Item 1. Financial Statements

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

			August 31,						November 30,
			2026 (1)						2025 (1)
ASSETS
Homebuilding:
Cash and cash equivalents			$	1,150,115					3,441,324
Restricted cash			34,093						25,930
Receivables, net			924,858						1,002,629
Inventories:
Finished homes and construction in progress			10,670,269						8,822,271
Land and land under development			865,134						1,098,961
Inventory owned			11,535,403						9,921,232
Consolidated inventory not owned			1,408,036						1,696,401
Inventory owned and consolidated inventory not owned			12,943,439						11,617,633
Deposits and pre-acquisition costs on real estate			7,327,193						6,383,633
Investments in unconsolidated entities			1,470,473						1,545,370
Goodwill			3,442,359						3,442,359
Other assets			1,803,804						1,794,378
			29,096,334						29,253,256
Financial Services			2,770,652						3,377,413
Multifamily			815,039						902,136
Lennar Other			696,200						897,632
Total assets			$	33,378,225					34,430,437

(1)Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.

As of August 31, 2026, total assets include $1.4 billion related to consolidated VIEs of which $29.6 million is included in Homebuilding cash and cash equivalents, $16.4 million in Homebuilding finished homes and construction in progress, $258.9 million in Homebuilding land and land under development, $951.6 million in Homebuilding consolidated inventory not owned, $108.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities and $23.9 million in Multifamily assets.

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

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets (Continued)

(In thousands, except share amounts)

(Unaudited)

			August 31,						November 30,
			2026 (2)						2025 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable			$	1,795,955					1,812,484
Liabilities related to consolidated inventory not owned			1,250,439						1,476,376
Senior notes and other debts payable, net			4,297,251						4,084,686
Other liabilities			2,448,954						2,691,876
			9,792,599						10,065,422
Financial Services			1,720,568						2,010,598
Multifamily			76,247						113,361
Lennar Other			92,391						100,447
Total liabilities			11,681,805						12,289,828
Commitments and contingent liabilities (See Note 10)
Stockholders’ equity:
Preferred stock			—						—
Class A common stock of $0.10 par value; Authorized: August 31, 2026 and November 30, 2025 - 400,000,000 shares; Issued: August 31, 2026 - 263,124,142 shares and November 30, 2025 - 261,579,253 shares			26,312						26,158
Class B common stock of $0.10 par value; Authorized: August 31, 2026 and November 30, 2025 - 90,000,000 shares; Issued: August 31, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares			3,660						3,660
Additional paid-in capital			6,049,974						5,909,726
Retained earnings			22,923,564						22,471,471
Treasury stock, at cost; August 31, 2026 - 55,247,920 shares of Class A common stock and 6,577,198 shares of Class B common stock; November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock			(7,450,306)						(6,457,609)
Accumulated other comprehensive income			5,755						6,011
Total stockholders’ equity			21,558,959						21,959,417
Noncontrolling interests			137,461						181,192
Total equity			21,696,420						22,140,609
Total liabilities and equity			$	33,378,225					34,430,437

(2)As of August 31, 2026, total liabilities include $920.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.2 million is included in Homebuilding accounts payable, $901.9 million in Homebuilding liabilities related to consolidated inventory not owned, $6.9 million in Homebuilding senior notes and other debts payable, net, $2.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.

As of November 30, 2025, total liabilities include $962.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $23.8 million is included in Homebuilding accounts payable, $930.1 million in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $1.5 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share amounts)

(Unaudited)

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
			2026						2025						2026						2025
Revenues:
Homebuilding			$	7,759,497					8,253,675						21,674,374						23,381,407
Financial Services			226,121						314,195						678,615						889,370
Multifamily			38,475						228,465						184,538						521,966
Lennar Other			22,026						13,943						67,940						26,582
Total revenues			8,046,119						8,810,278						22,605,467						24,819,325
Costs and expenses:
Homebuilding			7,242,516						7,497,119						20,345,494						21,184,631
Financial Services			95,805						136,323						355,883						410,735
Multifamily			40,868						238,791						204,084						566,844
Lennar Other			48,393						45,450						135,803						99,039
Corporate general and administrative			137,883						171,397						431,670						474,628
Charitable foundation contribution			20,840						21,584						58,222						59,549
Total costs and expenses			7,586,305						8,110,664						21,531,156						22,795,426
Equity in earnings from unconsolidated entities			3,165						10,822						100,520						56,172
Other income (expense), net and other gains (losses), net			(22,565)						(18,956)						(10,363)						43,471
Lennar Other gains (losses) from technology investments			(53,335)						99,223						(61,749)						7,280
Earnings before income taxes			387,079						790,703						1,102,719						2,130,822
Provision for income taxes			(101,592)						(190,892)						(275,742)						(520,478)
Net earnings (including net earnings attributable to noncontrolling interests)			285,487						599,811						826,977						1,610,344
Less: Net earnings attributable to noncontrolling interests			1,611						8,844						8,946						22,402
Net earnings attributable to Lennar			$	283,876					590,967						818,031						1,587,942
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available-for-sale			$	79					—						(256)						(1,510)
Total other comprehensive income (loss), net of tax			$	79					—						(256)						(1,510)
Total comprehensive income attributable to Lennar			$	283,955					590,967						817,775						1,586,432
Total comprehensive income attributable to noncontrolling interests			$	1,611					8,844						8,946						22,402
Basic and diluted earnings per share			$	1.19					2.29						3.36						6.06

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

			Nine Months Ended
			August 31,
			2026						2025
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)			$	826,977					1,610,344
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization			104,610						99,326
Amortization of discount/premium and accretion on debt, net			2,099						(33)
Equity in earnings from unconsolidated entities			(100,520)						(56,172)
Distributions of earnings from unconsolidated entities			52,857						28,266
Share-based compensation expense			117,907						138,363
Deferred income tax expense			127,589						77,332
Loans held-for-sale unrealized (gains) losses			43,709						(10,293)
Lennar Other losses from technology investments and other losses, net			65,807						14,218
Gains on sale of other assets and loans receivable			(4,185)						(34,086)
Gain on sale of investments in unconsolidated entities and other			—						(35,678)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets			223,922						146,893
Changes in assets and liabilities:
Decrease (increase) in receivables			333,172						(10,286)
Increase in inventories, excluding valuation adjustments			(1,738,751)						(1,314,933)
Increase in deposits and pre-acquisition costs on real estate			(794,939)						(1,248,390)
Increase in other assets			(103,469)						(209,892)
Decrease in loans held-for-sale			392,267						240,394
Decrease in accounts payable and other liabilities			(371,236)						(978,048)
Net cash used in operating activities			(822,184)						(1,542,675)
Cash flows from investing activities:
Net additions of operating properties and equipment			(40,829)						(103,424)
Proceeds from sale of other assets			29,453						54,803
Proceeds from sale of investment in unconsolidated entity			—						233,007
Investments in and contributions to unconsolidated entities			(87,871)						(203,010)
Distributions of capital from unconsolidated entities			182,632						235,593
Proceeds from sales of investments			28,258						86,862
Proceeds from sale of loan receivables			—						114,661
Acquisition, net of cash and restricted cash acquired			—						(254,492)
Decrease in Financial Services loans held-for-investment			—						11,572
Purchases of investment securities			(6,218)						(3,456)
Proceeds from maturities/sales of investment securities			8,966						3,518
Net cash provided by investing activities			$	114,391					175,634

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Continued)

(In thousands)

(Unaudited)

