Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes included under Item 1 of this Quarterly Report on Form 10-Q and our audited consolidated financial statements and accompanying notes included in our 2024 Form 10-K.

Outlook

Our third quarter results reflect the continued softening of market conditions and affordability challenges against the backdrop of what might be the beginnings of an improving economic landscape for the housing market. While our deliveries were just below our goal and we sold more homes than expected during the quarter, it was at the expense of margin deterioration. Sales volume was difficult to maintain and required additional incentives in order to achieve our expected pace and avoid a buildup of excess inventory. Accordingly, we remained focused on volume and even flow production, although at a slightly slower pace. We will maintain responsible volume to maintain an affordable cost structure and relieve pressure on sales and deliveries which will establish a floor on margin as the overall housing market continues to remain short on supply.

The macroeconomic landscape remains challenging, and diminished consumer confidence is being affected by a wide range of uncertainties, both domestic and global. We have begun to see interest rates drift downwards and we’re just beginning to see consumers return to the market. Against that backdrop, supply remains constrained in most markets driven by years of underproduction. New construction has slowed as builders have pulled back on production due to slow sales and affordability concerns therefore exacerbating the chronic supply shortage. Demand is still high as people want and need homes, but affordability and waning confidence around buying now have been constraining that demand. We are optimistic that if mortgage rates approach the 6% level, or even lower, we will soon see some firming in the market, and we will benefit from stronger affordability and therefore demand.

Operationally, we will continue to drive growth, production and volume to fill the housing shortage that we know persists across our markets. We remain focused on leveraging advanced technology throughout our homebuilding operations. We look to position ourselves as the leading technology-enabled, low-cost homebuilding manufacturer. We are now situated with a lower cost structure, efficient product offerings, and strong market positions to accommodate pent-up demand as rates moderate and confidence ultimately returns. Financially, we are focused on driving an efficient, land-light balance sheet to effectively have land banks and third parties hold and develop our land assets while we build cash flow.

Looking ahead to the fourth quarter of 2025, we anticipate selling between 20,000 to 21,000 homes and delivering between 22,000 and 23,000 homes. Our average sales price is expected to be between $380,000 and $390,000, as we continue to see pricing pressure on homes sold during the quarter. We are focused on driving sales and closings and maintaining strong current cash flow even at reduced profitability. We expect our margin to come in at approximately 17.5%, depending on market conditions.

While the short-term road ahead may seem choppy, we are optimistic about our future. We are well-prepared with a strong national footprint, increasing community count, and growing volume. Our strong balance sheet and land banking relationships, along with our technology-enabled solutions, will afford us flexibility and advantaged opportunities for strategic growth.

(1) Results of Operations

Overview

We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the three and nine months ended August 31, 2025 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns.

Our net earnings attributable to Lennar were $591.0 million, or $2.29 per diluted share, in the third quarter of 2025, compared to our third quarter net earnings attributable to Lennar in 2024 of $1.2 billion, or $4.26 per diluted share. Excluding mark-to-market gains of $99.2 million on technology investments, third quarter net earnings attributable to Lennar in 2025 were $516.0 million, or $2.00 per diluted share. Excluding mark-to-market gains of $39.1 million on technology investments and one-time items of $89.0 million in our Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion or $3.90 per diluted share.

Financial information relating to our operations was as follows:

			Three Months Ended August 31, 2025
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate						Total
Revenues:
Sales of homes			$	8,213,580					—						—						—						—						8,213,580
Sales of land			30,521						—						—						—						—						30,521
Other revenues			9,574						314,195						228,465						13,943						—						566,177
Total revenues			8,253,675						314,195						228,465						13,943						—						8,810,278
Costs and expenses:
Costs of homes sold			6,779,563						—						—						—						—						6,779,563
Costs of land sold			41,065						—						—						—						—						41,065
Selling, general and administrative expenses			676,491						—						—						—						—						676,491
Other costs and expenses			—						136,323						238,791						45,450						—						420,564
Total costs and expenses			7,497,119						136,323						238,791						45,450						—						7,917,683
Equity in earnings (losses) from unconsolidated entities			10,190						—						(6,790)						7,422						—						10,822
Other income (expense), net and other gains (losses), net			(6,961)						—						645						(12,640)						—						(18,956)
Lennar Other realized and unrealized gains from technology investments			—						—						—						99,223						—						99,223
Operating earnings (loss)			$	759,785					177,872						(16,471)						62,498						—						983,684
Corporate general and administrative expenses			—						—						—						—						171,397						171,397
Charitable foundation contribution			—						—						—						—						21,584						21,584
Earnings (loss) before income taxes			$	759,785					177,872						(16,471)						62,498						(192,981)						790,703

			Three Months Ended August 31, 2024
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate						Total
Revenues:
Sales of homes			$	9,017,627					—						—						—						—						9,017,627
Sales of land			19,466						—						—						—						—						19,466
Other revenues			8,599						273,270						93,443						3,637						—						378,949
Total revenues			9,045,692						273,270						93,443						3,637						—						9,416,042
Costs and expenses:
Costs of homes sold			6,989,603						—						—						—						—						6,989,603
Costs of land sold			22,720						—						—						—						—						22,720
Selling, general and administrative expenses			600,719						—						—						—						—						600,719
Other costs and expenses			—						128,870						184,708						17,176						—						330,754
Total costs and expenses			7,613,042						128,870						184,708						17,176						—						7,943,796
Equity in earnings (losses) from unconsolidated entities			25,220						—						170,266						(8,865)						—						186,621
Other income (expense), net and other gains (losses), net			20,048						—						(93)						3,376						—						23,331
Lennar Other unrealized gains from technology investments			—						—						—						39,123						—						39,123
Operating earnings			$	1,477,918					144,400						78,908						20,095						—						1,721,321
Corporate general and administrative expenses			—						—						—						—						164,672						164,672
Charitable foundation contribution			—						—						—						—						21,516						21,516
Earnings (loss) before income taxes			$	1,477,918					144,400						78,908						20,095						(186,188)						1,535,133

			Nine Months Ended August 31, 2025
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate						Total
Revenues:
Sales of homes			$	23,242,401					—						—						—						—						23,242,401
Sales of land			109,042						—						—						—						—						109,042
Other revenues			29,964						889,370						521,966						26,582						—						1,467,882
Total revenues			23,381,407						889,370						521,966						26,582						—						24,819,325
Costs and expenses:
Costs of homes sold			19,070,239						—						—						—						—						19,070,239
Costs of land sold			133,315						—						—						—						—						133,315
Selling, general and administrative expenses			1,981,077						—						—						—						—						1,981,077
Other costs and expenses			—						410,735						566,844						99,039						—						1,076,618
Total costs and expenses			21,184,631						410,735						566,844						99,039						—						22,261,249
Equity in earnings (losses) from unconsolidated entities			62,910						—						(11,332)						4,594						—						56,172
Other income (expense), net and other gains (losses), net			37,606						—						24,962						(19,097)						—						43,471
Lennar Other realized and unrealized gains from technology investments			—						—						—						7,280						—						7,280
Operating earnings (loss)			$	2,297,292					478,635						(31,248)						(79,680)						—						2,664,999
Corporate general and administrative expenses			—						—						—						—						474,628						474,628
Charitable foundation contribution			—						—						—						—						59,549						59,549
Earnings (loss) before income taxes			$	2,297,292					478,635						(31,248)						(79,680)						(534,177)						2,130,822

