value$133,558 135,646 
Outstanding debt, net of debt issuance costs123,615 126,164 
Incurred interest rate3.4%3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
August 31, 2025
Range
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
August 31, 2025November 30, 2024
Unobservable inputs:
Mortgage prepayment rate9%8%
Discount rate13%13%
Delinquency rate 12%12%
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:
Nine Months Ended August 31,
20252024
Unobservable inputsRangeRange
Average selling price (1)$168,000—872,000178,000—282,000
Absorption rate per quarter (homes)2—1110—15
Discount rate20%20%
(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the nine months ended August 31, 2025 and 2024.
Unrealized Gain (Loss) on Investments The following is a detail of Lennar Other realized and unrealized gains from sales of shares and mark-to-market adjustments on the Company's technology investments:
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2025202420252024
Blend Labs (BLND)$— 2,270 (3,737)5,921 
Hippo (HIPO)27,754 6,609 (598)33,795 
Opendoor (OPEN)71,345 (564)39,638 (16,156)
SmartRent (SMRT)— (5,634)(4,483)(12,206)
Sonder (SOND)— 71 (19)82 
Sunnova (NOVA)124 36,371 (23,521)1,036 
Lennar Other realized and unrealized gains from technology investments (1)$99,223 39,123 7,280 12,472 
(1)During the nine months ended August 31, 2025, the Company generated $44.7 million of cash and realized a loss of $25.9 million on the sale of its shares in Blend Labs, Hippo, SmartRent, Sonder and Sunnova