v3.26.3
Operating and Reporting Segments
 9 Months Ended
Aug. 31, 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 August 31, 2026
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$1,150,115 225,506 23,527 27,303 1,426,451 
Restricted cash34,093 38,346 — — 72,439 
Receivables, net (1)924,858 309,237 35,043 — 1,269,138 
Inventory owned and consolidated inventory not owned12,943,439 — 206,139 — 13,149,578 
Deposits and pre-acquisition costs on real estate7,327,193 — 4,399 — 7,331,592 
Investments in unconsolidated entities1,470,473 644 488,775 363,379 2,323,271 
Loans held-for-sale (2)— 1,776,305 — — 1,776,305 
Investments in equity securities (3)— — — 131,350 131,350 
Investments available-for-sale (4)— — — 38,804 38,804 
Investments held-to-maturity— 124,407 — — 124,407 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,803,804 106,508 57,156 135,364 2,102,832 
Total assets$29,096,334 2,770,652 815,039 696,200 33,378,225 
Liabilities:
Senior notes and other debts payable, net$4,297,251 1,584,448 — — 5,881,699 
Liabilities related to consolidated inventory not owned1,250,439 — — — 1,250,439 
Accounts payable and other liabilities4,244,909 136,120 76,247 92,391 4,549,667 
Total liabilities$9,792,599 1,720,568 76,247 92,391 11,681,805 
(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)— 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 August 31, 2026 and November 30, 2025.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $13.7 million and $15.5 million of residential loans are carried at lower of cost or fair value as of August 31, 2026 and November 30, 2025, respectively.
(3)Investments in equity securities include investments of $72.7 million and $114.4 million without readily available fair values as of August 31, 2026 and November 30, 2025, respectively.
(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.
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 August 31, 2026At November 30, 2025
East$5,748,435 5,413,918 
Central5,155,489 4,565,781 
South Central4,714,090 4,195,858 
West 10,160,607 9,519,804 
Other1,820,959 1,692,453 
Corporate and Unallocated 1,496,754 3,865,442 
Total Homebuilding$29,096,334 29,253,256 
Financial information relating to the Company’s segments was as follows:
Three Months Ended August 31, 2026
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,828,048 1,943,777 1,372,191 2,588,288 1,284 7,733,588 — — — 7,733,588 
Sales of land1,759 3,163 11,622 1,898 — 18,442 — — — 18,442 
Other revenues3,444 416 758 670 2,179 7,467 226,121 38,475 22,026 294,089 
Total revenues1,833,251 1,947,356 1,384,571 2,590,856 3,463 7,759,497 226,121 38,475 22,026 8,046,119 
Costs and expenses:
Costs of homes sold1,446,037 1,646,381 1,140,782 2,275,863 3,197 6,512,260 — — — 6,512,260 
Costs of land sold2,485 3,787 6,425 3,519 — 16,216 — — — 16,216 
Other costs and expenses— — — — — — 95,805 40,868 48,393 185,066 
Selling, general and administrative expenses176,793 187,535 135,681 208,129 5,902 714,040 — — — 714,040 
Corporate general and administrative expenses (1)— — — — — — — — — 137,883 
Charitable foundation contribution (1)— — — — — — — — — 20,840 
Total costs and expenses1,625,315 1,837,703 1,282,888 2,487,511 9,099 7,242,516 95,805 40,868 48,393 7,586,305 
Equity in earnings (losses) from unconsolidated entities(5,736)5 (12)(48)10,599 4,808 — (1,342)(301)3,165 
Other income (expense), net and other gains (losses), net(2,269)1,525 (2,054)(17,585)556 (19,827)— 866 (3,604)(22,565)
Lennar Other losses from technology investments— — — — — — — — (53,335)(53,335)
Earnings (loss) before income taxes$199,931 111,183 99,617 85,712 5,519 501,962 130,316 (2,869)(83,607)387,079 
Three Months Ended August 31, 2025
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,732,008 2,020,519 1,507,314 2,950,118 3,621 8,213,580 — — — 8,213,580 
Sales of land20,140 1,300 346 8,735 — 30,521 — — — 30,521 
Other revenues3,521 1,030 610 1,877 2,536 9,574 314,195 228,465 13,943 566,177 
Total revenues1,755,669 2,022,849 1,508,270 2,960,730 6,157 8,253,675 314,195 228,465 13,943 8,810,278 
Costs and expenses:
Costs of homes sold1,409,575 1,647,159 1,247,502 2,470,021 5,306 6,779,563 — — — 6,779,563 
Costs of land sold18,121 3,825 2,651 16,468 — 41,065 — — — 41,065 
Other costs and expenses— — — — — — 136,323 238,791 45,450 420,564 
Selling, general and administrative expenses154,719 188,662 125,119 201,204 6,787 676,491 — — — 676,491 
Corporate general and administrative expenses (1)— — — — — — — — — 171,397 
Charitable foundation contribution (1)— — — — — — — — — 21,584 
Total costs and expenses1,582,415 1,839,646 1,375,272 2,687,693 12,093 7,497,119 136,323 238,791 45,450 8,110,664 
Equity in earnings (losses) from unconsolidated entities14,338 40 (5)563 (4,746)10,190 — (6,790)7,422 10,822 
Other income (expense), net and other gains (losses), net (1,208)1,479 (2,864)(3,277)(1,091)(6,961)— 645 (12,640)(18,956)
Lennar Other gains from technology investments— — — — — — — — 99,223 99,223 
Earnings (loss) before income taxes$186,384 184,722 130,129 270,323 (11,773)759,785 177,872 (16,471)62,498 790,703 
Nine Months Ended August 31, 2026
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$5,049,380 4,951,404 3,995,511 7,598,189 7,065 21,601,549 — — — 21,601,549 
