Lennar (LEN) 10-K risk factor changes: FY2025 vs FY2024

Currently, potential purchasers of our homes are being affected by inflation and continued high interest rates, [removed: both] [added: tariffs and trade policy, all] of which increase what homebuyers have to pay for new homes.

These statements, even if totally untrue, can spread rapidly through the use of electronic communication, including social media outlets, [added: newsletters,] websites and other digital platforms.

Our success in maintaining and enhancing our brand depends on our ability to [removed: adapt] [added: recognize, respond] to [added: and effectively manage negative publicity in] this rapidly changing media environment.

[removed: Principal among] [added: As a result of] our [removed: current strategies is continuing] [added: strategy] to [added: become a land-lighter company, we continue to] reduce the inventory of land [added: that] we own [removed: (i.e., to become a land lighter company),] and [added: we instead choose] to control a greater portion of the land we expect to use through options or other contractual arrangements, including through [removed: the proposed] Millrose [removed: Spin-Off.][added: and other land banking entities.]

It is possible that the [removed: land lighter] [added: land-lighter] or other strategies will reduce, rather than increase, the value and profitability of our core businesses.

During fiscal [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] a number of our markets experienced significant softening that required us to make substantial price reductions in order to maintain a steady sales pace.

In addition, in an inflationary environment, our cost of capital, labor and materials can increase and the purchasing power of our cash resources can decline, which [added: have in the past and] can [added: in the future] have an adverse impact on our business or financial results.

Inflation may also accompany higher interest rates, which could adversely impact [added: housing affordability by limiting] potential buyers’ ability to obtain financing on favorable terms, thereby decreasing demand for our homes.

We are taking steps that we hope will enable us to maintain acceptable operating margins in fiscal [removed: 2025.][added: 2026.]

Housing has been considerably impacted by the more than doubling of mortgage interest rates in 2022 and 2023, and small decreases in [removed: 2024.][added: 2025.]

We are constantly [removed: purchasing land, or] acquiring options to purchase land, for use in our homebuilding operations.

If market conditions were to deteriorate significantly in the future, we could again be required to make significant write-downs of the carrying value of our land inventory and write-offs [added: of] costs relating to decisions not to exercise land purchase options.

While we do not acquire essential components of the homes we build from either of those countries and while as of November 30, [removed: 2024,] [added: 2025] neither of these conflicts has had a material direct impact on our consolidated financial performance, those and other possible conflicts have already led and could lead to further market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions.

Our results of operations and financial condition may be adversely affected by public health [removed: issues,] [added: issues] and [removed: resulting] governmental [removed: actions][added: actions.]

[removed: If] [added: Further, if] a contagious disease causes significant negative impacts to economic conditions or consumer confidence, our results of operations, financial condition and cash flows could be materially adversely impacted.

Even when insurance is available, the high cost of insurance has recently led us to self-insure against some [removed: risks .][added: risks.]

[added: Failures in health and safety performance on our] worksites may result in penalties for non-compliance with relevant regulatory requirements and in our subcontractors having difficulty attracting the workers they need as well as in a negative impact to our reputation.

At November 30, [removed: 2024,] [added: 2025,] we had a [removed: $2.9] [added: $3.1] billion revolving credit facility with a group of banks (the "Credit Facility"), which had an accordion feature that could increase it to $3.5 billion.

We also had warehouse borrowing facilities totaling [removed: $3.4] [added: $3.6] billion to support our residential and commercial mortgage lending activities.

However, if in the future we have a need for significant borrowings under our Credit Facility and interest rates continue [added: to] be high, that would increase the cost of the homes we build, which either would make those homes more expensive for homebuyers, which is likely to reduce demand, or would lower our operating margins, or both.

We could be hurt if land banks are not able to raise investor funds needed to [removed: enable them to supplement] [added: finance] land [removed: acquisitions by Millrose.][added: acquisition to meet out demand.]

However, Millrose [removed: will] [added: does] not have the capacity to provide all the land acquisition funding we require, and Millrose’s policies will limit its acquisitions to land we expect to use within five years.

If returns to [removed: investors in] land [removed: banks] [added: bank investors] are not sufficient to attract investor funds and land banks are not able to identify alternative sources of funding, we would no longer have access to [added: financing of] land [added: acquisitions by land] banks.

We have made a strategic decision to increase the portion of our potential land inventory that we control through options or contracts and reduce the [removed: portion] [added: land that] we own.

However, if landowners who are parties to [removed: the] [added: such] options or contracts, [removed: possibly] including land banks, [removed: were to] refuse to honor [removed: them,] [added: such arrangements,] we could lose access to land at the time we want to use it in our homebuilding activities.

The housing markets in areas affected by California’s recent wildfires have been adversely affected by increased insurance costs and difficulties in obtaining homeowners’ insurance, which [removed: we expect to be] [added: was] exacerbated by the [removed: recent] [added: January 2025] wildfires in Los Angeles.

[removed: Principal among these are] [added: These include] higher income requirements, larger required down payments, increased reserves and higher required credit scores.

[removed: It is not clear how, if] [added: If] Fannie Mae, Freddie Mac and Ginnie Mae were to curtail their secondary market mortgage loan purchases, [added: it is not clear how] the liquidity they provide would be replaced.

100% of the residential mortgage loans made by our Financial Services segment in [removed: 2024] [added: 2025] were made to buyers of homes we built.

As of November 30, [removed: 2024,] [added: 2025,] we had outstanding senior notes which we had sold into the capital markets over a number of years totaling [removed: $2.0] [added: $2.1] billion.

Historically, a substantial portion of our access to capital has been through the issuance of senior notes, of which we have approximately [removed: $2.0] [added: $2.1] billion outstanding, net of debt issuance costs, as of November 30, [removed: 2024.][added: 2025.]

During [removed: 2025,] [added: fiscal 2026,] we will have to replace or renew a total of [removed: $3.4] [added: $3.0] billion of warehouse lines used by Financial Services, including LMF Commercial, as they mature.

At November 30, [removed: 2024,] [added: 2025,] we had outstanding surety bonds of [removed: $5.1] [added: $5.6] billion including performance surety bonds related to site improvements at various projects (including certain projects of our joint ventures) and financial surety bonds.

Our ability to obtain surety bonds also can be impacted by [added: the] unwillingness of insurance companies to issue performance bonds for construction and development activities.

[removed: If any of those joint ventures are unable to do this, we could be required to provide at] least a portion of the funds the joint ventures need to be able to repay the borrowings and to finance the activities for which they were incurred, which could adversely impact our financial position.

The tariffs that have been imposed or increased have impacted our [added: construction costs and caused disruptions in our supply chains.]

We are also subject to laws and regulations related to workers' health and safety, and there are efforts to subject homebuilders like us to other [removed: labor related] [added: labor-related] laws or rules, some of which may make us responsible for things done by our subcontractors over which we have little or no control.

Our obligation to comply with the laws and regulations under which we operate, and our need to ensure that our associates, subcontractors and other agents comply with these laws and regulations, could result in delays in construction and land development, cause us to incur substantial costs and prohibit or restrict land development and homebuilding activity in [removed: certain areas in which we operate.]

Although we expect all of our associates, officers and directors to comply at all times with all applicable laws, rules and regulations, there may be instances in which subcontractors or others through whom we do business engage in practices [added: that do not comply with applicable laws, regulations or governmental guidelines.]

[removed: If completed, in connection with the Millrose Spin-Off,] [added: In addition,] we [removed: expect to enter] [added: entered] into a number of agreements with Millrose, pursuant to which Millrose [removed: will provide] [added: provides] Lennar with land acquisition and horizontal development financing solutions.

The harm may be immediate, without affording us an opportunity for redress or correction.

Because a significant portion of our land inventory is acquired through land purchase option arrangements\], in the event of adverse changes in economic, market, or community conditions, we may elect not to exercise our land purchase options and we may not be able to satisfactorily renegotiate the purchase price of the land under option.

Such actions could result in the forfeiture of some or all of any deposits, fees or investments paid or made in respect of such arrangements, including any cost overruns.

The forfeiture of option deposits or inventory impairments may result in a loss that could have a material adverse effect on our profitability, stock performance, business operations and financial performance.

New or evolving U.S. government regulations, guidance, executive orders or judicial decisions, including, but not limited to, as a result of public health concerns, could adversely affect our business operations and financial performance.

In addition, our land bank option contracts often include provisions under which delays in land development and/or longer land takedown periods cause us to incur additional cost.

In May 2025, we entered into a new unsecured delayed draw term loan facility ("Delayed Draw Term Loan Facility") with total borrowing availability up to $1.7 billion.

At November 30, 2025, we had no borrowings under our Credit Facility and outstanding borrowings of $1.7 billion under our Delayed Draw Term Loan Facility.

In February 2025, we completed the spin-off Millrose, which serves as a source of recycled capital for land acquisitions.

As a result, we are reliant on additional land banks to acquire at least some of the land that Millrose will not or cannot acquire on our behalf.

including while we seek legal enforcement.

Additionally, if in the future we are unable to identify or to develop and maintain the necessary relationships with suitable land banks, including Millrose, we will not be able to fully implement our land-light business strategy.

A significant portion of the land inventory that we control is held by land banks, including the portion of our inventory that was transferred to Millrose in connection with the Millrose Spin-Off.

In fact, the majority of our land banking arrangements are concentrated in a limited number of land banks, including Millrose, which exposes our business to risks if one of our principal land banks were to face financial difficulties.

We increased our outstanding senior notes during fiscal 2025 by $200 million.

If any of those joint ventures are unable to do this, we could be required to provide at

certain areas in which we operate.

Additionally, U.S. federal government shutdowns have in the past, and may in the future, delay the time it takes to obtain required approvals.

In addition, we are in the early stages of integrating AI into our business to support our business operations and customer-facing systems.

Our development and adoption of AI and other new technologies may present new technological threats, vulnerabilities and uncertainties, which may expose us to legal, reputational and financial harm.

ventures are located outside the United States.

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

Although we have reduced our exposure to costs of that type, a certain amount of exposure is inherent in our homebuilding business.

Failures in health and safety performance on our

At November 30, 2024, we had no borrowings under our Credit Facility.

We formed and intend to spin off Millrose to make it a recycling source of land acquisition funding.

We will look to traditional land banks to acquire at least some of the

land that Millrose will not or cannot acquire.

We reduced our outstanding senior notes during fiscal 2024 by $554.0 million, but we still have a significant amount outstanding.

construction costs and caused disruptions in our supply chains.

In 2020 and 2021, shutdowns of government offices in response to the COVID-19 pandemic often delayed the time it took to obtain required approvals.

that do not comply with applicable laws, regulations or governmental guidelines.

*Risk Related to Planned Spin-Off*

The Millrose Spin-Off of much of our land assets may not occur on the timeline we expect or at all and we may not realize some or all of the expected benefits from this transaction even if completed.

We previously announced that we expect to spin off a significant portion of our land assets from our balance sheet through the spin-off of Millrose.

Millrose has filed a registration statement on Form S-11 with the Securities and Exchange Commission, which became effective on January 17, 2025, and our Board declared a special stock dividend to effect the Millrose Spin-Off to Lennar stockholders of record as of January 21, 2025, with a distribution date of February 7, 2025.

However, the completion of the Millrose Spin-Off remains subject to the satisfaction of a number of conditions, including the execution of certain agreements relating to the Millrose Spin-Off and other customary conditions, some of which will not occur until shortly prior to the distribution date.

The failure to satisfy all of the required conditions, as well as other factors outside of our control, including general economic and market conditions, could delay the completion of the Millrose Spin-Off relative to the anticipated timeline or prevent it from occurring.

Any delay in the completion of the Millrose Spin-Off or any change to the anticipated terms of the transaction could reduce the expected benefits of the transaction or delay the time at which such benefits are realized.

There can also be no assurance that the anticipated benefits of the transaction will be realized if the Millrose Spin-Off is completed, or that the costs will not exceed the anticipated benefits.

In addition, whether or not the Millrose Spin-Off is ultimately completed, we have incurred, and expect to continue to incur, costs associated with the planned transaction and the pendency of the planned transaction has imposed and may continue to impose challenges on us, including the diversion of management and employee time on matters relating to the proposed transaction while continuing to operate in the ordinary course of business.

If the planned Millrose Spin-Off is completed, Millrose may fail to perform under various transaction agreements that we expect to enter into in connection with the Millrose Spin-Off and our homebuilding operations could be seriously disrupted if Millrose refused to honor purchase options it is expected to grant us.

In addition, if the planned Millrose Spin-Off is completed, we expect that in the future we will do a number of our land acquisitions through arrangements under which Millrose will acquire land we specify and grant us options to purchase the land when it is developed into finished homesites.

That land is and would be essential to our homebuilding operations, and we expect to have options that would give us access to that land when it is developed into finished homesites.

We also expect that our options and other agreements with Millrose would contain provisions requiring Millrose to deliver homesites to us even if it is disputing our right to exercise options.

to the disputed homesites, and we would not be able to satisfy our obligations with respect to those contracts.

If Millrose were to default under these arrangements, the lenders of these arrangements may foreclose on these assets.

these funds and businesses.

including, among others, seasonal homebuying patterns, the timing of home closings and land sales and weather-related problems.