			Nine Months Ended
			August 31,
			2026						2025
Cash flows from financing activities:
Net borrowings under revolving credit facility			$	650,000					1,140,000
Net repayments under warehouse facilities			(205,861)						(67,111)
Proceeds from issuance of senior notes			—						700,000
Redemption/repurchases of senior notes			(400,000)						(500,000)
Principal payments on notes payable and other borrowings			(33,853)						(48,659)
Net cash distributed in connection with Millrose Properties, Inc. spin-off			—						(416,006)
Proceeds from liabilities related to consolidated inventory not owned			11,574						259
Payments for liabilities related to consolidated inventory not owned			(249,909)						(479,426)
Payments related to other liabilities, net			(4,263)						(4,263)
Receipts related to noncontrolling interests			4,205						25,982
Payments related to noncontrolling interests			(37,309)						(7,777)
Debt issuance costs			—						(6,502)
Common stock:
Repurchases			(992,697)						(1,808,312)
Dividends			(365,938)						(394,357)
Net cash used in financing activities			(1,624,051)						(1,866,172)
Net decrease in cash and cash equivalents and restricted cash			(2,331,844)						(3,233,213)
Cash and cash equivalents and restricted cash at beginning of period			3,830,734						4,990,210
Cash and cash equivalents and restricted cash at end of period			$	1,498,890					1,756,997
Summary of cash and cash equivalents and restricted cash:
Homebuilding			$	1,150,115					1,406,215
Financial Services			225,506						216,129
Multifamily			23,527						17,337
Lennar Other			27,303						22,532
Homebuilding restricted cash			34,093						29,928
Financial Services restricted cash			38,346						64,856
			$	1,498,890					1,756,997
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding:
Payments of inventories financed by sellers			$	335					320
Net non-cash contributions to unconsolidated entities			42,070						162,454
Non-cash sale of investments in unconsolidated entities			90,785						—
Non-cash impact of Millrose Properties, Inc. spin-off:
Inventories			$	—					(5,578,704)
Investments in unconsolidated entities			—						1,197,039
Other assets			—						(60,156)
Notes payable			—						19,000
Retained earnings			—						4,422,821

See accompanying notes to condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

**(1)**Basis of Presentation

Basis of Consolidation

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2025 ("2025 Form 10-K"). The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its 2025 Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.

Seasonality

The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and nine months ended August 31, 2026 are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

Homebuilding cash and cash equivalents as of August 31, 2026 and November 30, 2025 included $575.4 million and $150.6 million, respectively, of cash held in escrow for approximately two days.

Share-based Payments

During both the three months ended August 31, 2026 and 2025, the Company granted employees an immaterial number of nonvested shares. During the nine months ended August 31, 2026 and 2025, the Company granted employees 1.6 million and 1.4 million of nonvested shares of Class A common stock, respectively.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for the Company's fiscal year ending November 30, 2026 and may be applied either retrospectively or prospectively. The Company does not expect ASU 2023-09 to have a material effect on its condensed consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the Company's fiscal year ending November 30, 2028. The Company is currently evaluating the impact

that the adoption of ASU 2024-03 will have on its condensed consolidated financial statements and disclosures.

Reclassifications

In the first quarter of fiscal 2026, the Company implemented a reorganization of certain geographic communities within its Homebuilding segments. As a result of this reorganization, eleven communities previously allocated to the Central segment were moved to the East segment. Accordingly, the Company reclassified certain prior year segment information in the condensed consolidated financial statements to conform with the 2026 presentation. This reclassification was for operational purposes and between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(2) Operating and Reporting Segments

Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. The Company defines the Chief Operating Decision Maker ("CODM") function as the Executive Chairman, Chief Executive Officer and President. The CODM manages and assesses the Company's Homebuilding performance at a regional level. The CODM evaluates the Homebuilding segment performance using each segment’s revenues generated from sales of homes and earnings (loss) before income taxes. These operating results are reviewed against the annual business plan and quarterly forecast updates, as applicable, and used by the CODM when making the Company’s decisions about the allocation of operating and capital resources to each Homebuilding segment. The CODM’s evaluation of the Financial Services, Multifamily and Lennar Other segments is based on the revenues and earnings (loss) before income taxes.

Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. The following are the Company’s operating and reportable segments:

Homebuilding segments: (1) East (2) Central (3) South Central (4) West

(5) Financial Services

(6) Multifamily

(7) Lennar Other

The assets and liabilities related to the Company’s segments were as follows:

(In thousands)			At August 31, 2026
Assets:			Homebuilding						Financial Services						Multifamily						Lennar Other						Total
Cash and cash equivalents			$	1,150,115					225,506						23,527						27,303						1,426,451
Restricted cash			34,093						38,346						—						—						72,439
Receivables, net (1)			924,858						309,237						35,043						—						1,269,138
Inventory owned and consolidated inventory not owned			12,943,439						—						206,139						—						13,149,578
Deposits and pre-acquisition costs on real estate			7,327,193						—						4,399						—						7,331,592
Investments in unconsolidated entities			1,470,473						644						488,775						363,379						2,323,271
Loans held-for-sale (2)			—						1,776,305						—						—						1,776,305
Investments in equity securities (3)			—						—						—						131,350						131,350
Investments available-for-sale (4)			—						—						—						38,804						38,804
Investments held-to-maturity			—						124,407						—						—						124,407
Goodwill			3,442,359						189,699						—						—						3,632,058
Other assets			1,803,804						106,508						57,156						135,364						2,102,832
Total assets			$	29,096,334					2,770,652						815,039						696,200						33,378,225
Liabilities:
Senior notes and other debts payable, net			$	4,297,251					1,584,448						—						—						5,881,699
Liabilities related to consolidated inventory not owned			1,250,439						—						—						—						1,250,439
Accounts payable and other liabilities			4,244,909						136,120						76,247						92,391						4,549,667
Total liabilities			$	9,792,599					1,720,568						76,247						92,391						11,681,805

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(In thousands)			At November 30, 2025
Assets:			Homebuilding						Financial Services						Multifamily						Lennar Other						Total
Cash and cash equivalents			$	3,441,324					258,873						34,172						21,936						3,756,305
Restricted cash			25,930						48,499						—						—						74,429
Receivables, net (1)			1,002,629						429,560						38,673						—						1,470,862
Inventory owned and consolidated inventory not owned			11,617,633						—						223,622						—						11,841,255
Deposits and pre-acquisition costs on real estate			6,383,633						—						15,096						—						6,398,729
Investments in unconsolidated entities			1,545,370						2,528						506,573						367,965						2,422,436
Loans held-for-sale (2)			—						2,212,624						—						—						2,212,624
Investments in equity securities (3)			—						—						—						346,820						346,820
Investments available-for-sale (4)			—						—						—						39,060						39,060
Investments held-to-maturity			—						132,868						—						—						132,868
Goodwill			3,442,359						189,699						—						—						3,632,058
Other assets			1,794,378						102,762						84,000						121,851						2,102,991
Total assets			$	29,253,256					3,377,413						902,136						897,632						34,430,437
Liabilities:
Senior notes and other debts payable, net			$	4,084,686					1,790,309						—						—						5,874,995
Liabilities related to consolidated inventory not owned			1,476,376						—						—						—						1,476,376
Accounts payable and other liabilities			4,504,360						220,289						113,361						100,447						4,938,457
Total liabilities			$	10,065,422					2,010,598						113,361						100,447						12,289,828

(1)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of both August 31, 2026 and November 30, 2025.

(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $13.7 million and $15.5 million of residential loans are carried at lower of cost or fair value as of August 31, 2026 and November 30, 2025, respectively.

(3)Investments in equity securities include investments of $72.7 million and $114.4 million without readily available fair values as of August 31, 2026 and November 30, 2025, respectively.

(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

Homebuilding Segments

Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment.

East: Florida, New Jersey and Pennsylvania

Central: Alabama, Georgia, Illinois, Indiana, Maryland/Virginia, Minnesota, North Carolina, South Carolina and Tennessee

South Central: Arkansas, Kansas, Oklahoma and Texas

West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington

Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC (“FivePoint”).