			Nine Months Ended August 31, 2024
(In thousands)			Homebuilding						Financial Services						Multifamily						Lennar Other						Corporate						Total
Revenues:
Sales of homes			$	24,277,158					—						—						—						—						24,277,158
Sales of land			53,816						—						—						—						—						53,816
Other revenues			26,768						804,713						322,620						9,489						—						1,163,590
Total revenues			24,357,742						804,713						322,620						9,489						—						25,494,564
Homebuilding costs and expenses:
Costs of homes sold			18,855,087						—						—						—						—						18,855,087
Costs of land sold			43,640						—						—						—						—						43,640
Selling, general and administrative expenses			1,798,306						—						—						—						—						1,798,306
Other costs and expenses			—						382,005						419,580						53,105												854,690
Total costs and expenses			20,697,033						382,005						419,580						53,105						—						21,551,723
Equity in earnings (losses) from unconsolidated entities			54,038						—						140,103						(42,374)						—						151,767
Other income (expense), net and other gains (losses), net			132,122						—						(348)						25,101						—						156,875
Lennar Other unrealized gains from technology investments			—						—						—						12,472						—						12,472
Operating earnings (loss)			$	3,846,869					422,708						42,795						(48,417)						—						4,263,955
Corporate general and administrative expenses			—						—						—						—						478,975						478,975
Charitable foundation contribution			—						—						—						—						58,004						58,004
Earnings (loss) before income taxes			$	3,846,869					422,708						42,795						(48,417)						(536,979)						3,726,976

On February 10, 2025, we completed our acquisition of Rausch Coleman Homes ("Rausch"). Prior year information includes only stand-alone data for Lennar Corporation for the three and nine months ended August 31, 2024.

Three Months Ended August 31, 2025 versus Three Months Ended August 31, 2024

Revenues from home sales decreased 9% in the third quarter of 2025 to $8.2 billion from $9.0 billion in the third quarter of 2024. Revenues were lower primarily due to a 9% decrease in the average sales price of homes delivered. New home deliveries were 21,584 homes in the third quarter of 2025, compared to 21,516 homes in the third quarter of 2024. The average sales price of homes delivered was $383,000 in the third quarter of 2025, compared to $422,000 in the third quarter of 2024.

The decrease in average sales price of homes delivered in the third quarter of 2025 compared to the same period last year was primarily due to continued weakness in the market.

Gross margins on home sales were $1.4 billion, or 17.5%, in the third quarter of 2025, compared to $2.0 billion, or 22.5%, in the third quarter of 2024. During the third quarter of 2025, gross margins decreased primarily due to a lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.

Selling, general and administrative expenses were $676.5 million in the third quarter of 2025, compared to $600.7 million in the third quarter of 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 8.2% in the third quarter of 2025, from 6.7% in the third quarter of 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.

During the three months ended August 31, 2025, our homebuilding operating earnings included $8.7 million of interest income, compared to $33.8 million of interest income in the three months ended August 31, 2024. The decrease in interest income was primarily due to lower cash balances year over year.

Operating earnings for the Financial Services segment were $177.4 million in the third quarter of 2025, compared to $143.6 million in the third quarter of 2024. The increase in operating earnings was primarily due to higher profit per locked loan in the mortgage business as a result of higher margins.

Operating loss for the Multifamily segment was $16.4 million in the third quarter of 2025, compared to operating earnings of $79.0 million in the third quarter of 2024, which were positively impacted by a $179.0 million one-time net gain from the sale of assets in our LMV Fund I, partially offset by a one-time $90.0 million write-down of non-core assets.

Operating earnings for the Lennar Other segment were $62.5 million in the third quarter of 2025, compared to operating earnings of $20.1 million in the third quarter of 2024. The Lennar Other operating earnings for both the third quarter of 2025 and 2024 were primarily related to $99.2 million and $39.1 million mark-to-market gains on our technology investments, respectively.

In the third quarter of 2025 and 2024, we had tax provisions of $190.9 million and $347.9 million, which resulted in an overall effective income tax rate of 24.4% and 23.0%, respectively. For both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in our effective tax rate for the third quarter of 2025 compared to the prior period was primarily due to a decrease in tax credits. On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted, introducing various changes to U.S. federal tax law. We do not expect the Act to have a material impact on our consolidated financial statements for the fiscal year ending November 30, 2025 and are currently evaluating the potential impact of the Act on our future periods.

Nine Months Ended August 31, 2025 versus Nine Months Ended August 31, 2024

Revenues from home sales were $23.2 billion and $24.3 billion in the nine months ended August 31, 2025 and 2024, respectively. Revenues decreased primarily due to a 7% decrease in the average sales price of homes delivered, partially offset by a 3% increase in the number of homes delivered. New home deliveries increased to 59,549 homes in the nine months ended August 31, 2025 from 58,004 homes in the nine months ended August 31, 2024. The average sales price of homes delivered was $393,000 in the nine months ended August 31, 2025, compared to $421,000 in the nine months ended August 31, 2024. The decrease in average sales price of homes delivered in the nine months ended August 31, 2025 compared to the same period last year was primarily due to continued weakness in the market.

Gross margins on home sales were $4.2 billion, or 18.0%, in the nine months ended August 31, 2025, compared to $5.4 billion, or 22.3%, in the nine months ended August 31, 2024. During the nine months ended August 31, 2025, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.

Selling, general and administrative expenses were $2.0 billion in the nine months ended August 31, 2025, compared to $1.8 billion in the nine months ended August 31, 2024. As a percentage of revenues from home sales, selling, general and

administrative expenses increased to 8.5% in the nine months ended August 31, 2025, from 7.4% in the nine months ended August 31, 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.

During the nine months ended August 31, 2025, our homebuilding operating earnings included $45.7 million of interest income, compared to $134.6 million of interest income in the nine months ended August 31, 2024. The decrease in interest income was primarily due to lower cash balances year over year.

Operating earnings for the Financial Services segment were $476.9 million in the nine months ended August 31, 2025, compared to $420.5 million in the nine months ended August 31, 2024. The increase in operating earnings was primarily due to higher profit per locked loan in the mortgage business as a result of higher margins.

Operating loss for the Multifamily segment was $30.9 million in the nine months ended August 31, 2025, compared to operating earnings of $43.1 million in the nine months ended August 31, 2024, which was positively impacted by a $179.0 million one-time net gain from the sale of assets in our LMV Fund I, partially offset by a one-time $90.0 million write-down of non-core assets.

