v3.26.1
Operating and Reporting Segments
 3 Months Ended
Feb. 28, 2026
Segment Reporting [Abstract]  
Operating and Reporting Segments 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 February 28, 2026
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$2,085,384 210,147 32,623 24,488 2,352,642 
Restricted cash27,541 14,627 — — 42,168 
Receivables, net (1)960,912 305,460 39,888 1,306,260 
Inventory owned and consolidated inventory not owned12,122,063 — 212,882 — 12,334,945 
Deposits and pre-acquisition costs on real estate6,824,948 — 7,756 — 6,832,704 
Investments in unconsolidated entities1,479,812 2,431 474,767 361,092 2,318,102 
Loans held-for-sale (2)— 1,847,078 — — 1,847,078 
Investments in equity securities (3)— — — 222,460 222,460 
Investments available-for-sale (4)— — — 38,655 38,655 
Investments held-to-maturity— 130,997 — — 130,997 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,787,517 107,600 74,184 182,972 2,152,273 
Total assets$28,730,536 2,808,039 842,100 829,667 33,210,342 
Liabilities:
Senior notes and other debts payable, net$4,065,459 1,191,006 — — 5,256,465 
Liabilities related to consolidated inventory not owned1,447,697 — — — 1,447,697 
Accounts payable and other liabilities4,090,934 199,271 88,547 95,165 4,473,917 
Total liabilities$9,604,090 1,390,277 88,547 95,165 11,178,079 
(In thousands)At November 30, 2025
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$3,441,324 258,873 34,172 21,936 3,756,305 
Restricted cash25,930 48,499 — — 74,429 
Receivables, net (1)1,002,629 429,560 38,673 — 1,470,862 
Inventory owned and consolidated inventory not owned11,617,633 — 223,622 — 11,841,255 
Deposits and pre-acquisition costs on real estate6,383,633 — 15,096 — 6,398,729 
Investments in unconsolidated entities1,545,370 2,528 506,573 367,965 2,422,436 
Loans held-for-sale (2) (5)— 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 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,794,378 102,762 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 owned1,476,376 — — — 1,476,376 
Accounts payable and other liabilities4,504,360 220,289 113,361 100,447 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 February 28, 2026 and November 30, 2025.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $15.3 million and $15.5 million of residential loans are carried at lower of cost or fair value as of February 28, 2026 and November 30, 2025, respectively.
(3)Investments in equity securities include investments of $114.4 million without readily available fair values as of both February 28, 2026 and November 30, 2025.
(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.
(5)During the year ended November 30, 2025, the Financial Services segment transferred its loans held-for-investment of $61.0 million (fair value of $50.3 million) to held-for-sale, based on the Company’s intent to sell the loans in the near future.
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 February 28, 2026At November 30, 2025
East$5,510,902 5,413,918 
Central4,686,323 4,565,781 
South Central4,553,494 4,195,858 
West 9,775,856 9,519,804 
Other1,800,785 1,692,453 
Corporate and Unallocated 2,403,176 3,865,442 
Total Homebuilding$28,730,536 29,253,256 
Financial information relating to the Company’s segments was as follows:
Three Months Ended February 28, 2026
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,512,078 1,345,033 1,160,180 2,251,747 3,884 6,272,922 — — — 6,272,922 
Sales of land8,074 873 4,023 2,188 — 15,158 — — — 15,158 
Other revenues4,869 1,153 660 1,202 2,599 10,483 215,555 82,499 22,859 331,396 
Total revenues1,525,021 1,347,059 1,164,863 2,255,137 6,483 6,298,563 215,555 82,499 22,859 6,619,476 
Costs and expenses:
Costs of home sold1,238,852 1,152,715 956,368 1,967,522 6,157 5,321,614 — — — 5,321,614 
Costs of land sold15,302 3,736 6,368 5,905 — 31,311 — — — 31,311 
Other costs and expenses— — — — — — 124,242 90,428 43,684 258,354 
Selling, general and administrative expenses162,774 148,205 107,634 191,170 7,712 617,495 — — — 617,495 
Corporate general and administrative expenses (1)— — — — — — — — — 157,638 
Charitable foundation contribution (1)— — — — — — — — — 16,863 
Total costs and expenses1,416,928 1,304,656 1,070,370 2,164,597 13,869 5,970,420 124,242 90,428 43,684 6,403,275 
