What changed in this filing

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Item 1. Business

2026-01-28 compared with 2025-01-23 · 70 added, 90 removed, 287 unchanged (36% of the section changed)

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As of November 30, 2025, our reportable Homebuilding segments and all Other Homebuilding operations not required to be reported separately have divisions located in:

Alabama, Florida, New Jersey and Pennsylvania

Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee and Virginia

Florida, New Jersey and Pennsylvania

Alabama, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee

South Central:

Arkansas, Kansas, Missouri, Oklahoma and Texas

Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington

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Financial information about our Homebuilding, Financial Services, Multifamily and Lennar Other operations is contained in Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations of this Report.

Management's Discussion and Analysis of Financial Condition and Results of Operations and Note 3 of the Notes to Consolidated Financial Statements.

About Our Company

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("CalAtlantic"), a major homebuilder which was building homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states, and providing mortgage, title and escrow services.

In February 2025, we acquired Rausch Coleman Homes ("Rausch"), a residential homebuilder, expanding our homebuilding operations into several new markets in Arkansas (Bentonville/Fayetteville, Little Rock and Jonesboro), Oklahoma (Tulsa and Stillwater), Alabama (Birmingham and Tuscaloosa), and Kansas/Missouri (Kansas City), while adding to our existing footprint in Texas (Houston and San Antonio), Oklahoma (Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast).

We are focused on increasing efficiencies in our building process and reducing selling, general and administrative expenses by using technology and innovative strategies to reduce customer acquisition costs.

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lowering construction costs, reducing cycle time and achieving even flow production.

We have aimed to maintain strong operating margins by deferring home sale price commitments until construction costs are finalized to protect against cost escalations.

We have aimed to maintain operating margins by deferring home sale price commitments until construction costs are finalized to protect against cost escalations.

We focus on executing our operating strategy to be a consistent and high-volume homebuilder with production pace in sync with sales pace while using our gross margin as a shock absorber.

In addition, we are continuing our transition to a land light operating model by increasing the percentage of land we control through options or agreements but do not own, which reduces our years’ supply of owned homesites.

In connection with this transition, we expect to spin off a significant portion of our land assets to Millrose (as defined below), as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off.”

We have advanced our transition to a land-light operating model by increasing the proportion of homesites we control through options or agreements rather than ownership.

This approach enhances flexibility, reduces capital intensity, and lowers our years’ supply of owned land.

In connection with our transition to a land-light operating model, in February 2025, we spun off a significant portion of our land assets to Millrose (as defined below), and, in November 2025, disposed of the remaining holdings in Millrose in an exchange offer, in which we purchased shares of Lennar Class A common stock using Millrose Class A common stock as consideration, as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off and Exchange Offer”.

Homebuilding Operations

Our homebuilding operations include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly through entities in which we have investments.

New home deliveries, including deliveries from unconsolidated entities, were 80,210 in fiscal 2024, compared to 73,087 in fiscal 2023 and 66,399 in fiscal 2022.

New home deliveries, including deliveries from unconsolidated entities, were 82,583 in fiscal 2025, compared to 80,210 in fiscal 2024 and

73,087 in fiscal 2023.

We primarily sell homes in communities targeted to first-time, move-up, active adult, and luxury homebuyers.

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Key elements of our strategy include:

• Strong Operating Margins - Our purchasing leverage combined with our focus on reducing selling, general and administrative costs by using technology and innovative strategies and reducing interest expense through paydowns of debt has enabled us to achieve strong gross profit and operating margins.

• Focus on Strong Operating Margins - Our purchasing leverage combined with our focus on reducing selling, general and administrative costs by using technology and innovative strategies and reducing interest expense through paydowns of debt has enabled us to achieve strong gross profit and operating margins.

• Everything’s Included ® Approach - We are focused on distinguishing our products, including through our Everything’s Included ® approach, which maximizes our purchasing power, enables us to include luxury features as standard items in our homes and simplifies our homebuilding operations.