The assets related to the Company’s Homebuilding segments were as follows:

(In thousands)			At August 31, 2026						At November 30, 2025
East			$	5,748,435					5,413,918
Central			5,155,489						4,565,781
South Central			4,714,090						4,195,858
West			10,160,607						9,519,804
Other			1,820,959						1,692,453
Corporate and Unallocated			1,496,754						3,865,442
Total Homebuilding			$	29,096,334					29,253,256

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

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

			Three Months Ended August 31, 2026
(In thousands)			East			Central			South Central			West			Other (2)			Homebuilding			Financial Services			Multifamily			Lennar Other			Total
Revenues:
Sales of homes			$	1,828,048		1,943,777			1,372,191			2,588,288			1,284			7,733,588			—			—			—			7,733,588
Sales of land			1,759			3,163			11,622			1,898			—			18,442			—			—			—			18,442
Other revenues			3,444			416			758			670			2,179			7,467			226,121			38,475			22,026			294,089
Total revenues			1,833,251			1,947,356			1,384,571			2,590,856			3,463			7,759,497			226,121			38,475			22,026			8,046,119
Costs and expenses:
Costs of homes sold			1,446,037			1,646,381			1,140,782			2,275,863			3,197			6,512,260			—			—			—			6,512,260
Costs of land sold			2,485			3,787			6,425			3,519			—			16,216			—			—			—			16,216
Other costs and expenses			—			—			—			—			—			—			95,805			40,868			48,393			185,066
Selling, general and administrative expenses			176,793			187,535			135,681			208,129			5,902			714,040			—			—			—			714,040
Corporate general and administrative expenses (1)			—			—			—			—			—			—			—			—			—			137,883
Charitable foundation contribution (1)			—			—			—			—			—			—			—			—			—			20,840
Total costs and expenses			1,625,315			1,837,703			1,282,888			2,487,511			9,099			7,242,516			95,805			40,868			48,393			7,586,305
Equity in earnings (losses) from unconsolidated entities			(5,736)			5			(12)			(48)			10,599			4,808			—			(1,342)			(301)			3,165
Other income (expense), net and other gains (losses), net			(2,269)			1,525			(2,054)			(17,585)			556			(19,827)			—			866			(3,604)			(22,565)
Lennar Other losses from technology investments			—			—			—			—			—			—			—			—			(53,335)			(53,335)
Earnings (loss) before income taxes			$	199,931		111,183			99,617			85,712			5,519			501,962			130,316			(2,869)			(83,607)			387,079

			Three Months Ended August 31, 2025
(In thousands)			East			Central			South Central			West			Other (2)			Homebuilding			Financial Services			Multifamily			Lennar Other			Total
Revenues:
Sales of homes			$	1,732,008		2,020,519			1,507,314			2,950,118			3,621			8,213,580			—			—			—			8,213,580
Sales of land			20,140			1,300			346			8,735			—			30,521			—			—			—			30,521
Other revenues			3,521			1,030			610			1,877			2,536			9,574			314,195			228,465			13,943			566,177
Total revenues			1,755,669			2,022,849			1,508,270			2,960,730			6,157			8,253,675			314,195			228,465			13,943			8,810,278
Costs and expenses:
Costs of homes sold			1,409,575			1,647,159			1,247,502			2,470,021			5,306			6,779,563			—			—			—			6,779,563
Costs of land sold			18,121			3,825			2,651			16,468			—			41,065			—			—			—			41,065
Other costs and expenses			—			—			—			—			—			—			136,323			238,791			45,450			420,564
Selling, general and administrative expenses			154,719			188,662			125,119			201,204			6,787			676,491			—			—			—			676,491
Corporate general and administrative expenses (1)			—			—			—			—			—			—			—			—			—			171,397
Charitable foundation contribution (1)			—			—			—			—			—			—			—			—			—			21,584
Total costs and expenses			1,582,415			1,839,646			1,375,272			2,687,693			12,093			7,497,119			136,323			238,791			45,450			8,110,664
Equity in earnings (losses) from unconsolidated entities			14,338			40			(5)			563			(4,746)			10,190			—			(6,790)			7,422			10,822
Other income (expense), net and other gains (losses), net			(1,208)			1,479			(2,864)			(3,277)			(1,091)			(6,961)			—			645			(12,640)			(18,956)
Lennar Other gains from technology investments			—			—			—			—			—			—			—			—			99,223			99,223
Earnings (loss) before income taxes			$	186,384		184,722			130,129			270,323			(11,773)			759,785			177,872			(16,471)			62,498			790,703

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

			Nine Months Ended August 31, 2026
(In thousands)			East			Central			South Central			West			Other (2)			Homebuilding			Financial Services			Multifamily			Lennar Other			Total
Revenues:
Sales of homes			$	5,049,380		4,951,404			3,995,511			7,598,189			7,065			21,601,549			—			—			—			21,601,549
Sales of land			11,350			4,036			18,522			12,093			—			46,001			—			—			—			46,001
Other revenues			12,018			2,645			1,978			3,032			7,151			26,824			678,615			184,538			67,940			957,917
Total revenues			5,072,748			4,958,085			4,016,011			7,613,314			14,216			21,674,374			678,615			184,538			67,940			22,605,467
Costs and expenses:
Costs of homes sold			4,067,149			4,206,240			3,307,729			6,652,659			12,716			18,246,493			—			—			—			18,246,493
Costs of land sold			23,482			9,653			16,643			19,293			—			69,071			—			—			—			69,071
Other costs and expenses			—			—			—			—			—			—			355,883			204,084			135,803			695,770
Selling, general and administrative expenses			508,622			514,222			378,404			609,721			18,961			2,029,930			—			—			—			2,029,930
Corporate general and administrative expenses (1)			—			—			—			—			—			—			—			—			—			431,670
Charitable foundation contribution (1)			—			—			—			—			—			—			—			—			—			58,222
Total costs and expenses			4,599,253			4,730,115			3,702,776			7,281,673			31,677			20,345,494			355,883			204,084			135,803			21,531,156
Equity in earnings (losses) from unconsolidated entities			9,925			46			(37)			1,540			34,185			45,659			—			51,372			3,489			100,520
Other income (expense), net and other gains (losses), net			(4,148)			5,684			(6,435)			(18,014)			12,735			(10,178)			—			1,489			(1,674)			(10,363)
Lennar Other losses from technology investments			—			—			—			—			—			—			—			—			(61,749)			(61,749)
Earnings (loss) before income taxes			$	479,272		233,700			306,763			315,167			29,459			1,364,361			322,732			33,315			(127,797)			1,102,719

			Nine Months Ended August 31, 2025
(In thousands)			East			Central			South Central			West			Other (2)			Homebuilding			Financial Services			Multifamily			Lennar Other			Total
Revenues:
Sales of homes			$	5,102,675		5,294,015			4,173,587			8,657,783			14,341			23,242,401			—			—			—			23,242,401
Sales of land			57,646			2,900			22,539			25,957			—			109,042			—			—			—			109,042
Other revenues			9,970			3,847			2,369			5,220			8,558			29,964			889,370			521,966			26,582			1,467,882
Total revenues			5,170,291			5,300,762			4,198,495			8,688,960			22,899			23,381,407			889,370			521,966			26,582			24,819,325
Costs and expenses:
Costs of homes sold			4,103,355			4,309,966			3,435,915			7,203,662			17,341			19,070,239			—			—			—			19,070,239
Costs of land sold			55,869			8,008			23,595			45,843			—			133,315			—			—			—			133,315
Other costs and expenses			—			—			—			—			—			—			410,735			566,844			99,039			1,076,618
Selling, general and administrative expenses			484,223			506,814			345,852			620,740			23,448			1,981,077			—			—			—			1,981,077
Corporate general and administrative expenses (1)			—			—			—			—			—			—			—			—			—			474,628
Charitable foundation contribution (1)			—			—			—			—			—			—			—			—			—			59,549
Total costs and expenses			4,643,447			4,824,788			3,805,362			7,870,245			40,789			21,184,631			410,735			566,844			99,039			22,795,426
Equity in earnings (losses) from unconsolidated entities			29,271			36			(13)			1,573			32,043			62,910			—			(11,332)			4,594			56,172
Other income (expense), net and other gains (losses), net			31,269			4,629			(4,219)			(5,760)			11,687			37,606			—			24,962			(19,097)			43,471
Lennar Other gains from technology investments			—			—			—			—			—			—			—			—			7,280			7,280
Earnings (loss) before income taxes			$	587,384		480,639			388,901			814,528			25,840			2,297,292			478,635			(31,248)			(79,680)			2,130,822

(1)Primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable contributions to the Lennar Foundation. These corporate expenses cannot be attributed to any specific segment, thus they are presented within the Total column in the table above.

