v3.25.2
Operating and Reporting Segments (Tables)
 6 Months Ended
May 31, 2025
Segment Reporting [Abstract]  
Disclosure Of Financial Information Relating To Company's Operations
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)May 31, 2025
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$1,168,143 202,647 14,211 22,693 1,407,694 
Restricted cash23,987 47,334 — — 71,321 
Receivables, net (1)995,664 440,853 34,226 — 1,470,743 
Inventory owned and consolidated inventory not owned14,036,147 — 480,653 — 14,516,800 
Deposits and pre-acquisition costs on real estate5,265,591 — 13,965 — 5,279,556 
Investments in unconsolidated entities (2)2,699,981 2,806 518,453 367,989 3,589,229 
Loans held-for-sale (3)— 1,887,000 — — 1,887,000 
Investments in equity securities (4)— — — 216,188 216,188 
Investments available-for-sale (5)— — — 39,069 39,069 
Loans held-for-investment, net— 52,489 — — 52,489 
Investments held-to-maturity— 134,280 — — 134,280 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,759,645 102,129 71,747 144,598 2,078,119 
Total assets$29,391,517 3,059,237 1,133,255 790,537 34,374,546 
Liabilities:
Senior notes and other debts payable, net$2,791,987 1,416,138 — — 4,208,125 
Liabilities related to consolidated inventory not owned2,317,996 — — — 2,317,996 
Accounts payable and other liabilities4,710,499 176,248 134,922 94,874 5,116,543 
Total liabilities$9,820,482 1,592,386 134,922 94,874 11,642,664 
(In thousands)November 30, 2024
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$4,662,643 175,382 30,948 40,691 4,909,664 
Restricted cash11,799 68,747 — — 80,546 
Receivables, net (1)1,053,211 545,752 53,595 — 1,652,558 
Inventory owned and consolidated inventory not owned19,719,551 — 592,879 — 20,312,430 
Deposits and pre-acquisition costs on real estate3,625,372 — 32,643 — 3,658,015 
Investments in unconsolidated entities1,344,836 — 503,303 379,435 2,227,574 
Loans held-for-sale (3)— 2,250,718 — — 2,250,718 
Investments in equity securities (4)— — — 347,810 347,810 
Investments available-for-sale (5)— — — 40,578 40,578 
Loans held-for-investment, net— 60,969 — — 60,969 
Investments held-to-maturity— 135,646 — — 135,646 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,734,698 89,637 93,450 86,430 2,004,215 
Total assets$35,594,469 3,516,550 1,306,818 894,944 41,312,781 
Liabilities:
Senior notes and other debt payable, net$2,258,283 1,930,956 — — 4,189,239 
Liabilities related to consolidated inventory not owned3,563,934 — — — 3,563,934 
Accounts payable and other liabilities5,040,992 209,752 181,883 105,756 5,538,383 
Total liabilities$10,863,209 2,140,708 181,883 105,756 13,291,556 
(1)Receivables, net for Financial Services are primarily related to loans sold to investors for which the Company had not yet been paid as of May 31, 2025 and November 30, 2024, respectively.
(2)Investments in unconsolidated entities as of May 31, 2025 include the carrying value of 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion.
(3)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(4)Investments in equity securities include investments of $133.5 million and $143.0 million without readily available fair values as of May 31, 2025 and November 30, 2024, respectively.
(5)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheet.
Financial information relating to the Company’s segments was as follows:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2025202420252024
Revenues:
Homebuilding$7,843,862 8,381,059 15,127,732 15,312,050 
Financial Services 298,098 281,723 575,175 531,443 
Multifamily230,305 99,500 293,501 229,177 
Lennar Other5,237 3,310 12,639 5,852 
$8,377,502 8,765,592 16,009,047 16,078,522 
Earnings (loss) before income taxes:
Homebuilding$728,234 1,340,155 1,537,507 2,368,951 
Financial Services157,280 147,012 300,763 278,308 
Multifamily(14,754)(20,474)(14,777)(36,113)
Lennar Other(52,895)(28,964)(142,178)(68,512)
Corporate and Unallocated (1)(175,984)(176,672)(341,196)(350,791)
$641,881 1,261,057 1,340,119 2,191,843 
(1)Corporate and unallocated consists primarily of corporate general and administrative expenses and charitable foundation contributions.