• Innovative Homebuilding - We are constantly innovating the homes we build to create products that better meet our customers' needs and desires.

Our Next Gen ® home provides what can be a home within a home to accommodate children or parents or can be an office from which to work remotely.

Our Next Gen ® homes provide what can be a home within a home to accommodate children or parents or can be an office from which to work remotely.

• Core Plans - We are integrating standardized, highly efficient, value engineered Plan series across all divisions at different price points.

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• Technology Focused - We partner with and/or invest in technology companies that are looking to improve the homebuilding and financial services industries to increase efficiencies, reduce customer acquisition costs and create a better customer experience.

• Land light strategy - We are focused on reducing our years' supply of owned homesites and increasing the percentage of land we control through options or agreements, including agreements with strategic land banks and joint ventures, rather than ownership.

In connection with this strategy, we expect to spin off a significant portion of our land assets to Millrose, as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off.”

• Land-light strategy - We are focused on having a minimal amount of years' supply of owned homesites and high percentage of land we control through options or agreements, including agreements with strategic land banks and joint ventures, rather than ownership.

In connection with this strategy, we spun off a significant portion of our land assets to Millrose, as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off.”

• Even flow production - We adjust prices, with our gross margin being a shock absorber, in an effort to maintain consistent starts and sales paces in order to generate increased market share in all the markets we build in.

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At November 30, 2025, 98% of our total homesites were controlled through options with land banks, land sellers and joint ventures compared to 82% at November 30, 2024.

For additional information about our investments in and relationships with unconsolidated entities, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Report.

For additional information about our investments in and relationships

with unconsolidated entities, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Report.

Construction and Development

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We use independent subcontractors for most aspects of land development and home construction.

At November 30, 2024, we were actively building and marketing homes in 1,447 communities, including 11 communities being constructed by unconsolidated entities.

This was an increase from the 1,260 communities, including five communities being constructed by unconsolidated entities, in which we were actively building and marketing homes at November 30, 2023.

At November 30, 2024 and 2023, we had about 2,900 and 1,200 completed unsold homes, respectively.

At November 30, 2025, we were actively building and marketing homes in 1,708 communities, including nine communities being constructed by unconsolidated entities.

This was an increase from the 1,447 communities, including 11 communities being constructed by unconsolidated entities, in which we were actively building and marketing homes at November 30, 2024.

At November 30, 2025 and 2024, we had about 5,000 and 2,900 completed unsold homes, respectively, which resulted in 2.9 and 2.0 completed unsold homes per community, respectively.

We generally supervise and control the development of land and the design and building of our residential communities with a relatively small labor force.

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The price schedules may be subject to change to meet changes in labor and material costs or for other reasons.

Although we, like homebuilders throughout the country, encountered shortages of materials and skilled labor during 2022, we believe that because of our size and our builder of choice program, where we work with our trade partners to drive efficiencies for them, we were less affected by these shortages than many of our competitors.

Most shortages were eliminated due to the supply chain environment catching up to homebuilder demand as well as Lennar’s continued effort to work with our suppliers and manufacturers on the volume and specific products needed to build homes.

We generally do not own heavy construction equipment.

We finance construction and land development activities primarily with cash generated from operations and historically from proceeds of unsecured corporate debt.

Following the Millrose Spin-Off, we expect that, when Millrose acquires undeveloped or partially developed land that we have options to purchase, Millrose will finance the horizontal development of all such homesites up to pre-negotiated development budgets, which will be incorporated into the takedown prices for Lennar’s purchase options on the properties.

In addition, when our land bank partners, including Millrose, acquire undeveloped or partially developed land that we have options to purchase, they finance the horizontal development of all such homesites up to pre-negotiated development budgets, which is incorporated into the takedown prices for Lennar’s purchase options on the properties.

We offer a diversified line of homes for first-time, move-up, active adult, luxury and multi-generational homebuyers in a variety of locations ranging from urban infill communities to suburban golf course communities.

Our Everything’s Included ® marketing program enables us to differentiate our homes from those of our competitors by including luxury items as standard features at competitive prices, while reducing construction and overhead costs through a simplified construction process, product standardization and volume purchasing.