(2)The Other segment includes operating results from the Company's Urban divisions, which are not considered reportable segments.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Financial Services

Operations of the Financial Services segment include mortgage financing, title and closing services primarily for buyers of the Company’s homes. They also include originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and sales of property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations.

At August 31, 2026, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

			Maximum Aggregate Commitment
(In thousands)			Committed Amount						Uncommitted Amount						Total
Residential facilities maturing:
September 2026 (1)			$	250,000					250,000						500,000
November 2026			300,000						900,000						1,200,000
December 2026			—						375,000						375,000
March 2027			200,000						300,000						500,000
May 2027			30,000						270,000						300,000
July 2027			80,000						170,000						250,000
Total residential facilities			$	860,000					2,265,000						3,125,000
LMF commercial facilities maturing:
January 2027			100,000						—						100,000
December 2027			200,000						—						200,000
Total LMF commercial facilities			$	300,000					—						300,000
Total															$	3,425,000

(1)Subsequent to August 31, 2026, the maturity date was extended to November 2026.

The Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed.

Borrowings and collateral under the facilities were as follows:

(In thousands)			At August 31, 2026						At November 30, 2025
Borrowings under residential facilities			$	1,448,949					1,653,484
Collateral under residential facilities			1,886,721						1,718,338
Borrowings under LMF Commercial facilities			20,600						13,719

If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.

Substantially all of the loans the Financial Services segment originates are sold within a short period on the secondary mortgage market on a servicing-released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray any losses incurred by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements and seeking to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors, which are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. These accruals are based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company’s expectations, additional recourse expense

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

may be incurred. The provision for loan losses was immaterial for both the three and nine months ended August 31, 2026 and 2025. Loan origination liabilities were $17.3 million and $17.4 million as of August 31, 2026 and November 30, 2025, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets.

LMF Commercial - loans held-for-sale

LMF Commercial originated commercial loans as follows:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(Dollars in thousands)			2026						2025						2026						2025
Originations (1)			$	28,950					177,837						185,300						486,677
Sold			65,300						172,643						174,875						458,466
Securitizations			1						2						4						8

(1)During both the three and nine months ended August 31, 2026 and 2025, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Investments held-to-maturity

At August 31, 2026 and November 30, 2025, the Financial Services segment held commercial mortgage-backed securities (“CMBS”). These securities are classified as held-to-maturity based on the segment's intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during the three or nine months ended August 31, 2026 and 2025. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment.

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)			At August 31, 2026						At November 30, 2025
Carrying value			$	124,407					132,868
Outstanding debt, net of debt issuance costs			114,899						123,106
Incurred interest rate			3.4%						3.4%

			At August 31, 2026
			Range
Discount rates at purchase			6%			—			84%
Coupon rates			2.0%			—			5.3%
Distribution dates			October 2027			—			December 2028
Stated maturity dates			October 2050			—			December 2051

Multifamily

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

The Multifamily segment (i) owns interests in funds that are engaged in the development of multifamily residential communities with the intention of holding the newly constructed and occupied properties as income and fee generating assets, and (ii) owns interests in joint ventures that are engaged in the development of multifamily residential communities, in most instances with the intention of selling them when they are built and substantially occupied. The multifamily business is a vertically integrated platform with capabilities spanning development, construction, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and from management and promote fees generated from funds and joint ventures less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Multifamily segment also include equity in earnings (losses) from unconsolidated entities and other gains (losses), which include proceeds of sales of investments.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Lennar Other

Lennar Other includes strategic investments in various types of technology and other companies, primarily managed by the Company's LENX subsidiary, and fund interests the Company retained when it sold the Rialto Capital Management ("Rialto") asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments, along with equity in earnings (losses) from the Rialto fund investments and technology investments, realized and unrealized gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment.

The Company has investments in publicly traded technology companies, which are held at market and the carrying value of which will therefore change depending on the value of the Company's shareholdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities and other assets which are held at fair value and the changes in fair values are recognized through earnings.

During the three and nine months ended August 31, 2026, the Company recorded mark-to-market losses of $53.3 million and $61.7 million, respectively, on its publicly traded technology investments, which were included in Lennar Other gains (losses) in the Company's condensed consolidated statements of operations and comprehensive income (loss). During the three and nine months ended August 31, 2025, the Company recorded mark-to-market gains of $99.2 million and $7.3 million, respectively, on its publicly traded technology investments, which were included in Lennar Other gains (losses) in the Company's condensed consolidated statements of operations and comprehensive income (loss).

**(3)**Investments in Unconsolidated Entities

Homebuilding Unconsolidated Entities

The investments in the Company's Homebuilding unconsolidated entities were as follows:

(In thousands)						At August 31, 2026						At November 30, 2025
Investments in unconsolidated entities (1) (2)						$	1,470,473					1,545,370
Underlying equity in unconsolidated entities' net assets (1) (2)						1,755,272						1,790,697

(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint.

(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of August 31, 2026 and November 30, 2025, the carrying amount of the Company's investment was $617.3 million and $585.2 million, respectively.

As of August 31, 2026 and November 30, 2025, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $299.0 million and $511.9 million, respectively.

The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. In most instances, the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it.

As of both August 31, 2026 and November 30, 2025, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were immaterial. The Company believes that as of August 31, 2026, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 7 of the Notes to Condensed Consolidated Financial Statements). The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its 2025 Form 10-K.

The Upward America Venture LP (“Upward America”) is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America could raise equity commitments totaling $1.0 billion. The commitments are primarily from institutional investors, including $78.1 million committed by the Company. As of August 31, 2026 and November 30, 2025, the carrying amount of the Company's investment in Upward America was $12.6 million and $13.8 million, respectively.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Multifamily Unconsolidated Entities

The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to the Multifamily unconsolidated joint ventures, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute to the Company after the achievement of certain thresholds. The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its 2025 Form 10-K. As of both August 31, 2026 and November 30, 2025, the fair value of the completion guarantees was immaterial. As of August 31, 2026 and November 30, 2025, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $410.9 million and $798.1 million, respectively. The decrease in the non-recourse debt with completion guarantees was due to completion of projects and sale of joint ventures' rental operation projects and investments in various rental projects.

In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:

			Three Months Ended August 31,												Nine Months Ended August 31,
(In thousands)			2026						2025						2026						2025
General contractor services, net of deferrals			$	36,112					42,150						130,251						100,864
General contractor costs			34,060						41,766						127,131						97,665
Land sales to joint ventures			—						—						46,585						162,447
Management fee income, net of deferrals			2,312						5,126						7,622						18,503

The Multifamily segment includes managing and investing in Multifamily Venture Fund I LP (“LMV I”), Multifamily Venture Fund II LP (“LMV II”), Canada Pension Plan Investments Fund (the “CPPIB Fund”) and a joint venture with an institutional investor (the “Institutional JV”), which are long-term multifamily development investment vehicles involved in the development and construction of class-A multifamily assets. As of August 31, 2026, the Company has a $27.9 million investment in the CPPIB Fund. The Company's stated ownership percentage in the Institutional JV is 4%. As of August 31, 2026, the Company holds a $46.1 million investment in the Institutional JV. Additional dollars will be committed as opportunities are identified by the CPPIB Fund and the Institutional JV.