The assets related to the Company’s Homebuilding segments were as follows:
(In thousands)May 31, 2025November 30, 2024
East$5,720,593 6,967,571 
Central4,660,446 5,567,451 
South Central4,296,364 4,238,587 
West 10,424,040 12,148,434 
Other2,859,356 1,729,407 
Corporate and Unallocated 1,430,718 4,943,019 
Total Homebuilding$29,391,517 35,594,469 
Financial information relating to the Company’s Homebuilding segments was as follows:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2025202420252024
Revenues
East$1,707,226 2,138,410 3,360,981 4,016,347 
Central1,771,545 1,771,279 3,331,553 3,212,593 
South Central1,523,398 1,196,425 2,690,226 2,268,211 
West 2,833,297 3,265,467 5,728,230 5,795,529 
Other8,396 9,478 16,742 19,370 
$7,843,862 8,381,059 15,127,732 15,312,050 
Operating earnings
East$175,004 427,048 397,626 803,958 
Central163,839 236,436 299,291 398,059 
South Central136,689 184,576 258,772 353,157 
West245,424 478,937 544,205 787,724 
Other7,278 13,158 37,613 26,053 
$728,234 1,340,155 1,537,507 2,368,951 
Schedule of Line of Credit Facilities
At May 31, 2025, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
Maximum Aggregate Commitment
(In thousands)Committed AmountUncommitted AmountTotal
Residential facilities maturing:
June 2025 (1)$560,000 — 560,000 
August 2025325,000 325,000 650,000 
October 202550,000 100,000 150,000 
May 2026250,000 250,000 500,000 
December 2026375,000 — 375,000 
Total residential facilities$1,560,000 675,000 2,235,000 
LMF commercial facilities maturing:
December 2025200,000 — 200,000 
January 2026100,000 — 100,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$2,535,000 
(1)Subsequent to May 31, 2025, the maturity date was extended to September 2025.
Borrowings and collateral under the facilities were as follows:
(In thousands)May 31, 2025November 30, 2024
Borrowings under residential facilities$1,211,428 1,776,045 
Collateral under residential facilities1,261,797 1,837,833 
Borrowings under LMF Commercial facilities80,368 28,747 
The maximum available borrowings on the Credit Facility were as follows:
(In thousands)At May 31, 2025
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,800,000 
Total commitments$3,025,000 
Accordion feature475,000 
Total maximum borrowings capacity$3,500,000 
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)At May 31, 2025At November 30, 2024
Performance letters of credit$1,843,332 1,668,061 
Financial letters of credit909,960 745,578 
Surety bonds5,453,277 5,140,432 
Anticipated future costs primarily for site improvements related to performance surety bonds3,025,462 2,766,088 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months EndedSix Months Ended
May 31,May 31,
(Dollars in thousands)2025202420252024
Originations (1)$180,875 71,510 308,840 212,335 
Sold190,936 129,335 285,823 156,285 
Securitizations236 5 
(1)During both the three and six months ended May 31, 2025 and 2024, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Schedule of Commercial Mortgage-Backed Securities
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)May 31, 2025November 30, 2024
Carrying value$134,280 135,646 
Outstanding debt, net of debt issuance costs124,343 126,164 
Incurred interest rate3.4%3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
May 31, 2025
Range
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
May 31, 2025November 30, 2024
Unobservable inputs:
Mortgage prepayment rate8%8%
Discount rate13%13%
Delinquency rate 11%12%
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:
Six Months Ended May 31,
20252024
Unobservable inputsRangeRange
Average selling price (1)$168,000—872,000178,000—282,000
Absorption rate per quarter (homes)2—710—15
Discount rate20%20%
(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the six months ended May 31, 2025 and 2024.
Unrealized Gain (Loss) on Investments The following is a detail of Lennar Other realized and unrealized losses from sales of shares and mark-to-market adjustments on the Company's technology investments:
Three Months EndedSix Months Ended
May 31,May 31,
(In thousands)2025202420252024
Blend Labs (BLND)$— 715 (3,737)3,651 
Hippo (HIPO)(15,462)10,737 (28,352)27,186 
Opendoor (OPEN)(12,921)(16,907)(31,707)(15,592)
SmartRent (SMRT)— (4,609)(4,483)(6,572)
Sonder (SOND)— (40)(19)11 
Sunnova (NOVA)(1,057)(11,410)(23,645)(35,335)
Lennar Other realized and unrealized losses from technology investments (1)$(29,440)(21,514)(91,943)(26,651)
(1)During the six months ended May 31, 2025, the Company realized a loss of $28.4 million on the sale of its shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of May 31, 2025, has a small remaining interest in Sunnova.