Our net earnings attributable to Lennar were [removed: $3.9] [added: $2.1] billion, or [removed: $14.31] [added: $7.98] per diluted and basic share [removed: in 2024] [added: for the year ended November 30, 2025] and $3.9 billion, or [removed: $13.73] [added: $14.31] per diluted and basic share [removed: in 2023.][added: for the year ended November 30, 2024.]

Excluding mark-to-market gains of $25.2 million on technology investments, one-time items of $90.0 million in our Multifamily segment and a $46.5 million one-time gain on the sale of a technology investment, net earnings attributable to Lennar [removed: in] [added: for the year ended November 30,] 2024 were $3.8 billion, or $13.86 per diluted share.

| | | | [removed: Year ended] [added: For the Year Ended] November 30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| (In thousands) | | | Homebuilding | | | | | | Financial Services | | | | | | Multifamily | | | | | | Lennar Other | | | | | | Corporate | | | | | | Total | | | [added: | | | | | | | | | | | | | | | | | |]

| Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| Sales of homes | | | $ | 33,778,149 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,778,149 | | | [added: | | | | | | | | | | | | | | | | | |]

| Sales of land | | | 93,384 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93,384 | | | [added: | | | | | | | | | | | | | | | | | |]

| Other revenues | | | 34,893 | | | | | | 1,109,263 | | | | | | 411,537 | | | | | | 14,226 | | | | | | — | | | | | | 1,569,919 | | | [added: | | | | | | | | | | | | | | | | | |]

| [removed: Total revenues] [added: Total revenues] | | | 33,906,426 | | | | | | 1,109,263 | | | | | | 411,537 | | | | | | 14,226 | | | | | | — | | | | | | 35,441,452 | | | [added: | | | | | | | | | | | | | | | | | |]

| Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | [added: | | | | | | | | | | | | | | | | | |]

| Costs of homes sold | | | 26,255,353 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,255,353 | | | [added: | | | | | | | | | | | | | | | | | |]

| Costs of land sold | | | 73,802 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 73,802 | | | [added: | | | | | | | | | | | | | | | | | |]

| Selling, general and administrative | | | 2,480,309 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,480,309 | | | [added: | | | | | | | | | | | | | | | | | |]

| Other costs and expenses | | | — | | | | | | 532,079 | | | | | | 521,455 | | | | | | 79,495 | | | | | | — | | | | | | 1,133,029 | | | [added: | | | | | | | | | | | | | | | | | |]

| [removed: Total] [added: Total] costs and [removed: expenses] [added: expenses] | | | 28,809,464 | | | | | | 532,079 | | | | | | 521,455 | | | | | | 79,495 | | | | | | — | | | | | | 29,942,493 | | | [added: | | | | | | | | | | | | | | | | | |]

| Equity in earnings (losses) from unconsolidated entities | | | 66,448 | | | | | | — | | | | | | 150,753 | | | | | | (53,102) | | | | | | — | | | | | | 164,099 | | | [added: | | | | | | | | | | | | | | | | | |]

| Other income, net and other [removed: gains] [added: gains, net] | | | 178,842 | | | | | | — | | | | | | 1,800 | | | | | | 45,224 | | | | | | — | | | | | | 225,866 | | | [added: | | | | | | | | | | | | | | | | | |]

| Lennar Other [removed: unrealized] gains from technology investments | | | — | | | | | | — | | | | | | — | | | | | | 25,180 | | | | | | — | | | | | | 25,180 | | | [added: | | | | | | | | | | | | | | | | | |]

| Operating earnings (loss) | | | [removed: 5,342,252] [added: 5,342,252] | | | | | | [removed: 577,184] [added: 577,184] | | | | | | [removed: 42,635] [added: 42,635] | | | | | | [removed: (47,967)] [added: (47,967)] | | | | | | [removed: —] [added: —] | | | | | | [removed: 5,914,104] [added: 5,914,104] | | | [added: | | | | | | | | | | | | | | | | | |]

| Corporate general and administrative expenses | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 648,986 | | | | | | 648,986 | | | [added: | | | | | | | | | | | | | | | | | |]

| Charitable foundation contribution | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 80,210 | | | | | | 80,210 | | | [added: | | | | | | | | | | | | | | | | | |]

| Earnings (loss) before income taxes | | | [removed: $] [added: $] | [removed: 5,342,252] [added: 5,342,252] | | | | | [removed: 577,184] [added: 577,184] | | | | | | [removed: 42,635] [added: 42,635] | | | | | | [removed: (47,967)] [added: (47,967)] | | | | | | [removed: (729,196)] [added: (729,196)] | | | | | | [removed: 5,184,908] [added: 5,184,908] | | | [added: | | | | | | | | | | | | | | | | | |]

| | | | [removed: Year ended] [added: For the Year Ended] November 30, [removed: 2023] [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Costs of homes sold | | | [removed: 24,900,470] [added: 26,423,605] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: 24,900,470] [added: 26,423,605] | | |

| Costs of land sold | | | [removed: 92,142] [added: 182,680] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: 92,142] [added: 182,680] | | |

| Selling, general and administrative | | | [removed: 2,231,033] [added: 2,678,337] | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: 2,231,033] [added: 2,678,337] | | |

| Other income (expense), net and other gains [removed: (losses)] [added: (losses), net (1)] | | | [removed: 94,251] [added: (50,458)] | | | | | | — | | | | | | [removed: 1,595] [added: 12,683] | | | | | | [removed: (65,329)] [added: (24,577)] | | | | | | — | | | | | | [removed: 30,517] [added: (62,352)] | | |

| Lennar Other [removed: unrealized losses] [added: gains] from technology investments | | | — | | | | | | — | | | | | | — | | | | | | [removed: (50,162)] [added: 130,166] | | | | | | — | | | | | | [removed: (50,162)] [added: 130,166] | | |

| Corporate general and administrative expenses | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: 501,338] [added: 636,718] | | | | | | [removed: 501,338] [added: 636,718] | | |

| Charitable foundation contribution | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | [removed: 73,087] [added: 82,583] | | | | | | [removed: 73,087] [added: 82,583] | | |

[removed: 2024] [added: 2025] versus [removed: 2023][added: 2024]

Revenues from home sales [removed: increased 4%] [added: decreased 5%] in the year ended November 30, [removed: 2024] [added: 2025] to [removed: $33.8] [added: $32.1] billion from [removed: $32.5] [added: $33.8] billion in the year ended November 30, [removed: 2023.][added: 2024.]

Revenues were [removed: higher] [added: lower] primarily due to a [removed: 10% increase] [added: 8% decrease] in the [removed: number] [added: average sales price] of [removed: home deliveries,] [added: homes delivered,] partially offset by a [removed: 5% decrease] [added: 3% increase] in the [removed: average sales price] [added: number] of [removed: homes delivered.][added: home deliveries.]

New home deliveries increased to [removed: 80,210] [added: 82,583] homes in the year ended November 30, [removed: 2024] [added: 2025] from [removed: 73,087] [added: 80,210] homes in the year ended November 30, [removed: 2023.][added: 2024.]

The average sales price of homes delivered was [removed: $423,000] [added: $391,000] in the year ended November 30, [removed: 2024,] [added: 2025,] compared to [removed: $446,000] [added: $423,000] in the year ended November 30, [removed: 2023.][added: 2024.]

The decrease in average sales price of homes delivered in the year ended November 30, [removed: 2024] [added: 2025] compared to the same period last year was primarily due to [removed: pricing to] [added: continued weakness in the] market [removed: through] [added: and] an increased use of [added: sales] incentives [removed: and product mix.][added: offered to homebuyers.]

Gross margins on home sales were [removed: $7.5] [added: $5.7] billion, or [removed: 22.3%,] [added: 17.7%,] in the year ended November 30, [removed: 2024,] [added: 2025,] compared to [removed: $7.6] [added: $7.5] billion, or [removed: 23.3%,] [added: 22.3%,] in the year ended November 30, [removed: 2023.][added: 2024.]

During the year ended November 30, [removed: 2024,] [added: 2025,] gross margins decreased primarily [removed: because] [added: due to a lower] revenue per square foot [removed: decreased while] [added: and higher] land costs [removed: increased] year over year, which [removed: was] [added: were] partially offset by a decrease in [removed: costs per square foot due to lower costs of materials as we] [added: construction costs, reflecting our] continued [removed: to] focus on [removed: construction cost savings.][added: cost-saving initiatives.]

Selling, general and administrative expenses were [removed: $2.5] [added: $2.7] billion in the year ended November 30, [removed: 2024,] [added: 2025,] compared to [removed: $2.2] [added: $2.5] billion in the year ended November 30, [removed: 2023.][added: 2024.]

As a percentage of revenues from home sales, selling, general and administrative expenses increased to [removed: 7.3%] [added: 8.3%] in the year ended November 30, [removed: 2024,] [added: 2025,] from [removed: 6.9%] [added: 7.3%] in the year ended November 30, [removed: 2023,] [added: 2024,] primarily due to [added: less leverage as a result of lower revenues and] an increase in [removed: professional expenses, insurance costs and digital] marketing and [removed: advertising costs to generate more direct sales.][added: selling expenses.]

Lennar’s fourth quarter and year-end 2025 results reflect what is and continues to be a difficult housing market.

However, while our margin has been under pressure as we focus on bringing affordable housing to an affordability-constrained consumer base, the underlying demand is still strong, while supply is short.

During the past three years of difficult market conditions, we have maintained volume, grown our market share and re-engineered our operating platform for a better and more efficient future when the market normalizes.

We began the quarter with the expectation that declining interest rates were the start of a market recovery.

While mortgage rates drifted marginally lower in the fourth quarter, the customer response remained tepid, suggesting a combination of poor affordability and diminished consumer confidence continued to limit demand.

The threat of a government shutdown and ultimate actual shutdown in October and November further eroded already weak consumer confidence.

While traffic was consistent, customers were both hesitant and limited by what they could afford to purchase.

Clearly, inflation-driven affordability concerns rose to the center of the national conversation, shaping headlines and policy debates across the country.

Cost inflation has clearly had a significant impact on the lifestyle of the average American family.

At the same time, concerns about job security have become increasingly prominent as advancements in modern technology and artificial intelligence raise important questions about the future of employment for the American workforce.

On a positive note, the federal government has intensified its focus on the national housing crisis, with a strong likelihood of taking decisive action to enhance affordability.

Although the specifics of potential programs remain to be seen, it is clear that significant attention is being devoted to developing impactful initiatives, while avoiding unintended negative consequences.

This is the first time in decades that the federal government is actively recognizing the vital role that housing plays, not only in the broader national economy, but also in the well-being of American families.

We know that margins will remain under pressure in the first quarter of 2026 and sales and closings will be seasonally light.

However, we have a lower cost structure, efficient product offerings and a strong market position that we expect to accommodate pent-up demand as rates moderate and confidence ultimately returns.

Our strategy has positioned us for strong cash flow, higher returns on equity and capital, and stronger bottom line growth in the future.

Meanwhile, we will remain focused on volume and even-flow production.

Margins are usually lowest during the first quarter of a fiscal year, and we expect our margins in the first quarter of 2026 will be between 15% and 16%, depending on market conditions.

We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000.

We expect to deliver approximately 85,000 homes in the full 2026 fiscal year.

As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future.

We have materially reduced our inventory, our construction costs, and our cycle times, and we have increased, and will continue to increase, our inventory turn.

We are determined to build more with less capital deployed so that as margins begin to grow, returns on capital and equity will grow faster.

We are also very enthusiastic about our technology initiatives.

They have made us, and are continuing to make us, faster and better in the way that we engage with our customers.

We are trying to be the best manufacturing model that we can be.

The programs that we have in place are helping us absorb the price reductions we are required to give to maintain desired volume levels.

They offer us the likelihood of substantially increasing profit levels when market conditions return to normal.

Excluding mark-to-market gains on technology investments of $130.2 million and one-time loss of $156.1 million on the Millrose Properties, Inc. exchange offer ("Millrose Exchange Offer"), net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $8.06 per diluted share.

| Sales of homes | | | $ | 32,097,245 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 32,097,245 | | |

| Sales of land | | | 130,232 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 130,232 | | |

| Other revenues | | | 39,203 | | | | | | 1,198,197 | | | | | | 680,627 | | | | | | 41,430 | | | | | | — | | | | | | 1,959,457 | | |

| Total revenues | | | 32,266,680 | | | | | | 1,198,197 | | | | | | 680,627 | | | | | | 41,430 | | | | | | — | | | | | | 34,186,934 | | |

| Other costs and expenses | | | — | | | | | | 585,731 | | | | | | 750,011 | | | | | | 179,445 | | | | | | — | | | | | | 1,515,187 | | |

| Total costs and expenses | | | 29,284,622 | | | | | | 585,731 | | | | | | 750,011 | | | | | | 179,445 | | | | | | — | | | | | | 30,799,809 | | |

| Equity in earnings (losses) from unconsolidated entities | | | 83,652 | | | | | | — | | | | | | (18,754) | | | | | | 13,327 | | | | | | — | | | | | | 78,225 | | |

| Operating earnings (loss) | | | 3,015,252 | | | | | | 612,466 | | | | | | (75,455) | | | | | | (19,099) | | | | | | — | | | | | | 3,533,164 | | |

| Earnings (loss) before income taxes | | | $ | 3,015,252 | | | | | 612,466 | | | | | | (75,455) | | | | | | (19,099) | | | | | | (719,301) | | | | | | 2,813,863 | | |

(1) Homebuilding other income (expense), net and other gains (losses), net included a one-time loss of $156.1 million on the Millrose Exchange Offer for the year ended November 30, 2025.

