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 six months ended May 31, 2025 and 2024:


	Three Months Ended May 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 February 28, 2025	$	22,867,344	26,133	3,660	5,812,802	(4,424,039)	7,351	21,302,131	139,306
Net earnings (including net earnings attributable to noncontrolling interests)	481,820		—	—	—	—	—	477,449	4,371
Employee stock and directors plans	722		3	—	1,157	(438)	—	—	—

Purchases of treasury stock	(520,981)		—	—	—	(520,981)	—	—	—




Amortization of restricted stock	28,773		—	—	28,773	—	—	—	—
Cash dividends	(133,589)		—	—	—	—	—	(133,589)	—

Receipts related to noncontrolling interests	9,701		—	—	—	—	—	—	9,701
Payments related to noncontrolling interests	(576)		—	—	—	—	—	—	(576)





Total other comprehensive loss, net of tax	(1,332)		—	—	—	—	(1,332)	—	—
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


	Three Months Ended May 31, 2024
(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 February 29, 2024	$	26,777,930	25,983	3,660	5,651,836	(1,988,200)	5,241	22,949,315	130,095
Net earnings (including net earnings attributable to noncontrolling interests)	960,586		—	—	—	—	—	954,311	6,275
Employee stock and directors plans	(1,046)		13	—	1,277	(2,336)	—	—	—

Purchases of treasury stock	(607,270)		—	—	—	(607,270)	—	—	—



Amortization of restricted stock	34,506		—	—	34,506	—	—	—	—
Cash dividends	(138,931)		—	—	—	—	—	(138,931)	—

Receipts related to noncontrolling interests	8,926		—	—	—	—	—	—	8,926
Payments related to noncontrolling interests	(24,667)		—	—	—	—	—	—	(24,667)

Non-cash purchase or activity of noncontrolling interests, net	4,364		—	—	(12,886)	—	—	—	17,250


Total other comprehensive income, net of tax	1,355		—	—	—	—	1,355	—	—
Balance at May 31, 2024	$	27,015,753	25,996	3,660	5,674,733	(2,597,806)	6,596	23,764,695	137,879


	Three Months Ended May 31,								Six Months Ended May 31,

	2025				2024				2025				2024
(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	4,501,936		204,515		3,393,475		406,525		9,271,936		663,320		6,419,603		780,397
Total purchase price	$	495,230	$	21,504	$	543,276	$	59,570	$	1,139,849	$	79,625	$	998,064	$	111,207
Average price per share	$	110.00	$	105.15	$	160.09	$	146.54	$	122.94	$	120.04	$	155.47	$	142.50