In December 2025, the Company sold a majority interest in Quarterra Group, Inc. ("Quarterra"), a subsidiary of the Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a noncontrolling interest. The sale of Quarterra to TPG did not have a material impact on the Company's condensed consolidated financial statements.

Details of LMV I and LMV II are included below:

			At August 31, 2026
(In thousands)			LMV I						LMV II
Lennar's carrying value of investments			$	68,672					184,365
Equity commitments			2,204,016						1,257,700
Equity commitments called			2,154,328						1,229,585
Lennar's equity commitments			504,016						381,000
Lennar's equity commitments called			500,381						371,492
Lennar's remaining commitments (1)			3,635						9,508
Distributions to Lennar during the nine months ended August 31, 2026			38,075						57,537

(1)While there are remaining commitments, there are no plans for additional capital calls.

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects as the fund has come to the end of its contractual life. As of November 30, 2025, 35 LMV I rental operation projects were sold to various third-party buyers. During the nine months ended August 31, 2026, one additional LMV I rental operation project was sold to a third-party buyer.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Lennar Other Unconsolidated Entities

Lennar Other's unconsolidated entities include fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds totaled $131.3 million and $133.0 million as of August 31, 2026 and November 30, 2025, respectively. In addition, the Company is entitled to a portion of the carried interest distributions by those funds. The Company also had strategic technology investments in unconsolidated entities and investment funds accounted for under the equity method of accounting with a carrying value of $232.1 million and $235.0 million, as of August 31, 2026 and November 30, 2025, respectively.

**(4)**Stockholders' Equity

The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and nine months ended August 31, 2026 and 2025:

			Three Months Ended August 31, 2026
(In thousands)			Total Equity						Class A Common Stock						Class B Common Stock						Additional Paid-in Capital						Treasury Stock						Accumulated Other Comprehensive Income						Retained Earnings						Noncontrolling Interests
Balance at May 31, 2026			$	21,765,726					26,309						3,660						6,020,306						(7,194,402)						5,676						22,759,089						145,088
Net earnings (including net earnings attributable to noncontrolling interests)			285,487						—						—						—						—						—						283,876						1,611
Employee stock and directors plans			3,611						3						—						409						3,199						—						—						—
Purchases of treasury stock			(259,103)						—						—						—						(259,103)						—						—						—
Amortization of restricted stock			29,259						—						—						29,259						—						—						—						—
Cash dividends			(119,401)						—						—						—						—						—						(119,401)						—
Receipts related to noncontrolling interests			1,662						—						—						—						—						—						—						1,662
Payments related to noncontrolling interests			(10,900)						—						—						—						—						—						—						(10,900)
Total other comprehensive income, net of tax			79						—						—						—						—						79						—						—
Balance at August 31, 2026			$	21,696,420					26,312						3,660						6,049,974						(7,450,306)						5,755						22,923,564						137,461

			Three Months Ended August 31, 2025
(In thousands)			Total Equity						Class A Common Stock						Class B Common Stock						Additional Paid-in Capital						Treasury Stock						Accumulated Other Comprehensive Income						Retained Earnings						Noncontrolling Interests
Balance at May 31, 2025			$	22,731,882					26,136						3,660						5,842,732						(4,945,458)						6,019						21,645,991						152,802
Net earnings (including net earnings attributable to noncontrolling interests)			599,811						—						—						—						—						—						590,967						8,844
Employee stock and directors plans			15,563						17						—						16,291						(745)						—						—						—
Purchases of treasury stock			(511,673)						—						—						—						(511,673)						—						—						—
Amortization of restricted stock			25,505						—						—						25,505						—						—						—						—
Cash dividends			(129,122)						—						—						—						—						—						(129,122)						—
Receipts related to noncontrolling interests			4,953						—						—						—						—						—						—						4,953
Payments related to noncontrolling interests			(1,812)						—						—						—						—						—						—						(1,812)
Non-cash purchase or activity of noncontrolling interests, net			16,448						—						—						—						—						—						—						16,448
Balance at August 31, 2025			$	22,751,555					26,153						3,660						5,884,528						(5,457,876)						6,019						22,107,836						181,235

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

			Nine Months Ended August 31, 2026
(In thousands)			Total Equity						Class A Common Stock						Class B Common Stock						Additional Paid-in Capital						Treasury Stock						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Noncontrolling Interests
Balance at November 30, 2025			$	22,140,609					26,158						3,660						5,909,726						(6,457,609)						6,011						22,471,471						181,192
Net earnings (including net earnings attributable to noncontrolling interests)			826,977						—						—						—						—						—						818,031						8,946
Employee stock and directors plans			(20,297)						154						—						22,341						(42,792)						—						—						—
Purchases of treasury stock			(949,905)						—						—						—						(949,905)						—						—						—
Amortization of restricted stock			117,907						—						—						117,907						—						—						—						—
Cash dividends			(365,938)						—						—						—						—						—						(365,938)						—
Receipts related to noncontrolling interests			4,205						—						—						—						—						—						—						4,205
Payments related to noncontrolling interests			(37,309)						—						—						—						—						—						—						(37,309)
Non-cash purchase or activity of noncontrolling interests, net			(19,573)						—						—						—						—						—						—						(19,573)
Total other comprehensive loss, net of tax			(256)						—						—						—						—						(256)						—						—
Balance at August 31, 2026			$	21,696,420					26,312						3,660						6,049,974						(7,450,306)						5,755						22,923,564						137,461

			Nine Months Ended August 31, 2025
(In thousands)			Total Equity						Class A Common Stock						Class B Common Stock						Additional Paid-in Capital						Treasury Stock						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Noncontrolling Interests
Balance at November 30, 2024			$	28,021,225					25,998						3,660						5,729,434						(3,649,564)						7,529						25,753,078						151,090
Net earnings (including net earnings attributable to noncontrolling interests)			1,610,344						—						—						—						—						—						1,587,942						22,402
Employee stock and directors plans			(48,108)						155						—						17,680						(65,943)						—						—						—
Purchases of treasury stock			(1,742,369)						—						—						—						(1,742,369)						—						—						—
Amortization of restricted stock			138,363						—						—						138,363						—						—						—						—
Cash dividends			(394,357)						—						—						—						—						—						(394,357)						—
Receipts related to noncontrolling interests			25,982						—						—						—						—						—						—						25,982
Payments related to noncontrolling interests			(7,777)						—						—						—						—						—						—						(7,777)
Millrose Properties, Inc. spin-off			(4,838,827)						—						—						—						—						—						(4,838,827)						—
Non-cash purchase or activity of noncontrolling interests, net			(11,411)						—						—						(949)						—						—						—						(10,462)
Total other comprehensive loss, net of tax			(1,510)						—						—						—						—						(1,510)						—						—
Balance at August 31, 2025			$	22,751,555					26,153						3,660						5,884,528						(5,457,876)						6,019						22,107,836						181,235

On September 23, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.50 per share on both its Class A and Class B common stock, payable on October 22, 2026 to holders of record at the close of business on October 7, 2026. On July 24, 2026, the Company paid a quarterly cash dividend of $0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business on July 10, 2026. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2025 for both its Class A and Class B common stock.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At August 31, 2026, the Company has a remaining authorization to repurchase $751 million in value of the Company's Class A or Class B common stock. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:

			Three Months Ended August 31,																								Nine Months Ended August 31,
			2026												2025												2026												2025
(Dollars in thousands, except price per share amounts)			Class A						Class B						Class A						Class B						Class A						Class B						Class A						Class B
Shares repurchased			2,634,878						365,122						3,931,000						188,066						8,807,004						1,192,996						13,202,936						851,386
Total purchase price			$	225,693					$	30,785					$	484,372					$	22,154					$	833,747					$	106,555					$	1,624,220					$	101,779
Average price per share			$	85.66					$	84.31					$	123.22					$	117.80					$	94.67					$	89.32					$	123.02					$	119.55

**(5)**Income Taxes

The provision for income taxes and effective tax rate were as follows:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(Dollars in thousands)			2026						2025						2026						2025
Provision for income taxes			$101,592						190,892						275,742						520,478
Effective tax rate (1)			26.4%						24.4%						25.2		%				24.7		%

(1)For the three and nine months ended August 31, 2026 and 2025, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the three and nine months ended August 31, 2026 from the prior year was primarily due to the Company's spin-off of Millrose Properties, Inc.