*As previously announced, Lennar Corporation completed our acquisition of Rausch Coleman Homes ("Rausch") in February 2025.

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

As the fourth quarter of fiscal 2024 began, we expected affordability to ease with the reduction in interest rates by the Fed, and we priced accordingly, however, mortgage rates climbed approximately 100 basis points instead of falling.

We saw sales stall at then-existing price and incentive levels, which required us to increase incentives, provide interest rate buy-downs and adjust prices to stimulate sales and avoid inventory build-up.

As a result, we have moderated our expectations for margins and sales in the first quarter of fiscal 2025, as the market adjusts and stabilizes.

A combination of wavering consumer confidence and elevated acquisition costs dampened customers’ desire and ability to transact.

In addition, inflation and interest rates have hindered the ability of the average family to accumulate a down payment or qualify for a mortgage.

Higher interest rates have curtailed the normal move up homebuyer as families expand and need more space.

However, strong employment often goes hand-in-hand with a strong housing market, and we expect broad-based demand to resume as rates stabilize or even moderate, releasing pent-up demand against short supply.

Tariffs and immigration have recently been added to the list of concerns confronting the homebuilding industry.

Our early evaluation suggests that steps we took in the past several years to move supply into the United States will reduce our exposure to the effect of increased tariffs.

The likely effects of reduced immigration and possible widespread deportations are more difficult to predict.

We feel confident that similar to the supply chain disruptions during the pandemic, we will be able to work with our local trades and national manufacturers to find the most effective solutions due to our Builder of Choice position with consistent high volume and a focus on production efficiencies.

We continue to believe in the two core parts of our operating strategy:

The first is our focus on matching production with sales pace.

Even though our execution in the fourth quarter was challenged by the unexpected change in the direction of interest rates, we were able to adjust incentives and pricing sufficiently to prevent our inventory of finished homes from significantly spiking.

We are currently focused on accelerating sales volume in order to correct the sales miss that we had in the fourth quarter.

Of course, the catch-up in sales pace comes at a cost, and that cost is impacting our results of operations and placing additional pressure on margin in the first quarter of 2025.

We have been able to solve the community count shortfalls of the past and ended the year with 1,447 communities, which was 15% higher than the prior year.

Our community count positions us to drive the volume we expect at lower absorption rates as we enter 2025.

We expect lower absorption rates to put less stress on our margin over time.

The other core part of our operating strategy is our migration from a company with a large inventory of undeveloped and partially developed land to a land-light model where we purchase land on a just-in-time basis.

In the fourth quarter of 2024, we had land purchases of $2.1 billion, but 80% of these were finished homesites on which vertical construction can soon begin.

This lowers our asset base and our risk profile and will continue to be an intense focus for us.

The last major step to complete our land-light strategy will be the spin-off of Millrose Properties, Inc., to which we expect to transfer approximately $5 billion to $6 billion of undeveloped and partially developed land, subject to option agreements to repurchase the land as it is developed into finished homesites, and approximately $1 billion in cash.

Because Millrose, unlike investor-financed land banking funds, is designed to be able to reinvest proceeds of homesite purchases in new land acquisition and development arrangements, we expect it to be a long-term, reliable source of land acquisition and development financing for Lennar and other homebuilders.

As previously disclosed in Millrose’s registration statement on Form S-11, in connection with the Millrose Spin-Off, we are coordinating a post-spin off transaction with Millrose, which has already been approved by the current Millrose Board of Directors and which we expect will be ratified by the independent Millrose Board of Directors that will be appointed immediately prior to the distribution, in connection with our pending acquisition of Rausch Coleman Homes, a residential homebuilder based in Fayetteville, Arkansas (“Rausch Coleman”).

The acquisition of Rausch Coleman will result in our expanding into new and desirable markets in Arkansas, Kansas, and Missouri, while growing our existing operations in Texas, Alabama, Oklahoma, and Florida.

In this pending acquisition, Lennar will acquire the work-in-process inventory and the operations of Rausch Coleman.

We intend to assign the purchase of most of Rausch Coleman’s land assets (the “Rausch Land Assets”) to Millrose.

Similar to the other land assets Lennar expects to contribute to Millrose in connection with the Millrose Spin-Off, Lennar expects to enter into options to purchase the developed Rausch Land Assets homesites in accordance with pre-set takedown schedules.

We are expecting the acquisition to be completed shortly following the distribution date of the Millrose Spin-Off.

We believe that the ongoing relationship with Millrose can facilitate other transactions in an asset-light manner as well.

Looking ahead, we will continue to drive production to meet the housing shortage we know persists across our markets.

We believe volume will continue to help reduce cost pressure and as interest rates normalize, pent-up demand will be released, and margins will recover.

We are well prepared with a strong and growing national footprint, an increasing community count and higher volume.

Our strong balance sheet and even stronger land banking relationships afford us flexibility and opportunity to execute thoughtful growth for our future.

We will focus on our manufacturing model and use our strategic land relationships to achieve higher returns on capital and equity.

We will continue to pursue our pure-play business model and reduce exposure to non-core assets.

We will be laser focused on our just-in-time homesite deliveries and the resulting asset-light balance sheet.

As we complete our asset light

For variable rate debt such as our unsecured revolving credit [added: facility, delayed draw term loan] facility and Financial Services’ and LMF Commercial’s warehouse repurchase facilities, changes in interest rates generally do not affect the fair value of the outstanding borrowings on the debt facilities but do affect our earnings and cash flows.

The table below provides information at November 30, [removed: 2024] [added: 2025] about our significant instruments that are sensitive to changes in interest rates.

For [removed: loans held-for-investment, net and] investments held-to-maturity, senior notes and other debts payable and notes and other debts payable, the table presents principal cash flows and related weighted average effective interest rates by expected maturity dates and estimated fair values at November 30, [removed: 2024.][added: 2025.]

Weighted average variable interest rates are based on the variable interest rates at November 30, [removed: 2024.][added: 2025.]

| | | | [removed: Years] [added: For the Years] Ending November 30, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at November 30, | | |

| (Dollars in millions) | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | [removed: 2027] [added: 2028] | | | | | | [removed: 2028] [added: 2029] | | | | | | [removed: 2029] [added: 2030] | | | | | | Thereafter | | | | | | Total | | | | | | [removed: 2024] [added: 2025] | | |

| Average interest rate | | | [removed: 7.0] [added: —] | | [removed: %] | | | | [removed: 4.1] [added: —] | | [removed: %] | | | | [removed: 4.1] [added: 5.2] | | % | | | | [removed: 4.1] [added: —] | | [removed: %] | | | | [removed: 4.1] [added: —] | | [removed: %] | | | | [removed: 4.1] [added: —] | | [removed: %] | | | | [removed: 4.5] [added: 5.2] | | % | | | | — | | |

| Average interest rate | | | [removed: —] [added: 5.3] | | [added: %] | | | | — | | | | | | — | | | | | | [removed: 4.8] [added: —] | | [removed: %] | | | | [removed: 4.8] [added: —] | | [removed: %] | | | | [removed: 4.8] [added: —] | | [removed: %] | | | | [removed: 4.8] [added: 5.3] | | % | | | | — | | |

November 30, 2025

| Fixed rate | | | $ | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 132.9 | | | | | | 132.9 | | | | | | 132.0 | | |

| Fixed rate | | | $ | 453.0 | | | | | 1,191.8 | | | | | | 10.2 | | | | | | 11.5 | | | | | | 702.2 | | | | | | 11.8 | | | | | | 2,380.5 | | | | | | 2,412.0 | | |

| Average interest rate | | | 5.1 | | % | | | | 4.9 | | % | | | | 3.0 | | % | | | | 7.5 | | % | | | | 5.2 | | % | | | | 6.6 | | % | | | | 5.0 | | % | | | | — | | |

| Variable rate | | | $ | — | | | | | — | | | | | | 1,710.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,710.0 | | | | | | 1,710.0 | | |

| Fixed rate | | | $ | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 123.1 | | | | | | 123.1 | | | | | | 123.6 | | |

| Variable rate | | | $ | 1,667.2 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,667.2 | | | | | | 1,667.2 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

November 30, 2024

| Fixed rate | | | $ | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 135.6 | | | | | | 135.6 | | | | | | 138.2 | | |

| Loans held-for-investment, net: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Fixed rate | | | $ | 8.3 | | | | | 1.3 | | | | | | 1.4 | | | | | | 1.4 | | | | | | 1.5 | | | | | | 44.7 | | | | | | 58.6 | | | | | | 58.7 | | |

| Variable rate | | | $ | — | | | | | — | | | | | | — | | | | | | 0.1 | | | | | | 0.1 | | | | | | 2.1 | | | | | | 2.3 | | | | | | 2.3 | | |

| Fixed rate | | | $ | 532.1 | | | | | 620.9 | | | | | | 1,062.2 | | | | | | 14.1 | | | | | | 11.5 | | | | | | 16.6 | | | | | | 2,257.4 | | | | | | 2,264.4 | | |

| Average interest rate | | | 4.5 | | % | | | | 5.1 | | % | | | | 4.8 | | % | | | | 2.1 | | % | | | | 7.5 | | % | | | | 6.4 | | % | | | | 4.8 | | % | | | | — | | |

| Fixed rate | | | $ | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 126.2 | | | | | | 126.2 | | | | | | 126.7 | | |

| Variable rate | | | $ | 1,801.0 | | | | | 3.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,804.8 | | | | | | 1,804.8 | | |

| Average interest rate | | | 6.2 | | % | | | | 5.9 | | % | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6.2 | | % | | | | — | | |

Our homebuilding operations are the most substantial part of our business, generating [removed: $34] [added: $32] billion in revenues, or approximately [removed: 96%] [added: 94%] of consolidated revenues, in fiscal [removed: 2024.][added: 2025.]

As of November 30, [removed: 2024,] [added: 2025,] our reportable Homebuilding segments and all Other Homebuilding operations not required to be reported separately have divisions located in:

East: [removed: Alabama,] Florida, New Jersey and Pennsylvania

Central: [added: Alabama,] Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee [removed: and Virginia]

Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC [removed: ("FivePoint")][added: ("FivePoint").]

[removed: Management's] [added: with unconsolidated entities, see Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations*] [added: Operations in Item 7] of this Report.

We have aimed to maintain [removed: strong] operating margins by deferring home sale price commitments until construction costs are finalized to protect against cost escalations.

In connection with this [removed: transition,] [added: strategy,] we [removed: expect to spin] [added: spun] off a significant portion of our land assets to [removed: Millrose (as defined below),] [added: Millrose,] as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off.”

New home deliveries, including deliveries from unconsolidated entities, were [removed: 80,210] [added: 82,583] in fiscal [removed: 2024,] [added: 2025,] compared to [removed: 73,087] [added: 80,210] in fiscal [removed: 2023] [added: 2024] and [removed: 66,399 in fiscal 2022.]

For fiscal [removed: 2024,] [added: 2025,] the average sales price, excluding deliveries from unconsolidated entities, was [removed: $423,000,] [added: $391,000,] compared to [removed: $446,000] [added: $423,000] in fiscal [removed: 2023] [added: 2024] and [removed: $480,000] [added: $445,000] in fiscal [removed: 2022.][added: 2023.]

- [removed: *Strong] [added: *Focus on Strong] Operating Margins -* Our purchasing leverage combined with our focus on reducing selling, general and administrative costs by using technology and innovative strategies and reducing interest expense through paydowns of debt has enabled us to achieve strong gross profit and operating margins.

Our Next Gen® [removed: home provides] [added: homes provide] what can be a home within a home to accommodate children or parents or can be an office from which to work remotely.

- [removed: *Land light] [added: *Land-light] strategy* \- We are focused on [removed: reducing our] [added: having a minimal amount of] years' supply of owned homesites and [removed: increasing the] [added: high] percentage of land we control through options or agreements, including agreements with strategic land banks and joint ventures, rather than ownership.

At November 30, [removed: 2024, 82%] [added: 2025, 98%] of our total homesites were controlled through options with land banks, land sellers and joint ventures compared to [removed: 76%] [added: 82%] at November 30, [removed: 2023.][added: 2024.]

At November 30, [removed: 2024,] [added: 2025,] we were actively building and marketing homes in [removed: 1,447] [added: 1,708] communities, including [removed: 11] [added: nine] communities being constructed by unconsolidated entities.

This was an increase from the [removed: 1,260] [added: 1,447] communities, including [removed: five] [added: 11] communities being constructed by unconsolidated entities, in which we were actively building and marketing homes at November 30, [removed: 2023.][added: 2024.]