Sales of land11,350 4,036 18,522 12,093 — 46,001 — — — 46,001 
Other revenues12,018 2,645 1,978 3,032 7,151 26,824 678,615 184,538 67,940 957,917 
Total revenues5,072,748 4,958,085 4,016,011 7,613,314 14,216 21,674,374 678,615 184,538 67,940 22,605,467 
Costs and expenses:
Costs of homes sold4,067,149 4,206,240 3,307,729 6,652,659 12,716 18,246,493 — — — 18,246,493 
Costs of land sold23,482 9,653 16,643 19,293 — 69,071 — — — 69,071 
Other costs and expenses— — — — — — 355,883 204,084 135,803 695,770 
Selling, general and administrative expenses508,622 514,222 378,404 609,721 18,961 2,029,930 — — — 2,029,930 
Corporate general and administrative expenses (1)— — — — — — — — — 431,670 
Charitable foundation contribution (1)— — — — — — — — — 58,222 
Total costs and expenses4,599,253 4,730,115 3,702,776 7,281,673 31,677 20,345,494 355,883 204,084 135,803 21,531,156 
Equity in earnings (losses) from unconsolidated entities9,925 46 (37)1,540 34,185 45,659 — 51,372 3,489 100,520 
Other income (expense), net and other gains (losses), net(4,148)5,684 (6,435)(18,014)12,735 (10,178)— 1,489 (1,674)(10,363)
Lennar Other losses from technology investments— — — — — — — — (61,749)(61,749)
Earnings (loss) before income taxes$479,272 233,700 306,763 315,167 29,459 1,364,361 322,732 33,315 (127,797)1,102,719 
Nine Months Ended August 31, 2025
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$5,102,675 5,294,015 4,173,587 8,657,783 14,341 23,242,401 — — — 23,242,401 
Sales of land57,646 2,900 22,539 25,957 — 109,042 — — — 109,042 
Other revenues9,970 3,847 2,369 5,220 8,558 29,964 889,370 521,966 26,582 1,467,882 
Total revenues5,170,291 5,300,762 4,198,495 8,688,960 22,899 23,381,407 889,370 521,966 26,582 24,819,325 
Costs and expenses:
Costs of homes sold4,103,355 4,309,966 3,435,915 7,203,662 17,341 19,070,239 — — — 19,070,239 
Costs of land sold55,869 8,008 23,595 45,843 — 133,315 — — — 133,315 
Other costs and expenses— — — — — — 410,735 566,844 99,039 1,076,618 
Selling, general and administrative expenses484,223 506,814 345,852 620,740 23,448 1,981,077 — — — 1,981,077 
Corporate general and administrative expenses (1)— — — — — — — — — 474,628 
Charitable foundation contribution (1)— — — — — — — — — 59,549 
Total costs and expenses4,643,447 4,824,788 3,805,362 7,870,245 40,789 21,184,631 410,735 566,844 99,039 22,795,426 
Equity in earnings (losses) from unconsolidated entities29,271 36 (13)1,573 32,043 62,910 — (11,332)4,594 56,172 
Other income (expense), net and other gains (losses), net31,269 4,629 (4,219)(5,760)11,687 37,606 — 24,962 (19,097)43,471 
Lennar Other gains from technology investments— — — — — — — — 7,280 7,280 
Earnings (loss) before income taxes$587,384 480,639 388,901 814,528 25,840 2,297,292 478,635 (31,248)(79,680)2,130,822 
(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 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 August 31, 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:
September 2026 (1)$250,000 250,000 500,000 
November 2026300,000 900,000 1,200,000 
December 2026— 375,000 375,000 
March 2027200,000 300,000 500,000 
May 202730,000 270,000 300,000 
July 202780,000 170,000 250,000 
Total residential facilities$860,000 2,265,000 3,125,000 
LMF commercial facilities maturing:
January 2027100,000 — 100,000 
December 2027200,000 — 200,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$3,425,000 
(1)Subsequent to August 31, 2026, the maturity date was extended to November 2026.
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 August 31, 2026At November 30, 2025
Borrowings under residential facilities$1,448,949 1,653,484 
Collateral under residential facilities1,886,721 1,718,338 
Borrowings under LMF Commercial facilities20,600 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 condensed 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 and nine months ended August 31, 2026 and 2025. Loan origination liabilities were $17.3 million and $17.4 million as of August 31, 2026 and November 30, 2025, respectively, 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 EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2026202520262025
Originations (1)$28,950 177,837 185,300 486,677 
Sold65,300 172,643 174,875 458,466 
Securitizations124 8 
(1)During both the three and nine months ended August 31, 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 August 31, 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 or nine months ended August 31, 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 August 31, 2026At November 30, 2025
Carrying value$124,407 132,868 
Outstanding debt, net of debt issuance costs114,899 123,106 
Incurred interest rate3.4%3.4%
At August 31, 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) 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) 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 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 and nine months ended August 31, 2026, the Company recorded mark-to-market losses of $53.3 million and $61.7 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). During the three and nine months ended August 31, 2025, the Company recorded mark-to-market gains of $99.2 million and $7.3 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).