Lennar (LEN) risk factors: FY2025 10-K

1. Demand for homes we build may be adversely affected by a variety of macroeconomic factors beyond our control.
2. Negative publicity could hurt our reputation, which could cause our revenues or results of operations to decline.
3. Our business strategies for our homebuilding and mortgage finance businesses may not increase our value.
4. The market for new homes is cyclical, and a continuing downturn in the homebuilding market could adversely affect our operations.
5. Inflation could adversely affect our profitability.
6. Further increase in mortgage interest rates could reduce potential buyers’ ability or desire to obtain financing with which to buy homes.Interest rates
7. A decline in prices of new homes could require us to write down the carrying value of land we own and to write off option costs.
8. Current and threatened international conflicts could affect demand for the homes we build.
9. Our results of operations and financial condition may be adversely affected by public health issues and governmental actions.reworded

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1. Homebuilding, mortgage lending and home rentals are very competitive industries, and competitive conditions could adversely affect our business or financial results.
2. We may be subject to costs of warranty and liability claims in excess of the insurance coverage we can purchase.
3. Excessive health and safety incidents relating to our operations could be costly to us.
4. Products supplied to us and work done by subcontractors can expose us to risks that could adversely affect our business.
5. A reduced number of home sales would extend the time it takes us to recover land purchase and property development costs.
6. Increased interest rates could increase our cost of building homes.Interest rates
7. Increases in the rate of cancellations of home sale agreements could have an adverse effect on our business.
8. Our success to a substantial extent depends on our ability to acquire land that is suitable for residential homebuilding and meets our land investment criteria.
9. We could be hurt if land banks are not able to raise investor funds needed to finance land acquisition to meet out demand.new
10. We could be hurt by refusals of owners of land to honor options or contracts to sell land to us.
11. We may lose access to the land or homesites held by land banks in the event of lender foreclosures or bankruptcy proceedings.new
12. The loss of the services of members of our senior management or a significant number of our operating employees could negatively affect our business.
13. Natural disasters and severe weather conditions could delay deliveries and increase costs of new homes in affected areas, which could harm our sales and results of operations.
14. If our homebuyers are not able to obtain suitable financing, that would reduce demand for our homes and our home sales revenues.
15. Changes in tax laws could increase the cost of owning a home.
16. Our Financial Services segment can be adversely affected by reduced demand for our homes.
17. If our ability to sell residential mortgages into the secondary market is impaired, that could significantly reduce our ability to sell homes unless we are willing to become a long-term investor in loans we originate.
18. We may be liable for certain limited representations and warranties we make in connection with the sale of loans.

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1. Failure to comply with the covenants and conditions imposed by our lenders could restrict future borrowing or cause our debt to become immediately due and payable.
2. We have a substantial level of indebtedness, which may have an adverse effect on our business or limit our ability to take advantage of business, strategic or financing opportunities.
3. Our access to capital and our ability to obtain additional financing could be affected if there was a downgrade of our credit ratings.
4. An inability to obtain performance bonds or post letters of credit could adversely affect our operations.
5. We conduct some of our operations through joint ventures with independent third parties and we can be adversely impacted by our joint venture partners' failures to fulfill their obligations or decisions to act contrary to our wishes.

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1. Changes in U.S. trade policies and retaliatory responses from other countries may substantially increase the costs or limit supplies of building materials and products used in our homes.
2. We may be adversely impacted by legal and regulatory changes.
3. Governmental regulations regarding land use and environmental matters could increase the cost and limit the availability of our development and homebuilding projects and adversely affect our business or financial results.
4. We can be injured by improper acts of persons over whom we do not have control.
5. We could be held responsible for obligations of, and labor law violations by, our subcontractors and other contract parties.

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1. We have a stockholder who can exercise significant influence over matters that are brought to a vote of our stockholders.
2. Our Class B common stock is less liquid than, and has traded at a price substantially lower than that of, our Class A common stock.
3. The trading price for our Class A common stock and our Class B common stock may continue to be volatile.
4. We have substantial investments in real estate-related funds and businesses in which we are a minority investor.
5. Our results of operations could be adversely affected if legal claims against us are not resolved in our favor.
6. We could be subject to unexpected tax liabilities.
7. Information technology failures and data security breaches could harm our business.Cybersecurity
8. Failure to maintain the security of personally identifiable information could adversely affect us.
9. International activities subject us to risks inherent in international operations.
10. We experience variability in our operating results on a quarterly basis.
11. We could suffer significant losses if there are reductions in the market value of our investments in publicly traded companies.
12. Changes in global or regional environmental conditions and governmental actions in response to such changes may adversely affect us by increasing the costs of or restricting our planned or future growth activities.

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Headings in the FY2024 10-K with no match this year.

1. We could be hurt if land banks are not able to raise investor funds needed to enable them to supplement land acquisitions by Millrose.
2. The Millrose Spin-Off of much of our land assets may not occur on the timeline we expect or at all and we may not realize some or all of the expected benefits from this transaction even if completed.
3. If the planned Millrose Spin-Off is completed, Millrose may fail to perform under various transaction agreements that we expect to enter into in connection with the Millrose Spin-Off and our homebuilding operations could be seriously disrupted if Millrose refused to honor purchase options it is expected to grant us.
4. If the planned Millrose Spin-Off is completed, we may lose access to the land or homesites we would contribute to Millrose or that Millrose acquires in the future pursuant to our specifications in the event of lender foreclosures or bankruptcy proceedings.