Equity in earnings (losses) from unconsolidated entities10,683 59 (15)912 26,542 38,181 — 25,481 (394)63,268 
Other income (expense), net and other gains (losses), net(3,821)1,883 (1,669)(2,032)12,343 6,704 — 307 1,135 8,146 
Lennar Other gains from technology investments— — — — — — — — 14,838 14,838 
Earnings (loss) before income taxes$114,955 44,345 92,809 89,420 31,499 373,028 91,313 17,859 (5,246)302,453 
Three Months Ended February 28, 2025
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,655,259 1,530,193 1,160,523 2,888,685 5,886 7,240,546 — — — 7,240,546 
Sales of land23,122 1,600 5,604 5,000 — 35,326 — — — 35,326 
Other revenues2,736 854 701 1,248 2,459 7,998 277,077 63,196 7,402 355,673 
Total revenues1,681,117 1,532,647 1,166,828 2,894,933 8,345 7,283,870 277,077 63,196 7,402 7,631,545 
Costs and expenses:
Costs of home sold1,303,019 1,245,610 946,529 2,386,679 6,307 5,888,144 — — — 5,888,144 
Costs of land sold23,511 3,040 2,940 6,586 — 36,077 — — — 36,077 
Other costs and expenses— — — — — — 133,594 73,376 23,564 230,534 
Selling, general and administrative expenses162,186 152,324 94,822 202,381 4,026 615,739 — — — 615,739 
Corporate general and administrative expenses (1)— — — — — — — — — 147,378 
Charitable foundation contribution (1)— — — — — — — — — 17,834 
Total costs and expenses1,488,716 1,400,974 1,044,291 2,595,646 10,333 6,539,960 133,594 73,376 23,564 6,935,706 
Equity in earnings (losses) from unconsolidated entities6,638 (3)(2)(28)28,399 35,004 — 727 (2,497)33,234 
Other income (expense), net and other gains (losses), net 25,315 2,050 (452)(478)3,924 30,359 — 9,430 (8,121)31,668 
Lennar Other losses from technology investments— — — — — — — — (62,503)(62,503)
Earnings (loss) before income taxes$224,354 133,720 122,083 298,781 30,335 809,273 143,483 (23)(89,283)698,238 
(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 foundation 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.
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 February 28, 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 AmountUncommitted AmountTotal
Residential facilities maturing:
March 2026 (1)$250,000 250,000 500,000 
May 2026250,000 250,000 500,000 
July 2026100,000 100,000 200,000 
September 2026200,000 200,000 400,000 
November 2026100,000 100,000 200,000 
December 2026— 375,000 375,000 
Total residential facilities$900,000 1,275,000 2,175,000 
LMF commercial facilities maturing:
January 2027100,000 — 100,000 
December 2027200,000 — 200,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$2,475,000 
(1)Subsequent to February 28, 2026, the maturity date was extended to March 2027.
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 February 28, 2026At November 30, 2025
Borrowings under residential facilities$1,008,627 1,653,484 
Collateral under residential facilities1,794,339 1,718,338 
Borrowings under LMF Commercial facilities61,000 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 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. The provision for loan losses was immaterial for both the three months ended February 28, 2026 and 2025. Loan origination liabilities were $17.4 million as of both February 28, 2026 and November 30, 2025 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
February 28,
(Dollars in thousands)20262025
Originations (1)$83,050 127,965 
Sold33,325 94,887 
Securitizations14
(1)During both the three months ended February 28, 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 February 28, 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 months ended February 28, 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 February 28, 2026At November 30, 2025
Carrying value$130,997 132,868 
Outstanding debt, net of debt issuance costs121,379 123,106 
Incurred interest rate3.4%3.4%
At February 28, 2026
Range
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 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) manages and 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) manages and 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 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 several 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 months ended February 28, 2026 and February 28, 2025, the Company recorded mark-to-market gains of $14.8 million and losses of $62.5 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).