**(6)**Earnings Per Share

Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.

All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities.

Basic and diluted earnings per share were calculated as follows:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(In thousands, except per share amounts)			2026						2025						2026						2025
Numerator:
Net earnings attributable to Lennar			$	283,876					590,967						818,031						1,587,942
Less: distributed earnings allocated to nonvested shares			245						855						4,467						4,784
Less: undistributed earnings allocated to nonvested shares			1,648						4,393						4,848						11,572
Numerator for basic and diluted earnings per share			281,983						585,719						808,716						1,571,586
Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding			237,756						255,601						240,990						259,540
Basic and diluted earnings per share			$	1.19					2.29						3.36						6.06

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

**(7)**Homebuilding Senior Notes and Other Debts Payable

(Dollars in thousands)			At August 31, 2026						At November 30, 2025
Unsecured revolving credit facility			$	650,000					—
Unsecured delayed draw term loan facility due 2028			1,705,202						1,710,000
5.00% senior notes due 2027			350,302						350,590
4.75% senior notes due 2027			699,279						698,845
5.20% senior notes due 2030			695,104						694,165
5.25% senior notes due 2026 (1)			—						400,608
Mortgage notes on land and other debt			197,364						230,478
			$	4,297,251					4,084,686

(1)The Company redeemed all of its 5.25% senior notes due June 2026.

The carrying amounts of the senior notes and unsecured delayed draw term loan facility in the table above are net of debt issuance costs of $10.1 million and $7.0 million as of August 31, 2026 and November 30, 2025, respectively.

The Company has an unsecured delayed draw term loan facility with committed borrowing availability of approximately $1.7 billion (the “Delayed Draw Term Loan Facility”), which can be increased by an additional $400 million via an accordion feature. As of August 31, 2026, the Company had outstanding borrowings of $1.7 billion under the credit agreement governing its unsecured Delayed Draw Term Loan Facility. The Company 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 the Company’s 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 equal the adjusted term SOFR determined for the interest period plus the applicable margin.

The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:

(In thousands)						At August 31, 2026
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. The credit agreement also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.

The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K. The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands)						At August 31, 2026						At November 30, 2025
Performance letters of credit						$	2,049,932					1,963,643
Financial letters of credit						872,300						926,304
Surety bonds						5,712,988						5,614,807
Anticipated future costs primarily for site improvements related to performance surety bonds						3,452,971						3,056,582

The Company's outstanding senior notes are guaranteed by certain of its wholly-owned subsidiaries, which are primarily homebuilding subsidiaries. These guarantees are full and unconditional. The guarantors of the Company's senior notes are currently those subsidiaries that also guarantee the Company's letter of credit facilities, its Credit Facility and Delayed Draw Term Loan Facility. Under the indentures governing the Company's senior notes, guarantees may be suspended or released under certain circumstances. Other than as set forth in the Supplemental Financial Information, the terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

**(8)**Financial Instruments and Fair Value Disclosures

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at August 31, 2026 and November 30, 2025, using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

									At August 31, 2026												At November 30, 2025
(In thousands)			Fair Value Hierarchy						Carrying Amount						Fair Value						Carrying Amount						Fair Value
ASSETS
Financial Services:
Loans held-for-sale			Level 3						$	13,693					13,693						15,547						15,547
Investments held-to-maturity			Level 3						124,407						121,818						132,868						132,032
LIABILITIES
Homebuilding senior notes and other debts payable, net			Level 2						$	4,297,251					4,310,479						4,084,686						4,122,169
Financial Services notes and other debts payable, net			Level 2						1,584,448						1,584,841						1,790,309						1,790,789

The following methods and assumptions are used by the Company in estimating fair values:

Financial Services - The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. The fair value of residential loans held-for-sale for which there is no active market for similar mortgage loans is determined using an independent third-party valuation that uses a discounted cash flow model to estimate fair value and is categorized as Level 3. The key assumptions used in the model, which are generally unobservable inputs, are mortgage prepayment rates, default rates, loss severity rates, and discount rates. Loans held-for-sale are carried at the lower of cost or fair value. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings.

Homebuilding - For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates.

Fair Value Measurements:

GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows:

Level 1: Fair value determined based on quoted prices in active markets for identical assets.

Level 2: Fair value determined using significant other observable inputs.

Level 3: Fair value determined using significant unobservable inputs.

The Company’s financial instruments measured at fair value on a recurring basis are summarized below:

			Fair Value Hierarchy						Fair Value at
(In thousands)						August 31, 2026						November 30, 2025
Financial Services Assets:
Residential loans held-for-sale			Level 2						$	1,725,686					2,170,677
LMF Commercial loans held-for-sale			Level 3						35,896						26,401
Mortgage servicing rights			Level 3						3,094						3,266
Forward options			Level 1						91						986
Lennar Other Assets:
Investments in equity securities			Level 1						$	58,693					232,372
Investments available-for-sale			Level 3						38,804						39,060

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

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

			At August 31, 2026												At November 30, 2025
(In thousands)			Aggregate Principal Balance												Change in Fair Value						Aggregate Principal Balance												Change in Fair Value
Residential loans held-for-sale			$	1,805,595											(79,909)						2,206,966												(36,289)
LMF Commercial loans held-for-sale			36,950												(1,054)						26,525												(124)

The estimated fair values of the Company's financial instruments have been determined by using available market information and what the Company believes to be appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values.

Financial Services residential loans held-for-sale - The fair value of residential loans held-for-sale that trade in active secondary markets is determined based upon quoted market prices for similar mortgage loans, adjusted for credit risk and other loan characteristics, and is categorized as Level 2. The Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower. The fair value of these are included in Financial Services’ loans held-for-sale as of August 31, 2026 and November 30, 2025. Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics.

LMF Commercial loans held-for-sale - The fair value of commercial loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its 2025 Form 10-K. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust.

Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:

			August 31, 2026						November 30, 2025
Unobservable inputs:
Mortgage prepayment rate			9%						9%
Discount rate			13%						13%
Delinquency rate			11%						11%

Forward contracts, forward options and interest rate swaps - Fair value of forward contracts, forward options and interest rate swaps is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and other liabilities and the Company recognizes the changes in the fair value of the premium paid as Financial Services' revenues.

Lennar Other investments in equity securities - The fair value of investments in equity securities was calculated based on independent quoted market prices. The Company’s investments in equity securities were recorded at fair value with all changes in fair value recorded to Lennar Other gains (losses) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income (loss).

Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(In thousands)			2026						2025						2026						2025
Changes in fair value included in Financial Services revenues:
Loans held-for-sale			$	(18,219)					23,361						(43,708)						21,011
Mortgage loan commitments			(9,296)						34,590						(18,606)						45,511
Forward contracts			19,067						(36,411)						27,642						(7,919)
Interest rate swaps			(37)						(6,652)						8,241						(6,490)
Changes in fair value included in Lennar Other earnings (losses) from technology investments:
Investments in equity securities			$	(53,335)					99,223						(61,749)						7,280
Changes in fair value included in other comprehensive income (loss), net of tax:
Lennar Other investments available-for-sale			$	79					—						(256)						(1,510)

Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations.