At November 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we had about [removed: 2,900] [added: 5,000] and [removed: 1,200] [added: 2,900] completed unsold homes, [added: respectively, which resulted in 2.9 and 2.0 completed unsold homes per community,] respectively.

[removed: Following the Millrose Spin-Off, we expect that,] [added: In addition,] when [removed: Millrose acquires] [added: our land bank partners, including Millrose, acquire] undeveloped or partially developed land that we have options to purchase, [removed: Millrose will] [added: they] finance the horizontal development of all such homesites up to pre-negotiated development budgets, which [removed: will be] [added: is] incorporated into the takedown prices for Lennar’s purchase options on the properties.

Our Everything’s Included® marketing program enables us to differentiate our homes from those of our competitors by including [removed: luxury items] [added: premium features] as standard [removed: features] at competitive prices, while reducing construction and overhead costs through a simplified construction process, product standardization and volume purchasing.

During fiscal [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] even with shifts in macroeconomic factors [removed: and adjusting to an inflationary environment] in much of the period, we were able to develop, enhance, use, and improve the Lennar machine.

During fiscal [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] increased interest rates as compared to prior years have made our homes less affordable to many prospective buyers and led us to reduce prices [removed: or] [added: and/or] increase sales incentives in a number of our communities to maintain sales pace.

[removed: Although we subcontract virtually all segments of construction to others and our contracts call for the] subcontractors to repair or replace any deficient items related to their trades, we are primarily responsible to the homebuyers for the correction of any deficiencies.

We experienced a cancellation rate of 14% in [removed: 2024] [added: both 2025] and [removed: 16% in 2023.][added: 2024.]

The backlog dollar value including unconsolidated entities at November 30, [removed: 2024] [added: 2025] was [removed: $5.4] [added: $5.2] billion, compared to [removed: $6.6] [added: $5.4] billion at November 30, [removed: 2023.][added: 2024.]

We expect that a significant portion of [removed: all] homes currently in backlog will be delivered in fiscal year [removed: 2025.][added: 2026.]

As of both November 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we had equity investments in [removed: 51] [added: 50] active homebuilding and land unconsolidated entities, in which we were participating, and our maximum recourse debt exposure related to Homebuilding unconsolidated joint ventures was [removed: $44.2] [added: $30.1] million and [removed: $42.1] [added: $44.2] million, respectively.

Millrose [removed: Spin-Off][added: Spin-Off and Exchange Offer]

[removed: We expect that the Millrose Spin-Off will be completed by] [added: In] February [removed: 7,] 2025, [added: we successfully completed] the [removed: distribution date] [added: taxable spin-off] of [removed: the] Millrose [added: Properties, Inc. (“Millrose”) from Lennar through a distribution of approximately 80% of Millrose's] common stock [removed: shares] to [removed: Lennar’s stockholders, but there is no guarantee that the transaction will be completed on] our [removed: anticipated timeline.][added: stockholders (the “Millrose Spin-Off”).]

We offer conforming conventional, FHA-insured and VA-guaranteed residential mortgage loan products and other residential mortgage products primarily to buyers of our homes through our financial services subsidiary, Lennar Mortgage, [added: LLC,] from locations in most of the states in which we have homebuilding operations.

In fiscal year [removed: 2024,] [added: 2025,] our financial services subsidiaries provided loans to 84% of our homebuyers who obtained mortgage financing in areas where we offered services.

During fiscal year [removed: 2024,] [added: 2025,] we originated approximately [removed: 54,600] [added: 55,900] residential mortgage loans totaling [removed: $19.8] [added: $20.0] billion, compared to [removed: 47,000] [added: 54,600] residential mortgage loans totaling [removed: $17.4] [added: $19.8] billion during fiscal year [removed: 2023.][added: 2024.]

During fiscal year [removed: 2024,] [added: 2025,] we also locked interest rates on approximately [removed: 54,200] [added: 56,900] residential mortgage loans totaling [removed: $19.5] [added: $19.9] billion, compared to [removed: 46,600] [added: 54,200] residential mortgage loans totaling [removed: $17.2] [added: $19.5] billion during fiscal year [removed: 2023.][added: 2024.]

At November 30, [removed: 2024,] [added: 2025,] Financial Services had six warehouse residential facilities maturing at various dates through fiscal [added: year] 2027 with a total maximum borrowing capacity of [removed: $3.1] [added: $3.3] billion including an uncommitted amount of [removed: $675 million.][added: $2.1 billion.]

We are licensed to provide title insurance, and closing services for residential and/or commercial transactions in [removed: 41] [added: 37] states to our homebuyers and others.

During fiscal [removed: 2024] [added: year 2025] and [removed: 2023,] [added: 2024,] we provided closing services with regard to approximately [removed: 82,400] [added: 86,300] and [removed: 74,900,] [added: 82,400,] real estate [removed: transactions, respectively,] [added: transactions] in [added: 27 and] 25 [removed: states.][added: states, respectively.]

In order to finance LMF Commercial lending activities, as of November 30, [removed: 2024,] [added: 2025,] LMF Commercial had two warehouse repurchase financing agreements maturing at various dates [removed: from 2025] through [added: fiscal year 2028 with commitments totaling $300 million.]

At November 30, [removed: 2024,] [added: 2025,] the book value of our investment in strategic technology investments was [removed: $587.1] [added: $581.8] million and is included in our Lennar Other segment.

At November 30, [removed: 2024,] [added: 2025,] Multifamily had interests in, and was managing, [removed: three] [added: four] funds and [removed: 23] [added: 21 active] joint ventures.

From inception through November 30, [removed: 2024,] [added: 2025,] the Multifamily business has capitalized and developed [removed: 123] [added: 128] multifamily residential communities with approximately [removed: 37,100] [added: 39,300] rental units across 20 states throughout the United States.

The communities developed by the Multifamily business include a diversified mix of conventional garden, mid-rise and high-rise multifamily [removed: properties in urban and suburban locations near major employment centers.]

and Virginia

South Central: Arkansas, Kansas, Missouri, Oklahoma and Texas

Management's Discussion and Analysis of Financial Condition and Results of Operations* and Note 3 of the Notes to Consolidated Financial Statements.

In February 2025, we acquired Rausch Coleman Homes ("Rausch"), a residential homebuilder, expanding our homebuilding operations into several 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 our existing footprint in Texas (Houston and San Antonio), Oklahoma (Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast).

We have advanced our transition to a land-light operating model by increasing the proportion of homesites we control through options or agreements rather than ownership.

This approach enhances flexibility, reduces capital intensity, and lowers our years’ supply of owned land.

In connection with our transition to a land-light operating model, in February 2025, we spun off a significant portion of our land assets to Millrose (as defined below), and, in November 2025, disposed of the remaining holdings in Millrose in an exchange offer, in which we purchased shares of Lennar Class A common stock using Millrose Class A common stock as consideration, as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off and Exchange Offer”.

73,087 in fiscal 2023.

For additional information about our investments in and relationships

Most of our homes include home automation and technology components, as well as energy efficient materials and systems, which enhances our brand.

Although we subcontract virtually all segments of construction to others and our contracts call for the

We temporarily retained, but did not vote, the remaining 20% of the total outstanding shares of Millrose common stock in the form of Millrose Class A common stock.

In connection with the Millrose 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 Millrose Spin-Off transaction accelerated our longstanding strategy of becoming a pure-play, asset-light, new home manufacturing company.

In November 2025, we completed the disposition of approximately 20% of Millrose’s total outstanding shares through an exchange offer (the “Exchange Offer”), which resulted in Lennar acquiring 8,049,594 shares of Lennar Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock.

Following the Exchange Offer, Lennar retains an immaterial amount of the total outstanding shares of Millrose common stock (both Millrose Class A common stock and Millrose Class B common stock), which comprise solely the forfeited Millrose shares.

properties in urban and suburban locations near major employment centers.

During the year ended November 30, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

In December 2025, we sold a majority interest in Quarterra Group, Inc ("Quarterra"), a subsidiary of our Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a minority interest.

TPG’s acquisition of Quarterra and its $1.0 billion strategic commitment, combined with Lennar’s insights, will accelerate Quarterra’s development pipeline and strengthen its platform for delivering thoughtfully designed rental communities in high-growth markets.

The sale of Quarterra to TPG did not have a material impact on our consolidated financial statements.

- Utilization of the Lennar machine to convert digital leads into appointments and ultimately drive those appointments into closed sales; and

material adverse effect on us.

We believe strongly that “Leadership Matters” and seek to hire, retain and train our leaders to value integrity, curiosity, resourcefulness, operational excellence, collaboration and a customer-centric mindset.

gender identity or expression, national origin, disability, veteran status, genetic information, or any other legally protected status.

Texas: Texas

In addition, we are continuing our transition to a land light operating model by increasing the percentage of land we control through options or agreements but do not own, which reduces our years’ supply of owned homesites.

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

In connection with this strategy, we expect to spin off a significant portion of our land assets to Millrose, as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off.”

For additional information about our investments in and relationships with unconsolidated entities, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Report.

Although we, like homebuilders throughout the country, encountered shortages of materials and skilled labor during 2022, we believe that because of our size and our builder of choice program, where we work with our trade partners to drive efficiencies for them, we were less affected by these shortages than many of our competitors.

Most shortages were eliminated due to the supply chain environment catching up to homebuilder demand as well as Lennar’s continued effort to work with our suppliers and manufacturers on the volume and specific products needed to build homes.

In addition, we include built in wireless capability, home automation and solar power in many of the homes we sell, which enhances our brand and improves our ability to generate traffic and sales.

We are currently preparing to spin off (the “Millrose Spin-Off”) a wholly owned subsidiary of Lennar, Millrose Properties Inc. (“Millrose”) into an independent, publicly traded company that will be listed on the New York Stock Exchange.

In connection with the Millrose Spin-Off, we plan to contribute to Millrose, in exchange for all outstanding shares of its common stock, a significant portion of our undeveloped, partially developed, and some of our fully developed, land, with an expected total aggregate value between $5.0 billion and $6.0 billion, as well as approximately $1.0 billion of cash.

To consummate the Millrose Spin-Off, on January 10, 2025, our Board of Directors ("Board") declared a stock dividend, pursuant to which we will distribute to Lennar’s stockholders of record as of January 21, 2025 approximately 80% of the total outstanding number of shares of Millrose common stock on February 7, 2025.

The goal of the Millrose Spin-off is to generally complete our migration to an asset-light operating model by spinning off a significant portion of our land assets from our balance sheet.

We expect Millrose to qualify as a real estate investment trust that will acquire and develop land and will deliver fully developed homesites under a land option contract on a just in time basis for Lennar and potentially other homebuilders.

Millrose is expected to maintain a business model with a self-sustaining, recycling source of land acquisition and development capital.

Millrose is expected to be responsible for paying to develop the undeveloped and partially developed land into homesites up to a certain pre-negotiated budget, with Lennar performing the actual construction work.

Lennar will have options to purchase the homesites in accordance with pre-set takedown schedules when Lennar expects to be ready to build homes on them.

Millrose is expected to use option exercise proceeds to purchase additional land designated by Lennar or other homebuilders in the future, usually giving Lennar or the other homebuilders options to purchase the land when it is developed.

As a result of the Millrose Spin-Off, both our inventory and our equity will be reduced by the amount of assets contributed to Millrose.

However, our balance sheet will remain very strong after the Millrose Spin-Off and we expect to have ample funds with which to pay down debt, issue dividends and repurchase stock.

Millrose has filed with the Securities and Exchange Commission a registration statement on Form S-11 relating to the Millrose Spin-Off, which became effective on January 17, 2025.

Pending Acquisition of Rausch Coleman Homes

During the fourth quarter of 2024, we entered into a definitive agreement to purchase Rausch Coleman Homes, a residential homebuilder based in Fayetteville, Arkansas.

With this acquisition, we will expand our footprint into new markets in Arkansas, Oklahoma, Alabama, Kansas and Missouri while adding to our existing footprint in Texas, Oklahoma, Alabama and Florida.

As previously disclosed in Millrose’s registration statement on Form S-11, in connection with furthering our land light strategy, we intend to assign the purchase of Rausch Coleman's land assets (the “Rausch Land Assets”) to Millrose.

Similar to the other land assets that Lennar expects to contribute to Millrose in connection with the Millrose Spin-Off, Lennar expects to enter into options to purchase the developed Rausch Land Assets in accordance with pre-set takedown schedules.

We are expecting the acquisition to be completed in our first quarter of 2025.

fiscal 2026 with commitments totaling $300 million.

Six of the companies in which we have strategic investments are publicly traded.

They are:

- Blend Labs, Inc. ("Blend"), a digital lending platform developer simplifying and fast tracking the consumer finance process;

- Hippo Holdings, Inc. ("Hippo"), a company that provides an efficient means of obtaining home insurance;

- Opendoor Technologies, Inc. ("Opendoor"), a company that uses technology to significantly streamline the homebuying and selling process;

- SmartRent, Inc. ("SmartRent"), an enterprise smart home automation company;

- Sonder Holdings, Inc. ("Sonder"), a company that manages short-term rentals, such as rental hotels; and

- Sunnova Energy International, Inc. ("Sunnova"), a leading national residential solar company, to which during 2021, we sold our solar power business in return for equity.