Operating loss for the Lennar Other segment was $79.7 million in the nine months ended August 31, 2025, compared to operating loss of $47.3 million in the nine months ended August 31, 2024. The Lennar Other operating loss for nine months ended August 31, 2025 was primarily due to losses from certain strategic investments, partially offset by mark-to-market gains on our technology investments. The Lennar Other operating loss for the nine months ended August 31, 2024 was primarily related to operating losses from certain strategic investments, which was partially offset by $12.5 million of mark-to-market gains on our technology investments and a $46.5 million one-time gain on the sale of a technology investment.

For the nine months ended August 31, 2025 and 2024, we had tax provisions of $520.5 million and $859.2 million, respectively, which resulted in overall effective income tax rates of 24.7% and 23.2%, respectively. For both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the nine months ended August 31, 2025 from the prior year was primarily due to a decrease in tax credits and a decrease in excess tax benefits from share-based compensation.

Homebuilding Segments

At August 31, 2025, our reportable Homebuilding segments and Homebuilding Other are outlined in Note 3 of the Notes to Condensed Consolidated Financial Statements. The following tables set forth selected financial and operational information related to our homebuilding operations for the periods indicated:

Selected Financial and Operational Data

			Three Months Ended August 31, 2025
			Gross Margins																		Operating Earnings
($ in thousands)			Sales of Homes Revenue						Costs of Sales of Homes						Gross Margin (Loss) %						Net Margins (Losses) on Sales of Homes (1)						Gross Margins (Losses) on Sales of Land						Other Revenues						Equity in Earnings (Losses) from Unconsolidated Entities						Other Income (Expense), net						Operating Earnings (Loss)
East			$	1,679,796					1,362,858						18.9		%				163,716						1,282						3,521						14,338						(1,209)						181,648
Central			2,072,731						1,693,876						18.3		%				188,696						(1,788)						1,030						40						1,480						189,458
South Central			1,507,314						1,247,502						17.2		%				134,693						(2,305)						610						(5)						(2,864)						130,129
West			2,950,118						2,470,021						16.3		%				278,893						(7,733)						1,877						563						(3,277)						270,323
Other (2)			3,621						5,306						(46.5)		%				(8,472)						—						2,536						(4,746)						(1,091)						(11,773)
Totals			$	8,213,580					6,779,563						17.5		%				757,526						(10,544)						9,574						10,190						(6,961)						759,785

			Three Months Ended August 31, 2024
			Gross Margins																		Operating Earnings
($ in thousands)			Sales of Homes Revenue						Costs of Sales of Homes						Gross Margin (Loss) %						Net Margins (Losses) on Sales of Homes (1)						Gross Margins (Losses) on Sales of Land						Other Revenues						Equity in Earnings from Unconsolidated Entities						Other Income, net						Operating Earnings
East			$	2,058,158					1,511,468						26.6		%				388,707						1,810						2,802						8,186						403						401,908
Central			2,202,207						1,705,333						22.6		%				339,956						(3,545)						708						946						5,425						343,490
South Central			1,283,781						993,685						22.6		%				195,938						(132)						594						—						1,367						197,767
West			3,470,255						2,773,873						20.1		%				507,569						(1,387)						1,337						1,624						5,305						514,448
Other (2)			3,226						5,244						(62.6)		%				(4,865)						—						3,158						14,464						7,548						20,305
Totals			$	9,017,627					6,989,603						22.5		%				1,427,305						(3,254)						8,599						25,220						20,048						1,477,918

			Nine Months Ended August 31, 2025
			Gross Margins																		Operating Earnings
($ in thousands)			Sales of Homes Revenue						Costs of Sales of Homes						Gross Margin (Loss) %						Net Margins (Losses) on Sales of Homes (1)						Gross Margins (Losses) on Sales of Land						Other Revenues						Equity in Earnings (Losses) from Unconsolidated Entities						Other Income (Expense), net						Operating Earnings
East			$	4,996,822					4,009,377						19.8		%				506,631						2,147						9,970						29,271						31,255						579,274
Central			5,399,868						4,403,944						18.4		%				485,701						(5,478)						3,847						36						4,643						488,749
South Central			4,173,587						3,435,915						17.7		%				391,820						(1,056)						2,369						(13)						(4,219)						388,901
West			8,657,783						7,203,662						16.8		%				833,381						(19,886)						5,220						1,573						(5,760)						814,528
Other (2)			14,341						17,341						(20.9)		%				(26,448)						—						8,558						32,043						11,687						25,840
Totals			$	23,242,401					19,070,239						18.0		%				2,191,085						(24,273)						29,964						62,910						37,606						2,297,292

			Nine Months Ended August 31, 2024
			Gross Margins																		Operating Earnings
($ in thousands)			Sales of Homes Revenue						Costs of Sales of Homes						Gross Margin (Loss) %						Net Margins (Losses) on Sales of Homes (1)						Gross Margins (Losses) on Sales of Land						Other Revenues						Equity in Earnings (Losses) from Unconsolidated Entities						Other Income, net						Operating Earnings
East			$	6,044,179					4,410,341						27.0		%				1,124,900						13,406						8,009						20,600						38,951						1,205,866
Central			5,412,479						4,245,354						21.6		%				717,845						(3,996)						3,030						952						23,718						741,549
South Central			3,548,464						2,737,784						22.8		%				536,931						1,302						1,886						(3)						10,808						550,924
West			9,255,650						7,439,477						19.6		%				1,262,084						(536)						4,545						5,337						30,742						1,302,172
Other (2)			16,386						22,131						(35.1)		%				(17,995)						—						9,298						27,152						27,903						46,358
Totals			$	24,277,158					18,855,087						22.3		%				3,623,765						10,176						26,768						54,038						132,122						3,846,869

(1)Net margins on sales of homes include selling, general and administrative expenses.

(2)Negative gross and net margins were due to period costs in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.

Summary of Homebuilding Data

Deliveries:

			Three Months Ended August 31,
			2025						2024						2025						2024						2025						2024
			Homes												Dollar Value (In thousands)												Average Sales Price
East			4,770						5,270						$	1,744,875					2,108,031						$	366,000					400,000
Central			5,469						5,510						2,072,731						2,202,207						379,000						400,000
South Central			6,413						5,067						1,507,314						1,283,781						235,000						253,000
West			4,926						5,663						2,950,118						3,470,255						599,000						613,000
Other			6						6						3,622						3,225						604,000						538,000
Total			21,584						21,516						$	8,278,660					9,067,499						$	383,000					422,000

Of the total homes delivered listed above, 146 homes with a dollar value of $65.1 million and an average sales price of $446,000 represent homes from unconsolidated entities for the three months ended August 31, 2025, compared to 124 homes with a dollar value of $49.9 million and an average sales price of $402,000 for the three months ended August 31, 2024.

