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: | Homebuilding | | Financial Services | | Multifamily | | Lennar Other | | Total | Cash and cash equivalents | $ | 1,168,143 | | | 202,647 | | | 14,211 | | | 22,693 | | | 1,407,694 | | Restricted cash | 23,987 | | | 47,334 | | | — | | | — | | | 71,321 | | Receivables, net (1) | 995,664 | | | 440,853 | | | 34,226 | | | — | | | 1,470,743 | | Inventory owned and consolidated inventory not owned | 14,036,147 | | | — | | | 480,653 | | | — | | | 14,516,800 | | Deposits and pre-acquisition costs on real estate | 5,265,591 | | | — | | | 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 | | | | | | | | | | | | | | | | | | | | | | Goodwill | 3,442,359 | | | 189,699 | | | — | | | — | | | 3,632,058 | | Other assets | 1,759,645 | | | 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 owned | 2,317,996 | | | — | | | — | | | — | | | 2,317,996 | | Accounts payable and other liabilities | 4,710,499 | | | 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: | Homebuilding | | Financial Services | | Multifamily | | Lennar Other | | Total | Cash and cash equivalents | $ | 4,662,643 | | | 175,382 | | | 30,948 | | | 40,691 | | | 4,909,664 | | Restricted cash | 11,799 | | | 68,747 | | | — | | | — | | | 80,546 | | Receivables, net (1) | 1,053,211 | | | 545,752 | | | 53,595 | | | — | | | 1,652,558 | | Inventory owned and consolidated inventory not owned | 19,719,551 | | | — | | | 592,879 | | | — | | | 20,312,430 | | Deposits and pre-acquisition costs on real estate | 3,625,372 | | | — | | | 32,643 | | | — | | | 3,658,015 | | Investments in unconsolidated entities | 1,344,836 | | | — | | | 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 | | | | | | | | | | | | | | | | | | | | | | Goodwill | 3,442,359 | | | 189,699 | | | — | | | — | | | 3,632,058 | | Other assets | 1,734,698 | | | 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 owned | 3,563,934 | | | — | | | — | | | — | | | 3,563,934 | | Accounts payable and other liabilities | 5,040,992 | | | 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 Ended | | Six Months Ended | | May 31, | | May 31, | (In thousands) | 2025 | | 2024 | | 2025 | | 2024 | Revenues: | | | | | | | | Homebuilding | $ | 7,843,862 | | | 8,381,059 | | | 15,127,732 | | | 15,312,050 | | Financial Services | 298,098 | | | 281,723 | | | 575,175 | | | 531,443 | | Multifamily | 230,305 | | | 99,500 | | | 293,501 | | | 229,177 | | Lennar Other | 5,237 | | | 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 Services | 157,280 | | | 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, 2025 | | November 30, 2024 | | | | | | | | | East | $ | 5,720,593 | | | 6,967,571 | | Central | 4,660,446 | | | 5,567,451 | | South Central | 4,296,364 | | | 4,238,587 | | West | 10,424,040 | | | 12,148,434 | | Other | 2,859,356 | | | 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 Ended | | Six Months Ended | | May 31, | | May 31, | (In thousands) | 2025 | | 2024 | | 2025 | | 2024 | Revenues | | | | | | | | East | $ | 1,707,226 | | | 2,138,410 | | | 3,360,981 | | | 4,016,347 | | Central | 1,771,545 | | | 1,771,279 | | | 3,331,553 | | | 3,212,593 | | South Central | 1,523,398 | | | 1,196,425 | | | 2,690,226 | | | 2,268,211 | | West | 2,833,297 | | | 3,265,467 | | | 5,728,230 | | | 5,795,529 | | Other | 8,396 | | | 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 | | Central | 163,839 | | | 236,436 | | | 299,291 | | | 398,059 | | South Central | 136,689 | | | 184,576 | | | 258,772 | | | 353,157 | | West | 245,424 | | | 478,937 | | | 544,205 | | | 787,724 | | Other | 7,278 | | | 13,158 | | | 37,613 | | | 26,053 | | | $ | 728,234 | | | 1,340,155 | | | 1,537,507 | | | 2,368,951 | |
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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 Amount | | Uncommitted Amount | | Total | Residential facilities maturing: | | | | | | | | | | | | June 2025 (1) | $ | 560,000 | | | — | | | 560,000 | | August 2025 | 325,000 | | | 325,000 | | | 650,000 | | October 2025 | 50,000 | | | 100,000 | | | 150,000 | | May 2026 | 250,000 | | | 250,000 | | | 500,000 | | December 2026 | 375,000 | | | — | | | 375,000 | | Total residential facilities | $ | 1,560,000 | | | 675,000 | | | 2,235,000 | | LMF commercial facilities maturing: | | | | | | | | | | | | December 2025 | 200,000 | | | — | | | 200,000 | | January 2026 | 100,000 | | | — | | | 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, 2025 | | November 30, 2024 | Borrowings under residential facilities | $ | 1,211,428 | | | 1,776,045 | | Collateral under residential facilities | 1,261,797 | | | 1,837,833 | | Borrowings under LMF Commercial facilities | 80,368 | | | 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 2029 | | 2,800,000 | | Total commitments | | $ | 3,025,000 | | Accordion feature | | 475,000 | | 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, 2025 | | At November 30, 2024 | Performance letters of credit | | $ | 1,843,332 | | | 1,668,061 | | Financial letters of credit | | 909,960 | | | 745,578 | | Surety bonds | | 5,453,277 | | | 5,140,432 | | Anticipated future costs primarily for site improvements related to performance surety bonds | | 3,025,462 | | | 2,766,088 | |
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