The following table sets forth the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:

			Three Months Ended August 31,
			2026															2025
(In thousands)			Mortgage servicing rights						LMF Commercial loans held-for-sale												Mortgage servicing rights						LMF Commercial loans held-for-sale
Beginning balance			$	2,983					70,296												3,467						72,203
Purchases/loan originations			141						28,950												45						177,837
Sales/loan originations sold, including those not settled			—						(65,300)												—						(172,643)
Disposals/settlements			(59)						—												(104)						—
Changes in fair value (1)			29						1,950												(118)						483
Interest and principal paydowns			—						—												—						(93)
Ending balance			$	3,094					35,896												3,290						77,787

			Nine Months Ended August 31,
			2026												2025
(In thousands)			Mortgage servicing rights						LMF Commercial loans held-for-sale						Mortgage servicing rights						LMF Commercial loans held-for-sale
Beginning balance			$	3,266					26,401						3,463						50,316
Purchases/loan originations			405						185,300						322						486,677
Sales/loan originations sold, including those not settled			—						(174,875)						—						(458,466)
Disposals/settlements			(183)						—						(257)						—
Changes in fair value (1)			(394)						(1,054)						(238)						(264)
Interest and principal paydowns			—						124						—						(476)
Ending balance			$	3,094					$	35,896					$	3,290					$	77,787

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

The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

									Three Months Ended August 31,
									2026																		2025
(In thousands)			Fair Value Hierarchy						Carrying Value						Fair Value						Total Gains (Losses), Net (1)						Carrying Value						Fair Value						Total Losses, Net (1)
Homebuilding - non-financial assets:
Finished homes and construction in progress (2)			Level 3						$	508,650					398,201						(110,449)						479,233						430,986						(48,247)
Deposits and pre-acquisition costs on real estate (3)			Level 3						947						—						(947)						8,919						—						(8,919)
Financial Services - financial assets:
Loans held-for-sale (4)			Level 3						$	13,550					13,693						143						61,001						50,284						(10,717)

									Nine Months Ended August 31,
									2026																		2025
(In thousands)			Fair Value Hierarchy						Carrying Value						Fair Value						Total Losses, Net (1)						Carrying Value						Fair Value						Total Losses, Net (1)
Homebuilding - non-financial assets:
Finished homes and construction in progress (2)			Level 3						$	1,223,403					1,011,922						(211,481)						1,221,892						1,103,619						(118,273)
Land and land under development (2)			Level 3						549						—						(549)						191						134						(57)
Deposits and pre-acquisition costs on real estate (3)			Level 3						7,686						—						(7,686)						17,847						—						(17,847)
Financial Services - financial assets:
Loans held-for-sale (4)			Level 3						$	14,036					13,693						(343)						61,001						50,284						(10,717)
Multifamily - non-financial assets:
Investments in unconsolidated entities (5)			Level 3						$	—					—						—						10,716						—						(10,716)

(1)Represents gains (losses) due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.

(2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).

(3)Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).

(4)Changes in fair value below amortized cost basis are recognized through a valuation allowance, with the adjustment included in Financial Services earnings in the Company's condensed consolidated statements of operations and comprehensive income (loss).

(5)Valuation adjustments related to investments in unconsolidated entities were primarily included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss).

Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its 2025 Form 10-K.

The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.

On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

																											Communities with valuation adjustments
At or for the Nine Months Ended			# of active communities						# of communities with potential indicator of impairment																		# of communities																		Fair Value (in thousands)						Valuation Adjustments (in thousands)
August 31, 2026			1,713						184																		38																		$	313,150					$	99,985
August 31, 2025			1,664						113																		21																		49,884						25,633

The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:

			Nine Months Ended August 31,
			2026												2025
Unobservable inputs			Range												Range
Average selling price (1)			$129,000			—			1,706,000						168,000			—			872,000
Absorption rate per quarter (homes)			1			—			19						2			—			11
Discount rate			20%												20%

(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the nine months ended August 31, 2026 and 2025.

The Company disclosed its accounting policy related to investments in unconsolidated entities and its review for indicators of impairment for the long-lived assets of an unconsolidated entity and the decline in the fair value of an investment below the carrying value in the Summary of Significant Accounting Policies in its 2025 Form 10-K.

The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions, (3) the length of the time and the extent to which the market value has been less than cost and (4) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status, and liquidity needs of the unconsolidated entity. The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from the unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams. During the three and nine months ended August 31, 2026, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment. During the three months ended August 31, 2025, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment, except that there was an other-than-temporary impairment of $10.7 million during the nine months ended August 31, 2025, included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss).

The Company estimates the fair value of investments in unconsolidated entities evaluated for impairment based on market conditions and assumptions made by management at the time the investment is evaluated, which may differ materially from actual results if market conditions or assumptions change.

**(9)**Variable Interest Entities

During the nine months ended August 31, 2026, the Company evaluated the joint venture (“JV”) agreements of its JVs that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements. Based on the Company's evaluation, during the nine months ended August 31, 2026, the Company consolidated one entity that had a total combined assets and liabilities of $30.0 million and $7.0 million, respectively. There were no variable interest entities ("VIEs") that were deconsolidated during the nine months ended August 31, 2026.

The carrying amount of the Company's consolidated VIEs' assets and non-recourse liabilities are disclosed in the footnote to the condensed consolidated balance sheets.

A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debts payable. The assets held by a VIE are usually collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with VIE’s lenders. Other than debt guarantee agreements with VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts, but that would require forfeiture of deposits and pre-acquisition costs.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Unconsolidated VIEs

The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:

			At August 31, 2026												At November 30, 2025
(In thousands)			Investments in Unconsolidated VIEs						Lennar’s Maximum Exposure to Loss						Investments in Unconsolidated VIEs						Lennar’s Maximum Exposure to Loss
Homebuilding (1)			$	766,073					780,572						824,241						861,679
Multifamily (2)			206,446						207,047						167,873						169,364
Financial Services (3)			125,051						125,051						135,396						135,396
Lennar Other (4)			101,175						101,175						105,151						105,151
			$	1,198,745					1,213,845						1,232,661						1,271,590

(1)As of August 31, 2026 and November 30, 2025, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs. In addition, as of August 31, 2026 and November 30, 2025, there was recourse debt of VIEs of $9.1 million and $30.1 million, respectively.

(2)As of both August 31, 2026 and November 30, 2025, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs. The increase was primarily due to LMV II becoming a VIE in anticipation of future capital contributions.

(3)As of both August 31, 2026 and November 30, 2025, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and primarily related to the Financial Services' CMBS held-to-maturity investments.

(4)As of both August 31, 2026 and November 30, 2025, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs.

The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities. Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of August 31, 2026 in accordance with ASC 810 due to insufficient equity at risk. While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent.

There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs.

Option Contracts

The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land banks) until the Company has determined whether to exercise the options. All deposits and pre-acquisition costs on real estate, including option maintenance fees paid to land banks, are capitalized on the condensed consolidated balance sheets and are allocated to the land basis when the land is acquired.

The Company evaluates option contracts with third-party land holding companies for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts. Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary and makes a significant deposit or pre-acquisition cost investment for optioned land, or is otherwise economically compelled to takedown the optioned land, it may need to consolidate the land under option at the purchase price of the optioned land. As of August 31, 2026, land under option with third parties that the Company was compelled to takedown was $951.6 million, of which $250.7 million were land purchase contract obligations due to land banks upon maturity of the contracts. The Company's intention is to have other land banks close on the land purchase commitments and the Company will option the land from the land banks. Land under option with third parties is included in consolidated inventory not owned. Consolidated inventory not owned related to land financing transactions, which are land sale transactions that did not meet the criteria for revenue recognition and derecognition of land by the Company as a result of the Company maintaining an option to repurchase the land in the future, was $456.5 million as of August 31, 2026.