			Nine Months Ended August 31,
			2025						2024						2025						2024						2025						2024
			Homes												Dollar Value (In thousands)												Average Sales Price
East			13,757						15,177						$	5,153,936					6,172,193						$	375,000					407,000
Central			14,102						13,604						5,399,868						5,412,479						383,000						398,000
South Central			17,317						13,999						4,173,587						3,548,464						241,000						253,000
West			14,351						15,193						8,657,783						9,255,650						603,000						609,000
Other			22						31						14,341						16,385						652,000						529,000
Total			59,549						58,004						$	23,399,515					24,405,171						$	393,000					421,000

Of the total homes delivered listed above, 339 homes with a dollar value of $157.1 million and an average sales price of $463,000 represent homes from unconsolidated entities for the nine months ended August 31, 2025, compared to 271 homes with a dollar value of $128.0 million and an average sales price of $472,000 for the nine months ended August 31, 2024.

Sales Incentives (1):

			Three Months Ended August 31,																											Nine Months Ended August 31,
						2025						2024						2025						2024						2025						2024						2025						2024
						Average Sales Incentives Per Home Delivered												Sales Incentives as a % of Revenue												Average Sales Incentives Per Home Delivered												Sales Incentives as a % of Revenue
East						$	78,100					55,000						17.7		%				12.1		%				$	73,700					49,900						16.5		%				11.0		%
Central						50,700						38,700						11.8		%				8.8		%				49,000						40,600						11.3		%				9.3		%
South Central						60,800						53,400						20.5		%				17.4		%				57,800						52,200						19.4		%				17.1		%
West						70,400						46,100						10.5		%				7.0		%				66,800						46,900						10.0		%				7.1		%
Other						86,100						46,200						12.5		%				7.9		%				95,900						74,800						12.8		%				12.4		%
Total						$	64,100					48,100						14.3		%				10.2		%				$	61,500					47,500						13.5		%				10.1		%

(1) Sales incentives relate to homes delivered during the period, excluding homes delivered by unconsolidated entities.

New Orders (2):

			At August 31,												Three Months Ended August 31,
			2025						2024						2025						2024						2025						2024						2025						2024
			Active Communities												Homes												Dollar Value (In thousands)												Average Sales Price
East			348						293						5,665						4,641						$	2,034,232					1,891,226						$	359,000					408,000
Central			464						365						5,555						5,405						2,005,407						2,106,128						361,000						390,000
South Central			411						245						7,055						5,217						1,582,753						1,307,688						224,000						251,000
West			440						378						4,725						5,317						2,814,895						3,254,573						596,000						612,000
Other			1						2						4						7						2,445						2,444						611,000						349,000
Total			1,664						1,283						23,004						20,587						$	8,439,732					8,562,059						$	367,000					416,000

Of the total new orders listed above, 104 homes with a dollar value of $56.7 million and an average sales price of $546,000 represent homes in nine active communities from unconsolidated entities for the three months ended August 31, 2025, compared to 114 homes with a dollar value of $69.1 million and an average sales price of $606,000 in 10 active communities for the three months ended August 31, 2024.

			Nine Months Ended August 31,
			2025						2024						2025						2024						2025						2024
			Homes												Dollar Value (In thousands)												Average Sales Price
East			15,141						13,782						$	5,498,162					5,701,708						$	363,000					414,000
Central			15,562						15,396						5,869,567						6,089,912						377,000						396,000
South Central			18,602						14,861						4,362,932						3,760,078						235,000						253,000
West			14,634						15,979						8,701,073						9,929,956						595,000						621,000
Other			21						38						13,993						17,663						666,000						465,000
Total			63,960						60,056						$	24,445,727					$	25,499,317					$	382,000					425,000

Of the total new orders listed above, 346 homes with a dollar value of $186.4 million and an average sales price of $539,000 represent homes from unconsolidated entities for the nine months ended August 31, 2025, compared to 234 homes with a dollar value of $134.3 million and an average sales price of $574,000 for the nine months ended August 31, 2024.

(2)Homes represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three and nine months ended August 31, 2025 and 2024.

We experienced cancellation rates in our Homebuilding segments and Homebuilding Other as follows:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
			2025						2024						2025						2024
East			14		%				16		%				15		%				16		%
Central			12		%				11		%				11		%				10		%
South Central			16		%				17		%				16		%				17		%
West			14		%				14		%				13		%				12		%
Other			20		%				30		%				19		%				14		%
Total			14		%				14		%				14		%				14		%

Backlog (3):

			At August 31,
			2025						2024						2025						2024						2025						2024
			Homes												Dollar Value (In thousands)												Average Sales Price
East			4,720						5,115						$	1,821,044					2,222,250						$	386,000					434,000
Central			4,862						5,025						1,868,613						2,075,185						384,000						413,000
South Central			4,072						2,757						892,312						694,104						219,000						252,000
West			3,299						4,037						2,066,021						2,753,198						626,000						682,000
Other			—						10						—						2,805						—						280,000
Total			16,953						16,944						$	6,647,990					7,747,542						$	392,000					457,000

Of the total homes in backlog listed above, 86 homes with a backlog dollar value of $93.1 million and an average sales price of $1.1 million represent the backlog from unconsolidated entities at August 31, 2025, compared to 110 homes with a backlog dollar value of $80.7 million and an average sales price of $734,000 at August 31, 2024.

(3) During the nine months ended August 31, 2025, backlog includes 909 acquired homes of which 181, 717 and 11 homes were in the Central, South Central and West homebuilding segments, respectively.

Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally accompanied by sales deposits. In some instances, purchasers are permitted to cancel sales contracts if they fail to qualify for financing or under certain other circumstances. Various state and federal laws and regulations may sometimes give purchasers a right to cancel contracts homes in backlog. We do not recognize revenue on homes under sales contracts until the sales are closed and title passes to the new homeowners.

Three Months Ended August 31, 2025 versus Three Months Ended August 31, 2024

Homebuilding East: Revenues from home sales decreased in the third quarter of 2025 compared to the third quarter of 2024, primarily due to decreases in the number of homes delivered and the average sales price of homes delivered in all the states of the segment except in New Jersey. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of homes delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the third quarter of 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding Central: Revenues from home sales decreased in the third quarter of 2025 compared to the third quarter of 2024, primarily due to decreases in the number of homes delivered in all states of the segment except in Alabama, Illinois, North Carolina and South Carolina and in the average sales price of homes delivered in Alabama, Illinois, Maryland, North Carolina and Virginia. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of homes delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the third quarter of 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding South Central: Revenues from home sales increased in the third quarter of 2025 compared to the third quarter of 2024, primarily due to the Rausch acquisition which resulted in an increase in the number of homes delivered in all states in the segment, partially offset by a decrease in the average sales price of homes delivered. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch. The decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the third quarter of 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding West: Revenues from home sales decreased in the third quarter of 2025 compared to the third quarter of 2024, primarily due to decreases in the number of homes delivered in all the states in the segment except in Idaho and Utah and the average sales price of homes delivered in all the states in the segment except Colorado, Idaho and Washington. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of deliveries per active community due to the timing of homes delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives. In the third quarter of 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Nine Months Ended August 31, 2025 versus Nine Months Ended August 31, 2024