Each of the investments listed above is reflected in our financial statements at market value, with changes to the fair values of those investments generating gains or losses on our financial statements.

As of November 30, 2023, there were 38 rental operation projects in LMV I.

We recognized a net gain of $211.5 million on the sale of these rental operation projects which was recorded as equity in earnings (losses) in the condensed consolidated statement of operations and received net cash distributions of $199.5 million.

The remaining LMV I rental operation projects are expected to be monetized in the near term.

acquired for rental purposes), and (b) leases and manages homes in those communities.

For the fiscal year ended November 30, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of the registrant’s Class A and Class B common stock held by non-affiliates of the registrant [removed: (237,457,708] [added: (223,271,632] shares of Class A common stock and [removed: 10,946,506] [added: 9,461,040] shares of Class B common stock) as of May 31, [removed: 2024,] [added: 2025,] based on the closing sale price per share as reported by the New York Stock Exchange on such date, was [removed: $39,677,379,445.][added: $24,643,058,075.]

As of December 31, [removed: 2024,] [added: 2025,] the registrant had outstanding [removed: 233,511,543] [added: 215,769,742] shares of Class A common stock and [removed: 32,009,014] [added: 31,217,013] shares of Class B common stock.

| III | | | Definitive Proxy Statement to be filed pursuant to Regulation 14A on or before March 30, [removed: 2025.] [added: 2026.] | | |

| For the fiscal year ended November 30, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | |

| Item 1. | | | | | | [removed: [Business](#i7068edb82cc0440d8dd06aaa027b5fc4_13)] [added: [Business](#if27d7e0458a04c0e9345e0736a347b18_13)] | | | | | | [removed: [1](#i7068edb82cc0440d8dd06aaa027b5fc4_13)] [added: [1](#if27d7e0458a04c0e9345e0736a347b18_13)] | | |

| Item 1A. | | | | | | [Risk [removed: Factors](#i7068edb82cc0440d8dd06aaa027b5fc4_19)] [added: Factors](#if27d7e0458a04c0e9345e0736a347b18_19)] | | | | | | [removed: [11](#i7068edb82cc0440d8dd06aaa027b5fc4_19)] [added: [11](#if27d7e0458a04c0e9345e0736a347b18_19)] | | |

| Item 1B. | | | | | | [Unresolved Staff [removed: Comments](#i7068edb82cc0440d8dd06aaa027b5fc4_22)] [added: Comments](#if27d7e0458a04c0e9345e0736a347b18_22)] | | | | | | [removed: [22](#i7068edb82cc0440d8dd06aaa027b5fc4_22)] [added: [21](#if27d7e0458a04c0e9345e0736a347b18_22)] | | |

| Item 1C. | | | | | | [removed: [Cybersecurity](#i7068edb82cc0440d8dd06aaa027b5fc4_25)] [added: [Cybersecurity](#if27d7e0458a04c0e9345e0736a347b18_25)] | | | | | | [removed: [23](#i7068edb82cc0440d8dd06aaa027b5fc4_25)] [added: [23](#if27d7e0458a04c0e9345e0736a347b18_25)] | | |

| Item 2. | | | | | | [removed: [Properties](#i7068edb82cc0440d8dd06aaa027b5fc4_28)] [added: [Properties](#if27d7e0458a04c0e9345e0736a347b18_28)] | | | | | | [removed: [24](#i7068edb82cc0440d8dd06aaa027b5fc4_28)] [added: [24](#if27d7e0458a04c0e9345e0736a347b18_28)] | | |

| Item 3. | | | | | | [Legal [removed: Proceedings](#i7068edb82cc0440d8dd06aaa027b5fc4_31)] [added: Proceedings](#if27d7e0458a04c0e9345e0736a347b18_31)] | | | | | | [removed: [24](#i7068edb82cc0440d8dd06aaa027b5fc4_31)] [added: [24](#if27d7e0458a04c0e9345e0736a347b18_31)] | | |

| Item 4. | | | | | | [Mine Safety [removed: Disclosures](#i7068edb82cc0440d8dd06aaa027b5fc4_34)] [added: Disclosures](#if27d7e0458a04c0e9345e0736a347b18_34)] | | | | | | [removed: [24](#i7068edb82cc0440d8dd06aaa027b5fc4_34)] [added: [24](#if27d7e0458a04c0e9345e0736a347b18_34)] | | |

| Item 5. | | | | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i7068edb82cc0440d8dd06aaa027b5fc4_40)] [added: Securities](#if27d7e0458a04c0e9345e0736a347b18_40)] | | | | | | [removed: [24](#i7068edb82cc0440d8dd06aaa027b5fc4_40)] [added: [24](#if27d7e0458a04c0e9345e0736a347b18_40)] | | |

| Item 6. | | | | | | [removed: [Reserved](#i7068edb82cc0440d8dd06aaa027b5fc4_43)] [added: [Reserved](#if27d7e0458a04c0e9345e0736a347b18_43)] | | | | | | [removed: [26](#i7068edb82cc0440d8dd06aaa027b5fc4_43)] [added: [26](#if27d7e0458a04c0e9345e0736a347b18_43)] | | |

| Item 7. | | | | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i7068edb82cc0440d8dd06aaa027b5fc4_46)] [added: Operations](#if27d7e0458a04c0e9345e0736a347b18_46)] | | | | | | [removed: [26](#i7068edb82cc0440d8dd06aaa027b5fc4_46)] [added: [26](#if27d7e0458a04c0e9345e0736a347b18_46)] | | |

| Item 7A. | | | | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i7068edb82cc0440d8dd06aaa027b5fc4_109)] [added: Risk](#if27d7e0458a04c0e9345e0736a347b18_109)] | | | | | | [removed: [46](#i7068edb82cc0440d8dd06aaa027b5fc4_109)] [added: [46](#if27d7e0458a04c0e9345e0736a347b18_109)] | | |

| Item 8. | | | | | | [Financial Statements and Supplementary [removed: Data](#i7068edb82cc0440d8dd06aaa027b5fc4_112)] [added: Data](#if27d7e0458a04c0e9345e0736a347b18_112)] | | | | | | [removed: [48](#i7068edb82cc0440d8dd06aaa027b5fc4_112)] [added: [48](#if27d7e0458a04c0e9345e0736a347b18_112)] | | |

| Item 9. | | | | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i7068edb82cc0440d8dd06aaa027b5fc4_214)] [added: Disclosure](#if27d7e0458a04c0e9345e0736a347b18_214)] | | | | | | [removed: [87](#i7068edb82cc0440d8dd06aaa027b5fc4_214)] [added: [89](#if27d7e0458a04c0e9345e0736a347b18_214)] | | |

| Item 9A. | | | | | | [Controls and [removed: Procedures](#i7068edb82cc0440d8dd06aaa027b5fc4_217)] [added: Procedures](#if27d7e0458a04c0e9345e0736a347b18_217)] | | | | | | [removed: [87](#i7068edb82cc0440d8dd06aaa027b5fc4_217)] [added: [89](#if27d7e0458a04c0e9345e0736a347b18_217)] | | |

| Item 9B. | | | | | | [Other [removed: Information](#i7068edb82cc0440d8dd06aaa027b5fc4_223)] [added: Information](#if27d7e0458a04c0e9345e0736a347b18_223)] | | | | | | [removed: [89](#i7068edb82cc0440d8dd06aaa027b5fc4_223)] [added: [91](#if27d7e0458a04c0e9345e0736a347b18_223)] | | |

| Item 9C. | | | | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i7068edb82cc0440d8dd06aaa027b5fc4_226)] [added: Inspections](#if27d7e0458a04c0e9345e0736a347b18_226)] | | | | | | [removed: [89](#i7068edb82cc0440d8dd06aaa027b5fc4_226)] [added: [91](#if27d7e0458a04c0e9345e0736a347b18_226)] | | |

| Item 10. | | | | | | [Directors, Executive Officers and Corporate [removed: Governance](#i7068edb82cc0440d8dd06aaa027b5fc4_232)] [added: Governance](#if27d7e0458a04c0e9345e0736a347b18_232)] | | | | | | [removed: [89](#i7068edb82cc0440d8dd06aaa027b5fc4_232)] [added: [91](#if27d7e0458a04c0e9345e0736a347b18_232)] | | |

| Item 11. | | | | | | [Executive [removed: Compensation](#i7068edb82cc0440d8dd06aaa027b5fc4_235)] [added: Compensation](#if27d7e0458a04c0e9345e0736a347b18_235)] | | | | | | [removed: [89](#i7068edb82cc0440d8dd06aaa027b5fc4_235)] [added: [91](#if27d7e0458a04c0e9345e0736a347b18_235)] | | |

| Item 12. | | | | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i7068edb82cc0440d8dd06aaa027b5fc4_238)] [added: Matters](#if27d7e0458a04c0e9345e0736a347b18_238)] | | | | | | [removed: [89](#i7068edb82cc0440d8dd06aaa027b5fc4_238)] [added: [91](#if27d7e0458a04c0e9345e0736a347b18_238)] | | |

| Item 13. | | | | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i7068edb82cc0440d8dd06aaa027b5fc4_241)] [added: Independence](#if27d7e0458a04c0e9345e0736a347b18_241)] | | | | | | [removed: [89](#i7068edb82cc0440d8dd06aaa027b5fc4_241)] [added: [91](#if27d7e0458a04c0e9345e0736a347b18_241)] | | |

| Item 14. | | | | | | [Principal Accountant Fees and [removed: Services](#i7068edb82cc0440d8dd06aaa027b5fc4_244)] [added: Services](#if27d7e0458a04c0e9345e0736a347b18_244)] | | | | | | [removed: [89](#i7068edb82cc0440d8dd06aaa027b5fc4_244)] [added: [91](#if27d7e0458a04c0e9345e0736a347b18_244)] | | |

| Item 15. | | | | | | [Exhibit and Financial Statement [removed: Schedules](#i7068edb82cc0440d8dd06aaa027b5fc4_250)] [added: Schedules](#if27d7e0458a04c0e9345e0736a347b18_250)] | | | | | | [removed: [90](#i7068edb82cc0440d8dd06aaa027b5fc4_250)] [added: [92](#if27d7e0458a04c0e9345e0736a347b18_250)] | | |

| Item 16. | | | | | | [Form 10-K [removed: Summary](#i7068edb82cc0440d8dd06aaa027b5fc4_256)] [added: Summary](#if27d7e0458a04c0e9345e0736a347b18_256)] | | | | | | [removed: [92](#i7068edb82cc0440d8dd06aaa027b5fc4_256)] [added: [95](#if27d7e0458a04c0e9345e0736a347b18_256)] | | |

| Signatures | | | | | | | | | | | | [removed: [93](#i7068edb82cc0440d8dd06aaa027b5fc4_259)] [added: [96](#if27d7e0458a04c0e9345e0736a347b18_259)] | | |

| Financial Statement Schedule | | | | | | | | | | | | [removed: [95](#i7068edb82cc0440d8dd06aaa027b5fc4_262)] [added: [98](#if27d7e0458a04c0e9345e0736a347b18_262)] | | |

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

The following individuals are our executive officers as of January [removed: 23, 2025:][added: 28, 2026:]

| Stuart Miller | | | Executive Chairman and [removed: Co-Chief] [added: Chief] Executive Officer | | | [removed: 67] [added: 68] | | |

| Diane J. Bessette | | | Vice President and Chief Financial Officer | | | [removed: 64] [added: 65] | | |

| David Collins | | | Vice President and Controller | | | [removed: 55] [added: 56] | | |

Mr. Miller has served as our Executive Chairman since April 2018 and as our Executive Chairman and Co-Chief Executive Officer since September [removed: 2023.][added: 2023 until Jonathan Jaffe's retirement in December 2025.]

[removed: Mr. Jaffe is one of our Directors and] [added: Ms. Martin] has served as our [removed: Co-Chief Executive] [added: Chief Legal] Officer and [removed: President] [added: Secretary] since September [removed: 2023.][added: 2025.]

| Katherine Lee Martin | | | Chief Legal Officer and Secretary | | | 49 | | |

| | | | | | | | | |

Prior to joining Lennar, Ms. Martin served as Executive Vice President, General Counsel, and Corporate Secretary of Hertz Global Holdings, Inc. Prior to that, Ms. Martin held various leadership positions at X Corp. (formerly, Twitter, Inc.).

Prior to that, Ms. Martin spent more than a decade as an Assistant U.S. Attorney at the U.S. Department of Justice.

| Jonathan M. Jaffe | | | Co-Chief Executive Officer and President | | | 65 | | |

| Mark Sustana | | | Vice President, General Counsel and Secretary | | | 63 | | |

Prior to that, Mr. Jaffe served as our Co-Chief Executive Officer and Co-President from November 2020 to September 2023.

Mr. Jaffe previously served as our President from April 2018 to November 2020 and as our Chief Operating Officer from December 2004 to January 2019.

Mr. Jaffe served as a Vice President from 1994 to April 2018 and prior to that, served as a Regional President in our Homebuilding operations.