During the nine months ended August 31, 2026, consolidated inventory not owned decreased by $288.4 million with a $225.9 million decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 31, 2026. The decrease was primarily due to takedowns. To reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

finished homes and construction in progress in the accompanying condensed consolidated balance sheet as of August 31, 2026. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits.

The Company's exposure to losses on its option contracts with third parties and unconsolidated entities were as follows:

(In thousands)			At August 31, 2026						At November 30, 2025
Non-refundable option deposits and pre-acquisition costs on real estate			$	7,236,290					6,301,909
Non-refundable option deposits included in consolidated inventory not owned			157,597						220,025
Letters of credit in lieu of cash deposits under certain land and option contracts			423,418						443,277

For the nine months ended August 31, 2026, the Company purchased a significant portion of land from three land banks (the “Land Banks”). There were no amounts due to the Land Banks as of August 31, 2026, resulting from land purchases as the full purchase price of the land is typically paid to the Land Banks at closing when land is purchased by the Company. As of August 31, 2026, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $2.7 billion, which are included in the corresponding line item presented in the table above. As of August 31, 2026, total consolidated inventory not owned and liabilities related to consolidated inventory not owned for the option contracts with the Land Banks were $330.3 million and $256.3 million. As of August 31, 2026, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose Properties, Inc. (one of the three Land Banks) were $1.3 billion.

The Company believes there are other land banks that could be substituted should the Land Banks become unavailable or non-competitive with respect to land banking of future land. Thus, the Company does not believe that the loss of the Company’s relationship with these Land Banks would have a material adverse effect on the Company’s business, financial condition or cash flows.

**(10)**Commitments and Contingent Liabilities

The Company is involved in various claims, legal proceedings, and regulatory matters that arise in the ordinary course of business, including, but not limited to, matters related to construction defects, product liability, warranty claims, land use, zoning and permitting issues, environmental matters, contract disputes, employment matters, and other legal matters incidental to its business operations.

The Company follows established accounting standards to identify, evaluate, record, and disclose legal contingencies. A liability is recorded when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company does not record liabilities for contingencies when the likelihood of loss is remote or if reasonably possible, or when a probable loss cannot be reasonably estimated. If a loss is probable or reasonably possible, the Company discloses the nature of the contingency and, if estimable, the possible range of loss.

In assessing contingencies, management considers, among other factors, the nature of the claim, the status of the matter, the advice of legal counsel, the Company's historical experience with similar matters, insurance coverage, and recoveries, if any, and other relevant facts and circumstances. Estimates of loss contingencies are inherently subjective and involve significant judgment. As a result, actual outcomes may differ materially from amounts recorded or disclosed.

Certain of the Company's legal matters are covered, in whole or in part, by insurance policies subject to applicable retentions, deductibles, and policy limits, as well as through contractual indemnities. Recoveries, if any, are recognized only when realization is considered probable.

As of August 31, 2026, the Company has recorded accruals for loss contingencies that management believes are probable and reasonably estimable. These accruals are included in Other liabilities in the condensed consolidated balance sheets. For these matters as well as for matters for which a loss is reasonably possible but not probable, management believes that any reasonably possible losses, either individually or in the aggregate, would not have a material adverse effect on the Company’s consolidated financial position. However, the ultimate resolution of these matters could have a material effect on the Company’s results of operations or cash flows in a particular period.

The Company cannot predict with certainty the outcome or timing of resolution of its pending matters, and no assurance can be given that the results will not differ from management’s expectations.

Product Warranty

Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

			Three Months Ended												Nine Months Ended
			August 31,												August 31,
(In thousands)			2026						2025						2026						2025
Warranty reserve, beginning of the period			$	383,152					442,058						400,591						446,240
Warranties issued			45,753						62,241						135,752						185,873
Adjustments to pre-existing warranties from changes in estimates (1)			(24,719)						(11,260)						(4,814)						3,126
Payments			(58,661)						(70,154)						(186,004)						(212,354)
Warranty reserve, end of period			$	345,525					422,885						345,525						422,885

(1)The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2026 and 2025 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

Leases

The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities. The following table includes additional information about the Company's leases:

(Dollars in thousands)			At August 31, 2026						At November 30, 2025
Right-of-use assets			$	237,998					269,011
Lease liabilities			236,991						264,157
Weighted-average remaining lease term (in years)			5.4						5.4
Weighted-average discount rate			4.6%						4.7%

Future minimum payments under the noncancellable leases in effect at August 31, 2026 were as follows:

(In thousands)			Lease Payments
2026			$	23,006
2027			71,836
2028			47,857
2029			31,764
2030			26,889
Thereafter			66,805
Total future minimum lease payments (1)			$	268,157
Less: Interest (2)			31,166
Present value of lease liabilities (2)			$	236,991

(1)Total future minimum lease payments exclude variable lease costs of $30.1 million and an immaterial amount of short-term lease costs.

(2)The Company's leases do not include a readily determinable implicit rate. As such, the Company estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date. As of August 31, 2026, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.

The Company's rental expense on lease liabilities was as follows:

			Nine Months Ended August 31,
(In thousands)			2026						2025
Rental expense			$	132,186					148,271

In December 2023, the Company purchased its corporate headquarters building in which the Company had previously leased office space. This building contains approximately 213,200 square feet of office space, of which the Company leases approximately 53,000 square feet of unused office space to other tenants. On occasion, the Company may sublease other rented

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

space which is no longer used for the Company's operations. For both the nine months ended August 31, 2026 and 2025, the Company had an immaterial amount of sublease income.

Letters of Credits and Surety Bonds

The Company is committed, under various letters of credit, to perform certain development and construction activities and provide certain guarantees in the normal course of business. The Company also had outstanding surety bonds, including performance bonds related to site improvements at various projects (including certain joint ventures) and financial surety bonds. Although significant development and construction activities have been completed, these bonds are generally not released until all development and construction activities are completed (see Note 7 of the Notes to Condensed Consolidated Financial Statements for additional information).

The Company does not presently anticipate any draws upon these letters of credit or surety bonds that would have a material effect on its condensed consolidated financial statements.

Option Agreements

The Company is subject to the usual obligations associated with contractual agreements entered into in routine conduct of its business (including option contracts) for the purchase, development and sale of real estate. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings (see Note 9 of the Notes to Condensed Consolidated Financial Statements for additional information).

Loan Servicing

Substantially all of the loans the Financial Services segment originates are sold within a short period on the secondary mortgage market on a servicing-released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray any losses incurred by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements and seeking to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors, which are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. These accruals are based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company’s expectations, additional recourse expense may be incurred.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “will,” “may” or other words of similar meaning. Some of them are opinions formed based upon general observations, anecdotal evidence and industry experience, but that are not supported by specific investigation or analysis.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from what is anticipated by our forward-looking statements. The most important factors that could cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limited to: slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that may impact the cost of raw materials and other goods related to our homebuilding business; changes in U.S. and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings or the willingness of the funds to invest in new projects; increased energy prices; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land-light strategy; problems exercising options to purchase homesites; a decline in the value of the land and home inventories we maintain and resulting possible future write downs of the carrying value of our real estate assets; the forfeiture of deposits and pre-acquisition costs on real estate related to land purchase options we decide not to exercise; the potential negative impact to our business from public health issues; labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; and changes in laws, regulations or the regulatory environment affecting our business.

Please see our Annual Report on Form 10-K for the fiscal year ended November 30, 2025 ("2025 Form 10-K"), filed with the Securities and Exchange Commission (the “SEC”) on January 28, 2026 and our other filings with the SEC for a further discussion of these and other risks and uncertainties which could affect our future results. We undertake no obligation, other than those imposed by securities laws, to publicly revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events.