Homebuilding East: Revenues from home sales decreased in the nine months ended August 31, 2025 compared to the nine months ended August 31, 2024, primarily due to decreases in the number of homes delivered and the average sales price of homes delivered in all the states in the segment except in New Jersey. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of homes delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the nine months ended August 31, 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding Central: Revenues from home sales were flat in the nine months ended August 31, 2025 compared to the nine months ended August 31, 2024, primarily due to an increase in the number of homes delivered in Alabama, Illinois, North Carolina, South Carolina and Virginia, which was offset by a decrease in the average sales price of homes delivered in Alabama, Illinois, Maryland, North Carolina, South Carolina and Virginia. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the nine months ended August 31, 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding South Central: Revenues from home sales increased in the nine months ended August 31, 2025, compared to the nine months ended August 31, 2024, primarily due to the Rausch acquisition which resulted in an increase in the number of homes delivered in all states in the segment, partially offset by a decrease in the average sales price of homes delivered. The overall increase in the number of homes delivered was primarily due to an increase in the number of active communities including communities acquired from Rausch. The decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives and product mix. In the nine months ended August 31, 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Homebuilding West: Revenues from home sales decreased in the nine months ended August 31, 2025 compared to the nine months ended August 31, 2024, primarily due to decreases in the number of homes delivered in all the states in the segment except in Idaho and Utah and the average sales price of homes delivered in all states in the segment except in California and Idaho. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of homes delivered per active community due to the timing of homes delivered. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through an increased use of incentives. In the nine months ended August 31, 2025, gross margin percentage of homes delivered decreased due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.

Financial Services Segment

Our Financial Services reportable segment provides mortgage financing, title and closing services primarily for buyers of our homes. The segment also originates and sells into securitizations commercial mortgage loans through its LMF Commercial business. Our Financial Services segment sells substantially all of the residential loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, we retain potential liability for possible claims by purchasers that we breached certain limited industry-standard representations and warranties in the loan sale agreements.

The following table sets forth selected financial and operational information related to the residential mortgage and title activities of our Financial Services segment:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(Dollars in thousands)			2025						2024						2025						2024
Dollar value of mortgages originated			$	5,172,000					5,139,000						14,492,000						14,249,000
Number of mortgages originated			14,600						14,300						40,500						39,400
Mortgage capture rate of Lennar homebuyers			84%						84%						85%						84%
Number of title and closing service transactions			22,700						21,900						62,000						59,900

At August 31, 2025 and November 30, 2024, the carrying value of Financial Services' commercial mortgage-backed securities was $133.6 million and $135.6 million, respectively. Details of these securities and related debt are disclosed in Note 3 of the Notes to Condensed Consolidated Financial Statements.

Multifamily Segment

We have been actively involved, primarily through unconsolidated funds and joint ventures, in the development and construction of multifamily rental properties. Our Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.

The following table provides information related to our investment in the Multifamily segment:

Balance Sheets			At
(In thousands)			August 31, 2025						November 30, 2024
Multifamily investments in unconsolidated entities			$	519,510					503,303
Lennar's net investment in Multifamily			878,511						1,116,295

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers. During the nine months ended August 31, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

Lennar Other Segment

Our Lennar Other segment includes fund investments we retained subsequent to our sale of the Rialto investment and asset management platform, as well as strategic investments in technology companies that are looking to improve the homebuilding and financial services industries to better serve homebuyers and homeowners and increase efficiencies. At August 31, 2025 and November 30, 2024, we had $844.6 million and $894.9 million, respectively, of assets in our Lennar Other segment, which included investments in unconsolidated entities of $372.3 million and $379.4 million, respectively. We have/had investments in Blend Labs, Inc. (“Blend Labs”), Hippo Holdings, Inc. (“Hippo”), Opendoor Technologies, Inc.(“Opendoor”), SmartRent, Inc. (“SmartRent”), Sonder Holdings, Inc. (“Sonder”) and Sunnova Energy International, Inc. (“Sunnova”), which are held at market and the carrying value of which will therefore change depending on the value of our shareholdings in those entities on the last day of each quarter. All of the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings. Details of these investments are included within Note 3 of the Notes to Condensed Consolidated Financial Statements. The following is a detail of Lennar Other realized and unrealized gains from sales of shares and mark-to-market adjustments on our publicly traded technology investments:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(In thousands)			2025						2024						2025						2024
Blend Labs (BLND)			$	—					2,270						(3,737)						5,921
Hippo (HIPO)			27,754						6,609						(598)						33,795
Opendoor (OPEN)			71,345						(564)						39,638						(16,156)
SmartRent (SMRT)			—						(5,634)						(4,483)						(12,206)
Sonder (SOND)			—						71						(19)						82
Sunnova (NOVA)			124						36,371						(23,521)						1,036
Lennar Other realized and unrealized gains from technology investments (1)			$	99,223					39,123						7,280						12,472

(1)During the nine months ended August 31, 2025, we generated $44.7 million of cash and realized a loss of $25.9 million on the sale of our shares in Blend Labs, Hippo, SmartRent, Sonder and Sunnova.

(2) Financial Condition and Capital Resources

At August 31, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $1.8 billion, compared to $5.0 billion at November 30, 2024 and $4.3 billion at August 31, 2024.

We finance all of our activities, including homebuilding, financial services, multifamily, other and general operating needs, primarily with cash generated from our operations, debt issuances and cash borrowed under our warehouse lines of credit and our unsecured revolving credit facility (the “Credit Facility”). At August 31, 2025, we had $1.4 billion of homebuilding cash and cash equivalents and ended the third quarter of 2025 with total liquidity of $5.1 billion.

Operating Cash Flow Activities

During the nine months ended August 31, 2025 and 2024, cash (used in) provided by operating activities totaled ($1.5) billion and $1.4 billion, respectively. During the nine months ended August 31, 2025, cash used in operating activities was impacted by (1) an increase in inventories due to land purchases and construction costs of $1.3 billion; (2) an increase in deposits and pre-acquisition costs on real estate of $1.2 billion as we increased the percentage of controlled homesites primarily as a result of option contracts with Millrose; (3) an increase in other assets of $210 million; and (4) a decrease in accounts payable and other liabilities of $978 million. This was partially offset by our net earnings and a decrease in loans held-for-sale of $240 million primarily related to the sale of loans originated by our Financial Services segment.

During the nine months ended August 31, 2024, cash provided by operating activities was impacted primarily by our net earnings, a decrease in loans held-for-sale of $245 million primarily related to the sale of loans originated by our Financial Services segment. This was offset by (1) an increase in inventories due to strategic land purchases, land development and construction costs of $708 million; (2) an increase in deposits and pre-acquisition costs on real estate of $985 million as we increased the percentage of controlled homesites; and (3) a decrease in accounts payable and other liabilities of $176 million.