Mr. Sustana has served as Vice President since April 2018, and as our Secretary and General Counsel since 2005.

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

Our [removed: Chief Technology Officer (“CTO”)] [added: CTO] is responsible for assessing and managing our material risks from cybersecurity threats.

In May 2025, following the retirement of our former Chief Technology Officer, we appointed an interim Chief Technology Officer (“CTO”).

Our CTO has over 10 years of experience in managing teams of information technology specialists and assessing cybersecurity threats.

Our CTO has served in this role since 2023 and has over 25 years of experience in the technology industry.

Prior to his current role, he served as the CTO of Tyson Foods and before arriving at Tyson, he was the Chief Information Officer at Hewlett Packard, and then CIO at Hewlett Packard Enterprise.

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

As of December 31, [removed: 2024,] [added: 2025,] the last reported sale price of our Class A and Class B common stock on the NYSE was [removed: $136.37] [added: $102.80] and [removed: $132.15,] [added: $95.12,] respectively.

As of December 31, [removed: 2024,] [added: 2025,] there were approximately [removed: 2,326] [added: 2,235] and [removed: 855] [added: 760] holders of record of our Class A and Class B common stock, respectively.

On January [removed: 14, 2025,] [added: 21, 2026,] our Board declared a quarterly cash dividend of $0.50 per share on both our Class A and Class B common stock, payable on February [removed: 12, 2025] [added: 19, 2026] to holders of record at the close of business on [removed: January 29, 2025.][added: February 4, 2026.]

The following table provides information about our repurchases of common stock during the three months ended November 30, [removed: 2024:][added: 2025:]

The graph assumes $100 invested on November 30, [removed: 2019] [added: 2020] in our Class A common stock, the Dow Jones U.S. Home Construction Index and the Dow Jones U.S. Total Market Index, and the reinvestment of all dividends.

[removed: ][added: ]

| | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

| Dow Jones U.S. Home Construction Index | | | $ | 100 | | | | | [removed: 124] [added: 133] | | | | | | [removed: 169] [added: 113] | | | | | | [removed: 138] [added: 177] | | | | | | [removed: 200] [added: 255] | | | | | | [removed: 286] [added: 232] | | |

| September 1 to September 30, 2025 | | | 397 | | | | | | $ | 137.29 | | | | | — | | | | | | 1,691,075 | | |

| October 1 to October 31, 2025 | | | 3,619 | | | | | | $ | 128.62 | | | | | — | | | | | | 1,691,075 | | |

| November 1 to November 30, 2025 | | | 63 | | | | | | $ | 115.16 | | | | | — | | | | | | 1,691,075 | | |

Shares repurchased do not include 8,049,594 shares of Lennar Class A common stock accepted through a non-cash exchange for shares of Millrose Class A common stock, which was completed in November 2025.

| Lennar Corporation | | | $ | 100 | | | | | 140 | | | | | | 119 | | | | | | 176 | | | | | | 243 | | | | | | 201 | | |

| Dow Jones U.S. Total Return Index | | | $ | 100 | | | | | 127 | | | | | | 113 | | | | | | 128 | | | | | | 172 | | | | | | 196 | | |

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

| September 1 to September 30, 2024 | | | 86,700 | | | | | | $ | 178.67 | | | | | 86,700 | | | | | | 3,922,943 | | |

| October 1 to October 31, 2024 | | | 2,244,133 | | | | | | $ | 175.38 | | | | | 2,243,114 | | | | | | 3,529,542 | | |

| November 1 to November 30, 2024 | | | 673,230 | | | | | | $ | 167.81 | | | | | 670,186 | | | | | | 3,417,075 | | |

| Lennar Corporation | | | $ | 100 | | | | | 128 | | | | | | 180 | | | | | | 153 | | | | | | 226 | | | | | | 312 | | |

| Dow Jones U.S. Total Market Index | | | $ | 100 | | | | | 119 | | | | | | 151 | | | | | | 134 | | | | | | 152 | | | | | | 204 | | |

We have audited the accompanying consolidated balance sheets of Lennar Corporation and subsidiaries (the "Company") as of November 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations and comprehensive income (loss), equity, and cash flows, for each of the three years in the period ended November 30, [removed: 2024,] [added: 2025,] and the related notes and the financial statement schedule listed in the Index at Item 15 (collectively referred to as the [removed: "consolidated financial] [added: "financial] statements").

In our opinion, the [removed: consolidated] financial statements present fairly, in all material respects, the financial position of the Company as of November 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended November 30, [removed: 2024] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of November 30, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated January [removed: 23, 2025,] [added: 28, 2026,] expressed an unqualified opinion on the Company's internal control over financial reporting.

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) [removed: relate] [added: relates] to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing [added: a] separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

[removed: Additionally, GAAP requires the] consolidation of VIEs in which an enterprise has a controlling financial interest.

Our audit procedures related to the accounting determination for the [removed: above mentioned joint ventures] [added: spin-off] included the following, among others:

November 30, [removed: 2024] [added: 2025] and [removed: 2023][added: 2024]

| | | | [removed: 2024 (1)] [added: 2025] | | | | | | [removed: 2023 (1)] [added: 2024] | | | [added: | | | 2023 | | |]

[removed: | | | |] (Dollars in thousands) [removed: | | | | | | | | |]

| Cash and cash equivalents | | | $ | [removed: 4,662,643] [added: 3,441,324] | | | | | [removed: 6,273,724] [added: 4,662,643] | | |

| [removed: Restricted] [added: Homebuilding restricted] cash | | | [removed: 11,799] [added: 25,930] | | | | | | [added: 11,799 | | | | | |] 13,481 | | |

| Receivables, net | | | [removed: 1,053,211] [added: 1,002,629] | | | | | | [removed: 887,992] [added: 1,053,211] | | |

| Finished homes and construction in progress | | | [removed: 10,884,861] [added: 8,822,271] | | | | | | [removed: 10,455,666] [added: 10,884,861] | | |

| Land and land under development | | | [removed: 4,750,025] [added: 1,098,961] | | | | | | [removed: 4,904,541] [added: 4,750,025] | | |

| Inventory owned | | | [removed: 15,634,886] [added: 9,921,232] | | | | | | [removed: 15,360,207] [added: 15,634,886] | | |

| Consolidated inventory not owned | | | [removed: 4,084,665] [added: 1,696,401] | | | | | | [removed: 2,992,528] [added: 4,084,665] | | |

| Inventory owned and consolidated inventory not owned | | | [removed: 19,719,551] [added: 11,617,633] | | | | | | [removed: 18,352,735] [added: 19,719,551] | | |

| Deposits and pre-acquisition costs on real estate | | | [removed: 3,625,372] [added: 6,383,633] | | | | | | [removed: 2,002,154] [added: 3,625,372] | | |

| Investments in unconsolidated entities | | | [removed: 1,344,836] [added: 1,545,370] | | | | | | [removed: 1,143,909] [added: 1,344,836] | | |

| Other assets | | | [removed: 1,734,698] [added: 1,794,378] | | | | | | [removed: 1,512,038] [added: 1,734,698] | | |

| Financial Services | | | [removed: 3,516,550] [added: 3,377,413] | | | | | | [removed: 3,566,546] [added: 3,516,550] | | |

| Multifamily | | | [removed: 1,306,818] [added: 902,136] | | | | | | [removed: 1,381,513] [added: 1,306,818] | | |

| Lennar Other | | | [removed: 894,944] [added: 897,632] | | | | | | [removed: 657,852] [added: 894,944] | | |

| Total assets | | | $ | [removed: 41,312,781] [added: 34,430,437] | | | | | [removed: 39,234,303] [added: 41,312,781] | | |

(1)Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, [removed: *Consolidations*,] [added: Consolidations,] ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which [removed: there is no recourse against the Company.][added: neither Lennar Corporation, nor any of its subsidiaries, has any obligation.]

As of November 30, [removed: 2023,] [added: 2025,] total assets include [removed: $1.9] [added: $1.5] billion related to consolidated VIEs of which [removed: $22.8] [added: $61.1] million is included in Homebuilding cash and cash equivalents, [removed: $1.8] [added: $2.0] million in Homebuilding receivables, net, [removed: $18.3] [added: $45.6] million in Homebuilding finished homes and construction in progress, [removed: $628.0] [added: $300.3] million in Homebuilding land and land under development, [removed: $1.2 billion] [added: $984.4 million] in Homebuilding consolidated inventory not owned, [removed: $55.0] [added: $88.3] million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, [removed: $23.0] [added: $8.9] million in Homebuilding other assets and [removed: $32.6] [added: $25.0] million in Multifamily assets.

| | | | [removed: 2024 (2)] [added: 2025] | | | | | | [removed: 2023 (2)] [added: 2024] | | | [added: | | | 2023 | | |]

[removed: | | | |] (Dollars in thousands except share and per share amounts) [removed: | | | | | | | | |]

| Accounts payable | | | $ | [removed: 1,839,440] [added: 1,812,484] | | | | | [removed: 1,631,401] [added: 1,839,440] | | |

| Liabilities related to consolidated inventory not owned | | | [removed: 3,563,934] [added: 1,476,376] | | | | | | [removed: 2,540,894] [added: 3,563,934] | | |

| Senior notes and other debts payable, net | | | [removed: 2,258,283] [added: 4,084,686] | | | | | | [removed: 2,816,482] [added: 2,258,283] | | |

| Other liabilities | | | [removed: 3,201,552] [added: 2,691,876] | | | | | | [removed: 2,739,217] [added: 3,201,552] | | |

| Financial Services | | | [removed: 2,140,708] [added: 2,010,598] | | | | | | [removed: 2,447,039] [added: 2,140,708] | | |

| Multifamily | | | [removed: 181,883] [added: 113,361] | | | | | | [removed: 278,177] [added: 181,883] | | |

| Lennar Other | | | [removed: 105,756] [added: 100,447] | | | | | | [removed: 79,127] [added: 105,756] | | |

| Total liabilities | | | [removed: 13,291,556] [added: 12,289,828] | | | | | | [removed: 12,532,337] [added: 13,291,556] | | |

| Commitments and contingent liabilities (See Note [removed: 9)] [added: 10)] | | | | | | | | | | | |

| Class A common stock of $0.10 par value per share; Authorized: [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] - 400,000,000 shares; Issued: [removed: 2024] [added: 2025] - [removed: 259,979,453] [added: 261,579,253] shares; [removed: 2023] [added: 2024] - [removed: 258,475,012] [added: 259,979,453] shares | | | [removed: 25,998] [added: 26,158] | | | | | | [removed: 25,848] [added: 25,998] | | |

| Class B common stock of $0.10 par value per share; Authorized: [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] - 90,000,000 shares; Issued: [removed: 2024] [added: 2025] - 36,601,215 shares; [removed: 2023] [added: 2024] - 36,601,215 shares | | | 3,660 | | | | | | 3,660 | | |

Spin-off of Millrose Properties Inc. (Note 2 and 9)

As described in Note 2 and 9 to the financial statements, on February 7, 2025, the Company completed the spin-off of its Millrose Properties Inc. (“Millrose”) business through a pro rata distribution of 80% of the outstanding shares of Millrose to Company stockholders.

The Company subsequently disposed of its remaining 20% interest in Millrose in November 2025.

As a result of this transaction, the Company performed a reassessment of control over Millrose and determined that Millrose met the definition of a variable interest entity (VIE) in which the Company held a variable interest.

The assessment further showed that the Company was not the primary beneficiary and should not consolidate Millrose because the Company does not have the power, either explicitly or implicitly through voting rights or otherwise, to direct the activities that most significantly impact the economic performance of Millrose.

Accordingly, the Company deconsolidated the Millrose net assets from the Company's financial statements on the date of the spin-off transaction.

We identified the determination of the primary beneficiary under the VIE model for the Company's post spin-off contractual arrangements in Millrose as a critical audit matter.

Evaluating whether the Company had the substantive power to direct the activities that most significantly impacted the economic performance of Millrose required a high degree of complex auditor judgment.

- Evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's VIE model, including the Company's control related to its determination of the primary beneficiary.

- Inquired of management to obtain an understanding of and evaluate the business purpose of the transaction and the activities that most significantly impact the economic performance of the entity.

- Evaluated management's determination of how decisions about the most significant activities are made and the party or parties that make them, including whether the Company's economic interest in Millrose as a VIE provides actual or effective power beyond its stated power.

- With the assistance of professionals with specialized knowledge related to the accounting for VIE's, we evaluated the governing documents of Millrose, including the Master Program Agreement, Master Option Agreement, and other publicly disclosed information to determine whether the Company held any substantive participating rights or had substantive power to direct the activities that most significantly impact Millrose’s economic performance.