Investing Cash Flow Activities

During the nine months ended August 31, 2025 and 2024, cash provided by (used in) investing activities totaled $176 million and ($177) million, respectively. During the nine months ended August 31, 2025, our cash provided by investing activities was primarily due to (1) $233 million received from the sale of an investment in a joint venture, $87 million proceeds from the sale of investments and distributions of capital from unconsolidated entities of $236 million, which primarily included

(1) $86 million from Homebuilding unconsolidated entities, (2) $129 million from Multifamily entities and (3) $21 million from our Lennar Other unconsolidated entities and $115 million proceeds from the sale of notes receivables. This was partially offset by the $254 million acquisition of Rausch, net of cash acquired. In addition, we had cash contributions of $203 million to unconsolidated entities, which included (1) $169 million to Homebuilding unconsolidated entities, (2) $10 million to Lennar other unconsolidated entities and (3) $24 million to Multifamily unconsolidated entities and $103 million of net additions of operating properties and equipment.

During the nine months ended August 31, 2024, our cash used in investing activities was primarily due to cash contributions of $312 million to unconsolidated entities, which included (1) $164 million to Homebuilding unconsolidated entities, (2) $131 million to Lennar Other unconsolidated entities, and (3) $17 million to Multifamily unconsolidated entities and $130 million of net additions of operating properties and equipment. This was partially offset by distributions of capital from unconsolidated entities of $237 million, which primarily included (1) $53 million from Homebuilding unconsolidated entities, (2) $18 million from our Lennar Other unconsolidated entities, and (3) $166 million from Multifamily entities.

Financing Cash Flow Activities

During the nine months ended August 31, 2025 and 2024, cash used in financing activities totaled $1.9 billion and $3.5 billion, respectively. During the nine months ended August 31, 2025, cash used in financing activities was primarily due to (1) $1.8 billion of repurchases of our common stock, which included $1.7 billion of repurchases under our repurchase program and $66 million of repurchases related to our equity compensation plan; (2) $394 million of dividend payments; (3) $479 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks; (4) $416 million net cash in connection with the Millrose spin-off; (5) redemption of $500 million aggregate principal amount of our 4.75% senior notes due May 2025; and (6) $67 million of net repayments under our Financial Services' warehouse facilities. The cash used in financing activities was partially offset by the receipt of proceeds of the sale of $700 million aggregate principal amount of our 5.20% senior notes due 2030 and $1.1 billion of net borrowings under our unsecured revolving Credit Facility.

During the nine months ended August 31, 2024, cash used in financing activities was primarily due to (1) $1.7 billion of repurchases of our common stock, which included $1.6 billion of repurchases under our repurchase program and $86 million of repurchases related to our equity compensation plan; (2) $414 million of dividend payments; (3) $618 million of net repayments under our Financial Services' warehouse facilities; (4) redemption of $454 million aggregate principal amount of our 4.50% senior notes due April 2024; (5) $100 million of partial repurchase of our 4.75% senior notes due 2027; and (6) $125 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks.

Debt to total capital ratios are financial measures commonly used in the homebuilding industry and are presented to assist in understanding the leverage of our homebuilding operations. Homebuilding debt to total capital and net Homebuilding debt to total capital are calculated as follows:

			At
(Dollars in thousands)			August 31, 2025						November 30, 2024						August 31, 2024
Homebuilding debt			$	3,523,766					2,258,283						2,263,256
Stockholders’ equity			22,570,320						27,870,135						27,412,520
Total capital			$	26,094,086					30,128,418						29,675,776
Homebuilding debt to total capital			13.5		%				7.5		%				7.6		%
Homebuilding debt			$	3,523,766					2,258,283						2,263,256
Less: Homebuilding cash and cash equivalents			1,406,215						4,662,643						4,037,405
Net Homebuilding debt			$	2,117,551					(2,404,360)						(1,774,149)
Net Homebuilding debt to total capital (1)			8.6		%				(9.4)		%				(6.9)		%

(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). We believe the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results.

At August 31, 2025, Homebuilding debt to total capital was higher compared to November 30, 2024 and August 31, 2024, primarily as a result of a decrease in stockholders' equity due to the spin-off of Millrose and share repurchases, an increase in Homebuilding debt due to issuance of senior notes and outstanding borrowings under our Credit Facility, and net earnings.

We are continually exploring various types of transactions to manage our leverage and liquidity positions, take advantage of market opportunities and increase our revenues and earnings. These transactions may include the issuance of additional indebtedness, the repurchase of our outstanding indebtedness, the repurchase of our common stock, the acquisition of homebuilders and other companies, the purchase or sale of assets or lines of business, the issuance of common stock, strategic transactions to accelerate our land light strategy or securities convertible into shares of common stock, and/or the pursuit of other financing alternatives. In connection with some of our non-homebuilding businesses, we are also considering other types of transactions such as sales, restructurings, and joint ventures as we continue to move towards being a pure play homebuilding company.

On February 7, 2025, we successfully completed the taxable spin-off of Millrose from Lennar through a distribution of approximately 80% of Millrose's stock to our stockholders. We temporarily retain, but do not vote, the remaining 20% of the total outstanding shares of Millrose common stock, which we expect to dispose of through a split-off, a stock sale or another transaction. In connection with the spin-off, we contributed to Millrose $5.6 billion in land assets and cash of $1.0 billion, which included $584 million of cash deposits related to option contracts. The spin-off transaction accelerates our longstanding strategy of becoming a pure-play, asset-light, new home manufacturing company.

On February 10, 2025, we acquired Rausch, a residential homebuilder based in Fayetteville, Arkansas. We acquired Rausch’s homebuilding operations while Millrose acquired Rausch's land assets and we have options on the land. With this acquisition, we have expanded our footprint into new markets in Arkansas (Bentonville/Fayetteville, Little Rock and Jonesboro), Oklahoma (Tulsa and Stillwater), Alabama (Birmingham and Tuscaloosa), and Kansas/Missouri (Kansas City), while adding to our existing footprint in Texas (Houston and San Antonio), Oklahoma (Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast).

Our Homebuilding senior notes and other debt payable as well as letters of credit and surety bonds are summarized within Note 8 of the Notes to Condensed Consolidated Financial Statements. Our Homebuilding average debt outstanding and the average rates of interest was as follows:

			Nine Months Ended August 31,
(Dollars in thousands)			2025						2024
Homebuilding average debt outstanding			$	2,929,259					2,512,139
Average interest rate			5.0%						4.8%
Interest incurred			$	128,203					100,056

In May 2025, we issued $700 million in aggregate principal amount of 5.20% senior notes due 2030 (the "5.20% senior notes") at a price of 99.969% of the principal amount. Proceeds from the offering, after payment of expenses, totaled $695.6 million. The 5.20% Senior Notes are unsecured and unsubordinated, but are guaranteed by substantially all of our 100% owned homebuilding subsidiaries. Interest on the 5.20% Senior Notes is due semi-annually beginning January 30, 2026.