January 28, 2026

| | | | 2025 (1) | | | | | | 2024 (1) | | |

| | | | 29,253,256 | | | | | | 35,594,469 | | |

| | | | 2025 (2) | | | | | | 2024 (2) | | |

| | | | 10,065,422 | | | | | | 10,863,209 | | |

Years Ended November 30, 2025, 2024 and 2023

(Dollars in thousands, except per share amounts)

| Millrose Properties, Inc. spin-off | | | (4,838,827) | | | | | | — | | | | | | — | | |

| Non-cash purchases of treasury stock through Millrose Properties, Inc. exchange offer | | | (999,676) | | | | | | — | | | | | | — | | |

Years Ended November 30, 2025, 2024 and 2023

| Loss on Millrose Properties, Inc. exchange offer | | | 156,076 | | | | | | — | | | | | | — | | |

| Gains on sale of investments in unconsolidated entities and other | | | (35,900) | | | | | | — | | | | | | — | | |

| Proceeds from sale of investments in unconsolidated entities | | | 258,672 | | | | | | — | | | | | | — | | |

| Proceeds from sale of investments | | | 100,330 | | | | | | — | | | | | | — | | |

| Proceeds from sale of loan receivables | | | 114,661 | | | | | | — | | | | | | — | | |

| Acquisitions, net of cash and restricted cash acquired | | | (254,492) | | | | | | — | | | | | | — | | |

Years Ended November 30, 2025, 2024 and 2023

(In thousands)

| Borrowings under term loan facility | | | $ | 1,710,000 | | | | | — | | | | | | — | | |

| Proceeds from issuance of senior notes | | | 700,000 | | | | | | — | | | | | | — | | |

| Net cash distributed in connection with Millrose Properties, Inc spin-off | | | (416,006) | | | | | | — | | | | | | — | | |

| Receipts related to noncontrolling interests | | | 32,105 | | | | | | 20,117 | | | | | | 21,149 | | |

| Payments related to noncontrolling interests | | | (19,878) | | | | | | (46,650) | | | | | | (71,272) | | |

| Debt issuance costs | | | (6,502) | | | | | | — | | | | | | — | | |

| Millrose Properties, Inc. spin-off: | | | | | | | | | | | | | | | | | |

| Inventories | | | $ | (5,578,704) | | | | | — | | | | | | — | | |

| Other assets | | | (60,156) | | | | | | — | | | | | | — | | |

| Notes payable | | | 19,000 | | | | | | — | | | | | | — | | |

Lennar Homebuilding and Lennar Multifamily Investments in Unconsolidated Entities - Consolidation of Variable Interest Entities - Refer to Note 1, Summary of Significant Accounting Policies (Variable Interest Entities), and Note 8, Variable Interest Entities, to the Consolidated financial statements

Generally Accepted Accounting Principles (“GAAP’’) requires the assessment of whether an entity is a Variable interest entity (“VIE”) and, if so, if the Company is the primary beneficiary at the inception of the entity or at a reconsideration event.

Certain of the Company’s investments in unconsolidated entities within their Homebuilding and Multifamily segments need to be evaluated for consolidation, including determining whether the joint venture is a VIE, and if so, whether the Company is the primary beneficiary.

This assessment is performed at the formation of the joint venture and upon the occurrence of reconsideration events.

This determination requires significant judgment by management.

We identified the consolidation and primary beneficiary assessment upon formation and the occurrence of reconsideration events of certain of the Company’s VIE’s as a critical audit matter given the significant judgment required by management.

[Table of](#i7068edb82cc0440d8dd06aaa027b5fc4_253) [Contents](#i7068edb82cc0440d8dd06aaa027b5fc4_253)

This required a high degree of auditor judgment and an increased extent of audit effort due to the complexity of the entity structures and agreements.

- We tested the design and operating effectiveness of the investment consolidation controls over the initial accounting assessment of joint ventures and the continuous reassessment for reconsideration events, as required by the accounting framework.

- We selected a sample of unconsolidated and consolidated joint ventures and evaluated the appropriateness of the Company’s accounting conclusions upon formation and reconsideration events by:

◦Reading the joint venture agreements and other related documents and evaluating the structure and terms of the agreement as well as any reconsideration events which took place during the year to determine if the joint venture should be classified as a VIE.

◦If an entity is determined to be a VIE, considering whether the Company appropriately determined the primary beneficiary by evaluating the contractual arrangements of the entity to determine if the Company has the power to direct activities that most significantly impact the VIE’s economic performance, and if the Company has the obligation to absorb losses of the entity or the right to receive benefits from the entity that could be significant to the VIE.

◦For consolidated joint ventures, evaluating whether any reconsideration events occurred during the year that would result in deconsolidation, and if so, verify that deconsolidation occurred properly.

◦Evaluating the evidence obtained in other areas of the audit to determine if there were additional reconsideration events that had not been identified by the Company, including, among others, reading joint venture board minutes and agreeing the terms of certain joint venture agreements and side agreements, if any.

January 23, 2025

| | | | 35,594,469 | | | | | | 33,628,392 | | |

| | | | 10,863,209 | | | | | | 9,727,994 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Reclassification adjustments for gains included in net earnings | | | — | | | | | | — | | | | | | 2,285 | | |

| Retirement of treasury stock | | | — | | | | | | — | | | | | | (4,667) | | |

| Retirement of treasury stock | | | — | | | | | | — | | | | | | (284) | | |

| Retirement of treasury stock | | | — | | | | | | — | | | | | | (3,533,425) | | |

| Premium paid for purchase of noncontrolling interests | | | — | | | | | | — | | | | | | (37,342) | | |

| Retirement of treasury stock | | | — | | | | | | — | | | | | | 3,538,376 | | |

| Non-cash consolidations/deconsolidations, net | | | — | | | | | | — | | | | | | (55,240) | | |

| Proceeds from sale of commercial mortgage-backed securities bonds | | | — | | | | | | — | | | | | | 9,191 | | |

| Other receipts, net | | | — | | | | | | — | | | | | | 1,399 | | |

| Consolidation/deconsolidation of unconsolidated/consolidated entities, net: | | | | | | | | | | | | | | | | | |

| Inventories | | | — | | | | | | — | | | | | | (101,946) | | |

| Operating properties and equipment and other assets | | | — | | | | | | — | | | | | | 33,200 | | |

| Noncontrolling interests | | | — | | | | | | — | | | | | | 55,240 | | |

million, respectively, of cash held in escrow for approximately two days.

| | | | 1,055,610 | | | | | | 890,366 | | |

| 2023 | | | 25 | | | | | | 18 | | | | | | 95,731 | | | | | | 37,500 | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

The increase was primarily due to consolidation of land bank option contracts and reclassifications from land and land under development to consolidated inventory not owned during

the year ended November 30, 2024 as the Company continued to focus on increasing its controlled homesites as compared to owned homesites.

The increase was partially offset by takedowns during the year ended November 30, 2024.

The impairment, if any, would be included in Homebuilding other income, net, Multifamily other gain (loss) or Lennar Other other gain (loss).

A controlling financial interest will have both

Our Executive Chairman and [removed: Co-Chief Executive Officer, our Co-Chief] [added: Chief] Executive Officer [removed: and President (together "Co-CEOs")] [added: ("CEO")] and 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 report.

Based on their participation in that evaluation, our [removed: Co-CEOs] [added: CEO] and CFO concluded that our disclosure controls and procedures were effective as of November 30, [removed: 2024] [added: 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 [removed: both of] our [removed: Co-CEOs] [added: CEO] and CFO, as appropriate to allow timely decisions regarding required disclosures.

[removed: Both of our Co-CEOs] [added: Our CEO] and 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 November 30, [removed: 2024.][added: 2025.]

Under the supervision and with the participation of our management, including [removed: both of] our [removed: Co-CEOs] [added: CEO] and CFO, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in *Internal Control—Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on our evaluation under the framework in *Internal Control—Integrated Framework* (2013)*,* our management concluded that our internal control over financial reporting was effective as of November 30, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of November 30, [removed: 2024] [added: 2025] has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their attestation report which is included herein.

We have audited the internal control over financial reporting of Lennar Corporation and subsidiaries (the “Company”) as of November 30, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of November 30, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended November 30, [removed: 2024,] [added: 2025,] of the Company and our report dated January [removed: 23, 2025] [added: 28, 2026] expressed an unqualified opinion on those financial statements.

| January 28, 2026 | | |

| January 23, 2025 | | |

During the three months ended November 30, [removed: 2024,] [added: 2025,] 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.

We have adopted a Code of Business Conduct and Ethics that applies to [removed: each of] our [removed: Co-Chief] [added: Chief] Executive [removed: Officers] [added: Officer] and [removed: President,] [added: Executive Chairman,] our Chief Financial Officer and our Chief Accounting Officer.

The other information called for by this item is incorporated by reference to our definitive proxy statement, which will be filed with the Securities and Exchange Commission not later than March 30, [removed: 2025] [added: 2026] (120 days after the end of our fiscal year).

The information required by this item is incorporated by reference to our definitive proxy [removed: statement,] [added: statement (other than information included under the subcaption "Pay versus Performance",] which will be filed with the Securities and Exchange Commission not later than March 30, [removed: 2025] [added: 2026] (120 days after the end of our fiscal year).

The information required by this item is incorporated by reference to our definitive proxy statement, which will be filed with the Securities and Exchange Commission not later than March 30, [removed: 2025] [added: 2026] (120 days after the end of our fiscal year), except for the information required by Item 201(d) of Regulation S-K, which is provided below.

The following table summarizes our equity compensation plans as of November 30, [removed: 2024:][added: 2025:]

| Equity compensation plans approved by stockholders | | | [removed: 162,338] [added: —] | | | | | | $ | [removed: 100.00] [added: —] | | | | | [removed: 10,175,484] [added: 8,955,116] | | |

| Total | | | — | | | | | | $ | — | | | | | 8,955,116 | | |

| Total | | | 162,338 | | | | | | $ | 100.00 | | | | | 10,175,484 | | |

The information required by this item is incorporated by reference to our definitive proxy statement, which will be filed with the Securities and Exchange Commission not later than March 30, [removed: 2025] [added: 2026] (120 days after the end of our fiscal year).

The information required by this item is incorporated by reference to our definitive proxy statement, which will be filed with the Securities and Exchange Commission not later than March 30, [removed: 2025] [added: 2026] (120 days after the end of our fiscal year).

| [Report of Independent Registered Public Accounting [removed: Firm](#i7068edb82cc0440d8dd06aaa027b5fc4_115)] [added: Firm](#if27d7e0458a04c0e9345e0736a347b18_115)] (PCAOB ID No. 34) | | | [removed: [48](#i7068edb82cc0440d8dd06aaa027b5fc4_115)] [added: [48](#if27d7e0458a04c0e9345e0736a347b18_115)] | | |

| [Consolidated Balance Sheets as of November 30, [removed: 2024] [added: 2025] and [removed: 2023](#i7068edb82cc0440d8dd06aaa027b5fc4_118)] [added: 2024](#if27d7e0458a04c0e9345e0736a347b18_118)] | | | [removed: [50](#i7068edb82cc0440d8dd06aaa027b5fc4_118)] [added: [50](#if27d7e0458a04c0e9345e0736a347b18_118)] | | |

| [Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended November 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i7068edb82cc0440d8dd06aaa027b5fc4_124)] [added: 2023](#if27d7e0458a04c0e9345e0736a347b18_124)] | | | [removed: [52](#i7068edb82cc0440d8dd06aaa027b5fc4_124)] [added: [52](#if27d7e0458a04c0e9345e0736a347b18_124)] | | |

| [Consolidated Statements of Equity for the Years Ended November 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i7068edb82cc0440d8dd06aaa027b5fc4_127)] [added: 2023](#if27d7e0458a04c0e9345e0736a347b18_127)] | | | [removed: [53](#i7068edb82cc0440d8dd06aaa027b5fc4_127)] [added: [53](#if27d7e0458a04c0e9345e0736a347b18_127)] | | |

| [Consolidated Statements of Cash Flows for the Years Ended November 30, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i7068edb82cc0440d8dd06aaa027b5fc4_130)] [added: 2023](#if27d7e0458a04c0e9345e0736a347b18_130)] | | | [removed: [54](#i7068edb82cc0440d8dd06aaa027b5fc4_130)] [added: [54](#if27d7e0458a04c0e9345e0736a347b18_130)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i7068edb82cc0440d8dd06aaa027b5fc4_133)] [added: Statements](#if27d7e0458a04c0e9345e0736a347b18_133)] | | | [removed: [55](#i7068edb82cc0440d8dd06aaa027b5fc4_133)] [added: [55](#if27d7e0458a04c0e9345e0736a347b18_133)] | | |

| [Schedule II—Valuation and Qualifying [removed: Accounts](#i7068edb82cc0440d8dd06aaa027b5fc4_262)] [added: Accounts](#if27d7e0458a04c0e9345e0736a347b18_262)] | | | [removed: [95](#i7068edb82cc0440d8dd06aaa027b5fc4_262)] [added: [98](#if27d7e0458a04c0e9345e0736a347b18_262)] | | |

| 4.3 | | | [removed: [Tenth Supplemental Indenture,] [added: [Indenture,] dated as of [removed: April 28, 2015,] [added: November 29, 2017,] among Lennar Corporation, each of the guarantors identified therein and The Bank of New York Mellon, as trustee, including the form of [removed: 4.750%] [added: 4.75%] Senior Notes due [removed: 2025] [added: 2027] - Incorporated by reference to Exhibit [removed: 4.14] [added: 4.1] of the Company’s Current Report on Form 8-K, dated [removed: April 28, 2015.](https://www.sec.gov/Archives/edgar/data/920760/000119312515156659/d916893dex414.htm)] [added: November 29, 2017.](https://www.sec.gov/Archives/edgar/data/920760/000119312517357394/d438218dex41.htm)] | | |