We utilized the net proceeds from the sale of the 5.20% senior notes primarily to pay off $500 million aggregate principal amount of our 4.75% senior notes due May 2025. The redemption price, which was paid in cash, was 100% of the principal amount outstanding.

In May 2025, we entered into a new unsecured delayed draw term loan facility with an initial committed borrowing availability of approximately $1.6 billion (the “Delayed Draw Term Loan Facility”), which can be increased by an additional $500 million via an accordion feature. In July 2025, the total commitment under the Delayed Draw Term Loan Facility was increased by $100 million, thereby increasing the borrowing available capacity to $1.7 billion. The credit agreement governing our new unsecured Delayed Draw Term Loan Facility permits us to draw up to six times in the first 180 days after the effective date of the credit agreement. Once drawn, we may at any time prepay the loan, in whole or in part, without premium or penalty. The term loan’s maturity date is three years from the initial effectiveness date of the credit agreement or May 2028, and at our discretion, it can be extended for an additional year until May 2029, subject to the satisfaction of certain conditions. Under the Delayed Draw Term Loan Facility, interest rates are equal to the adjusted term SOFR determined for the interest period plus the

applicable margin. As of August 31, 2025, there were no borrowings under the credit agreement governing the new unsecured Delayed Draw Term Loan Facility.

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

(In thousands)						At August 31, 2025
Commitments - maturing in May 2027						$	225,000
Commitments - maturing in November 2029						2,900,000
Total commitments						$	3,125,000
Accordion feature						375,000
Total maximum borrowings capacity						$	3,500,000

The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. In the first quarter of 2025, we received an additional $150 million in commitments. In the third quarter of 2025, we secured an additional $100 million in commitments. The Credit Facility also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Financial Condition and Capital Resources section in our 2024 Form 10-K. In addition to the Credit Facility, we have other letter of credit facilities with different financial institutions.

Under the agreements governing our Credit Facility and Delayed Draw Term Loan Facility, we are required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility and Delayed Draw Term Loan Facility agreements, which involve adjustments to GAAP financial measures. We believe we were in compliance with our debt covenants as of August 31, 2025. The following summarizes our debt covenant requirements and our actual levels or ratios with respect to those covenants as calculated per the Credit Facility and Delayed Draw Term Loan Facility agreements as of August 31, 2025:

(Dollars in thousands)			Covenant Level						Level Achieved
Minimum net worth test			$	10,000,000					16,675,053
Maximum leverage ratio			60.0%						14.2%
Liquidity test			1.00						50.00

Financial Services Warehouse Facilities

Our Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to us and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial warehouse facilities finance LMF Commercial loan origination and securitization activities and are secured by up to 80% interests in the originated commercial loans financed. These facilities and the related borrowings and collateral are detailed in Note 3 of the Notes to Condensed Consolidated Financial Statements.

Changes in Capital Structure

In January 2024, our Board of Directors authorized an increase to our stock repurchase program to enable us to repurchase up to an additional $5 billion in value of our outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date. At August 31, 2025, we have a remaining authorization to repurchase $1.7 billion in value of our Class A or Class B common stock. The details of our Class A and Class B common stock repurchases under the authorized repurchase program for the nine months ended August 31, 2025 and August 31, 2024 are included in Note 5 of the Notes to Condensed Consolidated Financial Statements.

During the nine months ended August 31, 2025, treasury shares increased by 14.8 million shares primarily due to our repurchase of 14.1 million shares of Class A and Class B common stock through our stock repurchase program. During the nine months ended August 31, 2024, treasury shares increased by 11.2 million shares primarily due to our repurchase of $10.6 million shares of Class A and Class B common stock through our stock repurchase program.

On February 7, 2025, we distributed a stock dividend consisting of 120,980,401 shares of Millrose Class A common stock and 11,819,811 shares of Millrose Class B common stock (representing approximately 80% of the total outstanding shares of Millrose common stock) to the holders of Lennar Class A or Class B common stock as of the close of business on January 21, 2025, the record date of the Millrose spin-off.

On September 26, 2025, our Board of Directors declared a quarterly cash dividend of $0.50 per share on both our Class A and Class B common stock, payable on October 27, 2025 to holders of record at the close of business on October 10, 2025. On July 18, 2025, we paid a quarterly cash dividend of 0.50 per share for both our Class A and Class B common stock to holders of record at the close of business day July 3, 2025. We approved and paid cash dividends of $0.50 per share for each of the four quarters of 2024 for both our Class A and Class B common stock.

Based on our current financial condition and credit relationships, we believe that our operations and borrowing resources will provide for our current and long-term capital requirements at our anticipated levels of activity.

Supplemental Financial Information

Our outstanding senior notes are guaranteed by certain of our wholly-owned subsidiaries, which are primarily homebuilding subsidiaries. These guarantees are full and unconditional. The guarantors of our senior notes are currently those subsidiaries that also guarantee Lennar Corporation's letter of credit facilities, its Credit Facility and Delayed Draw Term Loan Facility, which are disclosed in Note 8 of the Notes to Condensed Consolidated Financial Statements. Under the indentures governing our senior notes, guarantees may be suspended or released under certain circumstances.

Supplemental information for the Obligors, which excludes non-guarantor subsidiaries and intercompany transactions, at August 31, 2025 is included in the following tables. Intercompany balances and transactions within the Obligors have been eliminated and amounts attributable to the Obligors' investment in consolidated subsidiaries that have not issued or guaranteed the senior notes have been excluded. Amounts due from and transactions with nonobligor subsidiaries and related parties are separately disclosed:

(In thousands)			At August 31, 2025						At November 30, 2024
Due from non-guarantor subsidiaries			$	14,201,862					18,396,060
Equity method investments			2,316,865						1,078,635
Total assets			40,461,039						50,251,091
Total liabilities			9,008,390						10,067,424

			Nine Months Ended
(In thousands)			August 31, 2025
Total revenues			$	22,131,952
Operating earnings			2,245,294
Earnings before income taxes			1,720,963
Net earnings attributable to Lennar			1,295,435

Off-Balance Sheet Arrangements

We regularly monitor the results of our Homebuilding, Multifamily and Lennar Other unconsolidated joint ventures and any trends that may affect their future liquidity or results of operations. We also monitor the performance of joint ventures in which we have investments on a regular basis to assess compliance with debt covenants. For those joint ventures not in compliance with the debt covenants, we evaluate and assess possible impairment of our investments. We believe that substantially all of the joint ventures were in compliance with applicable debt covenants at August 31, 2025.

Homebuilding: Investments in Unconsolidated Entities

As of August 31, 2025, we had equity investments in 53 active Homebuilding and land unconsolidated entities (of which 4 had recourse debt, 15 had non-recourse debt and 34 had no debt) compared to 51 active Homebuilding and land unconsolidated entities at November 30, 2024. Historically, we have invested in unconsolidated entities that acquired and developed land (1) for our homebuilding operations or for sale to third parties or (2) for the construction of homes for sale to third-party homebuyers. Through these entities, we have primarily sought to reduce and share our risk by limiting the amount of our capital invested in land, while obtaining access to potential future homesites and allowing us to participate in strategic ventures. The use of these entities also, in some instances, has enabled us to acquire land to which we could not otherwise obtain access, or could not obtain access on as favorable terms, without the participation of a strategic partner. Participants in these joint ventures have been land owners/developers, other homebuilders and financial or strategic partners. Joint ventures with land owners/developers have given us access to homesites owned or controlled by our partners. Joint ventures with other homebuilders have provided us with the ability to bid jointly with our partners for large land parcels. Joint ventures with financial partners have allowed us to combine our homebuilding expertise with access to our partners’ capital. Joint ventures with strategic partners have allowed us to combine our homebuilding expertise with the specific expertise (e.g. commercial or infill experience) of our partners. Each joint venture is governed by an executive committee consisting of members from each partner. Details regarding these investments, balances and debt are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.

The following table summarizes the principal maturities of our Homebuilding unconsolidated entities (“JVs”) debt as per current debt arrangements as of August 31, 2025. It does not represent estimates of future cash payments that will be made to reduce debt balances. Many JV loans have extension options in the loan agreements that would allow the loans to be extended into future years.

									Principal Maturities of Unconsolidated JVs by Period
(In thousands)									Total JV Debt						2025						2026						2027						Thereafter						Other
Bank debt without recourse to Lennar									$	1,444,787					217,262						151,462						403,654						672,409						—
Maximum recourse debt exposure to Lennar									31,423						—						9,513						—						21,910						—
Debt issuance costs									(5,320)						—						—						—						—						(5,320)
Total									$	1,470,890					217,262						160,975						403,654						694,319						(5,320)

We own an approximately 40% interest in FivePoint Holdings, LLC., a NYSE listed company, and companies it manages, which own three large multi-use properties in California.

We temporarily hold an approximately 20% investment in the total outstanding shares of Millrose common stock, which we expect to dispose of through a split-off, a stock sale or another transaction.

Multifamily: Investments in Unconsolidated Entities

At August 31, 2025, Multifamily had equity investments in 25 active unconsolidated entities that are engaged in multifamily residential developments (of which 18 had non-recourse debt and 7 had no debt) compared to 23 active unconsolidated entities at November 30, 2024. We invest in unconsolidated entities that acquire and develop land to construct multifamily rental properties. Through these entities, we are focusing on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. Initially, we participated in building multifamily developments and selling them soon after they were completed. Participants in these joint ventures have been financial partners. Joint ventures with financial partners have allowed us to combine our development and construction expertise with access to our partners’ capital. Each joint venture is governed by an operating agreement that provides significant substantive participating voting rights on major decisions to our partners.

The Multifamily segment includes LMV I, LMV II, the CPPIB Fund and the Institutional JV, which are long-term multifamily development investment vehicles involved in the development and construction of class-A multifamily assets. Details of each fund as of and during the nine months ended August 31, 2025 are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.

The following table summarizes the principal maturities of our Multifamily unconsolidated entities debt as per current debt arrangements as of August 31, 2025. It does not represent estimates of future cash payments that will be made to reduce debt balances.

									Principal Maturities of Unconsolidated JVs by Period
(In thousands)									Total JV Debt						2025						2026						2027						Thereafter						Other
Debt without recourse to Lennar									$	2,503,442					112,260						1,140,644						879,090						371,448						—
Debt issuance costs									(23,595)						—						—						—						—						(23,595)
Total									$	2,479,847					112,260						1,140,644						879,090						371,448						(23,595)

Lennar Other: Investments in Unconsolidated Entities

As part of the sale of the Rialto investment and asset management platform, we retained the right to receive a portion of payments with regard to carried interests if certain funds meet specified performance thresholds. We periodically receive advance distributions related to the carried interests in order to cover income tax obligations resulting from allocations of taxable income to the carried interests. These distributions are not subject to clawbacks but reduce future carried interest payments to which we become entitled from the applicable funds and are recorded as equity in earnings (losses) in the condensed consolidated statement of operations. Our investment in the Rialto funds totaled $134.3 million and $140.1 million as of August 31, 2025 and November 30, 2024, respectively.

As of August 31, 2025 and November 30, 2024, we had strategic technology investments in unconsolidated entities of $238.0 million and $239.3 million, respectively, accounted for under the equity method of accounting. Our strategic technology investments through our LENX business help to enhance the homebuying and homeownership experience, and are an important part of our focus on using technology to reduce costs. Details regarding these investments are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.

Option Contracts

We often obtain access to land through option contracts, which generally enable us to control portions of properties owned by third parties (including land banks) and unconsolidated entities until we have determined whether to exercise the options. Since fiscal year 2020, we have been increasing the percentage of our total homesites that we control through option contracts rather than own.

The table below indicates the number of homesites to which we had access through option contracts with third parties and unconsolidated JVs (i.e., controlled homesites) and homesites owned (excluding homes in inventory):

																																	Years of
August 31, 2025															Controlled Homesites						Owned Homesites						Total Homesites						Supply Owned (1)
East															111,916						913						112,829
Central															135,050						3,789						138,839
South Central															164,849						1,919						166,768
West															95,300						3,133						98,433
Other															4,649						1,561						6,210
Total homesites															511,764						11,315						523,079						0.1
% of total homesites															98%						2%

																																	Years of
August 31, 2024															Controlled Homesites						Owned Homesites						Total Homesites						Supply Owned (1)
East															90,402						16,172						106,574
Central															89,462						30,788						120,250
South Central															107,395						16,645						124,040
West															77,239						21,152						98,391
Other															4,828						1,891						6,719
Total homesites															369,326						86,648						455,974						1.1
% of total homesites															81%						19%

(1)Based on trailing twelve months of homes delivered.

Details on option contracts, transactions with land banks and Millrose and related consolidated inventory not owned and exposure are included in Note 10 of the Notes to Condensed Consolidated Financial Statements.

Contractual Obligations and Commercial Commitments

Our contractual obligations and commercial commitments have not changed materially from those reported in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K, except for a decrease of $1.0 billion in land purchase contract obligations and an increase of $1.3 billion in Homebuilding senior notes and other debts payable, net.

(3) Recently Adopted Accounting Pronouncements

See Note 1 of the Notes to Condensed Consolidated Financial Statements included under Item 1 of this Quarterly Report on Form 10-Q for a discussion of recently adopted accounting pronouncements.

(4) Critical Accounting Policies

There have been no significant changes to our critical accounting policies during the nine months ended August 31, 2025 as compared to those we disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K.