| 4.4 | | | [Indenture, dated as of [removed: November 29, 2017,] [added: February 20, 2018,] among Lennar Corporation, each of the guarantors identified therein and The Bank of New York Mellon, as trustee, [added: governing the 5.25% Senior Notes due June 1, 2026,] including the form of [removed: 4.75%] [added: 5.25%] Senior Notes due [removed: 2027] [added: June 1, 2026] - Incorporated by reference to Exhibit [removed: 4.1] [added: 4.7] of the Company’s Current Report on Form 8-K, dated [removed: November 29, 2017.](https://www.sec.gov/Archives/edgar/data/920760/000119312517357394/d438218dex41.htm)] [added: February 16, 2018.](https://www.sec.gov/Archives/edgar/data/920760/000119312518050568/d513500dex47.htm)] | | |

| 4.5 | | | [Indenture, dated as of February 20, 2018, among Lennar Corporation, each of the guarantors identified therein and The Bank of New York Mellon, as trustee, governing the [removed: 5.25%] [added: 5.00%] Senior Notes due June [removed: 1, 2026,] [added: 15, 2027,] including the form of [removed: 5.25%] [added: 5.00%] Senior Notes due June [removed: 1, 2026] [added: 15, 2027] - Incorporated by reference to Exhibit [removed: 4.7] [added: 4.8] of the Company’s Current Report on Form 8-K, dated February 16, [removed: 2018.](https://www.sec.gov/Archives/edgar/data/920760/000119312518050568/d513500dex47.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/920760/000119312518050568/d513500dex48.htm)] | | |

| 4.6 | | | [removed: [Indenture,] [added: [Fifteenth Supplemental Indenture,] dated as of [removed: February 20, 2018,] [added: May 19, 2025,] among Lennar Corporation, each of the [removed: guarantors] [added: Guarantors] identified therein and The Bank of New York Mellon, as trustee, [removed: governing the 5.00% Senior Notes due June 15, 2027,] including the form of [removed: 5.00%] [added: 5.200%] Senior Notes due [removed: June 15, 2027] [added: 2030 and the form of Guarantee] - Incorporated by reference to Exhibit [removed: 4.8] [added: 4.1] of the Company’s Current Report on Form 8-K, dated [removed: February 16, 2018.](https://www.sec.gov/Archives/edgar/data/920760/000119312518050568/d513500dex48.htm)] [added: May 14, 2025.](https://www.sec.gov/Archives/edgar/data/920760/000162828025026533/exhibit41-lennarxfifteenth.htm)] | | |

| [removed: 10.6*] [added: 10.8*] | | | [Form of Aircraft Time Sharing Agreement, dated February 12, 2015, between U.S. Home Corporation and Lessee - Incorporated by reference to Exhibit 10.19 of the Company’s Current Report on Form 8-K, dated February 12, 2015.](https://www.sec.gov/Archives/edgar/data/920760/000119312515054307/d875705dex1019.htm) | | |

| [removed: 10.7*] [added: 10.9*] | | | [Aircraft Time Sharing Agreement, dated December 4, 2023, between U.S. Home, LLC and Stuart Miller - Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated December 4, 2023.](https://www.sec.gov/Archives/edgar/data/920760/000119312523289172/d58652dex101.htm) | | |

| [removed: 10.8*] [added: 10.10*] | | | [Aircraft Time Sharing Agreement, dated December 4, 2023, between U.S. Home, LLC and Jonathan M. Jaffe - Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated December 4, 2023.](https://www.sec.gov/Archives/edgar/data/920760/000119312523289172/d58652dex102.htm) | | |

| [removed: 10.9] [added: 10.11] | | | [Separation Agreement and General Release, dated July 14, 2023, between Lennar Corporation and Rick Beckwitt - Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated July 14, 2023.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828023024926/len-20230714.htm) | | |

| [removed: 10.10*] [added: 10.12*] | | | [Master Agreement, dated October 8, 2020, between AG Essential Housing Company 1, L.P. and Essential Housing Financing, LLC - Incorporated by reference to Exhibit 10.12 of the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2020.](https://www.sec.gov/Archives/edgar/data/0000920760/000162828021000722/len-20201130x10kxexh1012.htm) | | |

| [removed: 10.11*] [added: 10.13*] | | | [Form of [removed: 2021] [added: 2022] Award Agreement under the Company’s 2016 Equity Incentive Plan for Mr. Miller, Mr. [removed: Beckwitt, Mr. Jaffe, Ms. Bessette and Mr. McCall -] [added: Jaffe,](https://www.sec.gov/Archives/edgar/data/920760/000119312522066148/d320216dex102.htm) [and](https://www.sec.gov/Archives/edgar/data/920760/000119312522066148/d320216dex102.htm) [Ms. Bessette](https://www.sec.gov/Archives/edgar/data/920760/000119312522066148/d320216dex102.htm) [](https://www.sec.gov/Archives/edgar/data/920760/000119312522066148/d320216dex102.htm)[\-] Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated February [removed: 26, 2021.](https://www.sec.gov/Archives/edgar/data/920760/000119312521067743/d14705dex102.htm)] [added: 28, 2022.](https://www.sec.gov/Archives/edgar/data/920760/000119312522066148/d320216dex102.htm)] | | |

| [removed: 10.12*] [added: 10.14*] | | | [Form of [added: the Amended and Restated] 2022 Award Agreement under the [removed: Company’s] [added: Company's] 2016 Equity Incentive Plan for Mr. [removed: Miller, Mr. Jaffe, Ms. Bessette] [added: Miller] and Mr. [removed: McCall] [added: Jaffe] - Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated [removed: February 28, 2022.](https://www.sec.gov/Archives/edgar/data/920760/000119312522066148/d320216dex102.htm)] [added: November 17, 2022.](https://www.sec.gov/Archives/edgar/data/920760/000119312522290031/d386121dex102.htm)] | | |

| [removed: 10.13*] [added: 10.15*] | | | [Form of the [removed: Amended and Restated] 2022 Award Agreement [added: for Performance Shares granted] under the Company's 2016 Equity Incentive Plan for Mr. Miller and Mr. Jaffe - Incorporated by reference to Exhibit [removed: 10.2] [added: 10.3] of the Company’s Current Report on Form 8-K, dated November 17, [removed: 2022.](https://www.sec.gov/Archives/edgar/data/920760/000119312522290031/d386121dex102.htm)] [added: 2022.](https://www.sec.gov/Archives/edgar/data/920760/000119312522290031/d386121dex103.htm)] | | |

| [removed: 10.14*] [added: 10.16*] | | | [Form of [removed: the 2022] [added: 2023] Award Agreement [removed: for Performance Shares granted] under the [removed: Company's] [added: Company’s] 2016 Equity Incentive Plan for Mr. [removed: Miller and] [added: Miller,] Mr. [removed: Jaffe -] [added: Jaffe](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828023010604/len-20230228.htm)[, and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828023010604/len-20230228.htm) [Ms. Bessette](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828023010604/len-20230228.htm) [-] Incorporated by reference to Exhibit [removed: 10.3] [added: 10.2] of the Company’s Current Report on Form 8-K, dated [removed: November 17, 2022.](https://www.sec.gov/Archives/edgar/data/920760/000119312522290031/d386121dex103.htm)] [added: February 28, 2023.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828023010604/len-20230228.htm)] | | |

| [removed: 10.15*] [added: 10.29*] | | | [removed: [2023] [added: [Form of 2025] Award [removed: Agreements] [added: Agreement] under the Company’s 2016 [added: Equity] Incentive [removed: Compensation] Plan, as [removed: amended,] [added: amended and restated,] for Mr. Miller, Mr. [removed: Jaffe, Ms. Bessette, Mr. McCall] [added: Jaffe] and [removed: Mr. Sustana -] [added: Ms. Bessette –] Incorporated by reference to Exhibit [removed: 10.1] [added: 10.6] of the Company’s Current Report on Form [removed: 8-K, dated] [added: 10-Q for the quarter ended] February 28, [removed: 2023.](https://www.sec.gov/Archives/edgar/data/920760/000119312523061576/d444988dex101.htm)] [added: 2025.](https://www.sec.gov/Archives/edgar/data/920760/000162828025016792/len-ex106_2025228x10qq1.htm)] | | |

| [removed: 10.16*] [added: 10.21*] | | | [removed: [2023] [added: [2024] Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Mr. Collins – Incorporated by reference to Exhibit [removed: 10.1] [added: 10.8] of the Company’s Current Report on Form 10-Q for the quarter ended February 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) | | |

| 10.17* | | | [removed: [Amended 2023] [added: [2024] Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Mr. [removed: Collins –] [added: Miller–] Incorporated by reference to Exhibit [removed: 10.2] [added: 10.3] of the Company’s Current Report on Form 10-Q for the quarter ended February 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) | | |

| [removed: 10.18*] [added: 10.22*] | | | [Form of [removed: 2023] [added: 2024] Award Agreement under the Company’s 2016 Equity Incentive Plan for Mr. Miller, Mr. [removed: Jaffe, Ms. Bessette and Mr. McCall -] [added: Jaffe,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) [and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) [Ms. Bessette](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) [–] Incorporated by reference to Exhibit [removed: 10.2] [added: 10.9] of the Company’s Current Report on Form [removed: 8-K, dated] [added: 10-Q for the quarter ended] February [removed: 28, 2023.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828023010604/len-20230228.htm)] [added: 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm)] | | |

| 10.19* | | | [2024 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for [removed: Mr. Miller–] [added: Ms. Bessette –] Incorporated by reference to Exhibit [removed: 10.3] [added: 10.5] of the Company’s Current Report on Form 10-Q for the quarter ended February 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) | | |

| [removed: 10.20*] [added: 10.18*] | | | [2024 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Mr. Jaffe – Incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 10-Q for the quarter ended February 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) | | |

| [removed: 10.21*] [added: 10.20*] | | | [2024 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for [removed: Ms. Bessette] [added: Mr. Sustana] – Incorporated by reference to Exhibit [removed: 10.5] [added: 10.7] of the Company’s Current Report on Form 10-Q for the quarter ended February 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm) | | |

| [removed: 10.22*] [added: 10.23*] | | | [removed: [2024] [added: [2025] Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Mr. [removed: McCall] [added: Miller] – Incorporated by reference to Exhibit [removed: 10.6] [added: 10.1] of the Company’s Current Report on Form 10-Q for the quarter ended February [removed: 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm)] [added: 28, 2025.](https://www.sec.gov/Archives/edgar/data/920760/000162828025016792/len-ex101_2025228x10qq1.htm)] | | |

| [removed: 10.23*] [added: 10.26*] | | | [removed: [2024] [added: [2025] Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Mr. Sustana – Incorporated by reference to Exhibit [removed: 10.7] [added: 10.4] of the Company’s Current Report on Form 10-Q for the quarter ended February [removed: 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm)] [added: 28, 2025.](https://www.sec.gov/Archives/edgar/data/920760/000162828025016792/len-ex104_2025228x10qq1.htm)] | | |

| 10.24* | | | [removed: [2024] [added: [2025] Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Mr. [removed: Collins] [added: Jaffe] – Incorporated by reference to Exhibit [removed: 10.8] [added: 10.2] of the Company’s Current Report on Form 10-Q for the quarter ended February [removed: 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm)] [added: 28, 2025.](https://www.sec.gov/Archives/edgar/data/920760/000162828025016792/len-ex102_2025228x10qq1.htm)] | | |

| 10.25* | | | [removed: [Form of 2024] [added: [2025] Award Agreement under the Company’s 2016 [removed: Equity] Incentive [removed: Plan] [added: Compensation Plan, as amended,] for [removed: Mr. Miller, Mr. Jaffe,] Ms. [removed: Bessette, and Mr. McCall] [added: Bessette] – Incorporated by reference to Exhibit [removed: 10.9] [added: 10.3] of the Company’s Current Report on Form 10-Q for the quarter ended February [removed: 29, 2024.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000920760/000162828024013820/len-20240229.htm)] [added: 28, 2025.](https://www.sec.gov/Archives/edgar/data/920760/000162828025016792/len-ex103_2025228x10qq1.htm)] | | |

| 19 | | | [Insider Trading [removed: Policy.](https://www.sec.gov/Archives/edgar/data/920760/000162828025002404/len-20241130x10kxexh19.htm)] [added: Policy.](https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130x10kxexh19.htm)] | | |

| 21 | | | [List of [removed: subsidiaries.](https://www.sec.gov/Archives/edgar/data/920760/000162828025002404/len-20241130x10kxexh21.htm)] [added: subsidiaries.](https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130x10kxexh21.htm)] | | |

| 22.1 | | | [List of guarantor [removed: subsidiaries.](https://www.sec.gov/Archives/edgar/data/920760/000162828025002404/len-20241130x10kxexh221.htm)] [added: subsidiaries.](https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130x10kxexh221.htm)] | | |