In addition, we include built in wireless capability, home automation and solar power in many of the homes we sell, which enhances our brand and improves our ability to generate traffic and sales.

Our Everything’s Included® marketing program enables us to differentiate our homes from those of our competitors by including premium features as standard at competitive prices, while reducing construction and overhead costs through a simplified construction process, product standardization and volume purchasing.

Most of our homes include home automation and technology components, as well as energy efficient materials and systems, which enhances our brand.

We sell our homes from models that we have designed and constructed.

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We have made it possible for potential homebuyers to take virtual tours of model homes.

During fiscal 2024 and 2023, even with shifts in macroeconomic factors and adjusting to an inflationary environment in much of the period, we were able to develop, enhance, use, and improve the Lennar machine.

During fiscal 2025 and 2024, even with shifts in macroeconomic factors in much of the period, we were able to develop, enhance, use, and improve the Lennar machine.

Our sales, marketing, and dynamic pricing machine is quickly becoming an advanced digital engine that has materially benefited from aggressive, focused use and engagement while the market was most difficult.

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We tailor our marketing strategy and message based on the community being advertised and the customers being targeted, such as advertising our active adult communities in areas where prospective active adult homebuyers live or will potentially want to purchase.

During fiscal 2024 and 2023, increased interest rates as compared to prior years have made our homes less affordable to many prospective buyers and led us to reduce prices or increase sales incentives in a number of our communities to maintain sales pace.

During fiscal 2025 and 2024, increased interest rates as compared to prior years have made our homes less affordable to many prospective buyers and led us to reduce prices and/or increase sales incentives in a number of our communities to maintain sales pace.

Quality Service

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We warrant our new homes against defective materials and workmanship for a minimum period of one year after the date of closing.

Although we subcontract virtually all segments of construction to others and our contracts call for the subcontractors to repair or replace any deficient items related to their trades, we are primarily responsible to the homebuyers for the correction of any deficiencies.

Although we subcontract virtually all segments of construction to others and our contracts call for the

subcontractors to repair or replace any deficient items related to their trades, we are primarily responsible to the homebuyers for the correction of any deficiencies.

Local Operating Structure and Centralized Management

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In some instances, purchasers are permitted to cancel sales contracts if they fail to qualify for financing or under certain other circumstances.

We experienced a cancellation rate of 14% in 2024 and 16% in 2023.

We experienced a cancellation rate of 14% in both 2025 and 2024.

We do not recognize revenue on homes that are the subject of sales contracts until the sales are closed and title passes to the new homeowners.

The backlog dollar value including unconsolidated entities at November 30, 2025 was $5.2 billion, compared to $5.4 billion at November 30, 2024.

We expect that a significant portion of all homes currently in backlog will be delivered in fiscal year 2025.

We expect that a significant portion of homes currently in backlog will be delivered in fiscal year 2026.

Homebuilding Investments in Unconsolidated Entities

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This is discussed in greater detail in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Report.

Millrose Spin-Off

We are currently preparing to spin off (the “Millrose Spin-Off”) a wholly owned subsidiary of Lennar, Millrose Properties Inc.

(“Millrose”) into an independent, publicly traded company that will be listed on the New York Stock Exchange.

In connection with the Millrose Spin-Off, we plan to contribute to Millrose, in exchange for all outstanding shares of its common stock, a significant portion of our undeveloped, partially developed, and some of our fully developed, land, with an expected total aggregate value between $5.0 billion and $6.0 billion, as well as approximately $1.0 billion of cash.

To consummate the Millrose Spin-Off, on January 10, 2025, our Board of Directors ("Board") declared a stock dividend, pursuant to which we will distribute to Lennar’s stockholders of record as of January 21, 2025 approximately 80% of the total outstanding number of shares of Millrose common stock on February 7, 2025.

The goal of the Millrose Spin-off is to generally complete our migration to an asset-light operating model by spinning off a significant portion of our land assets from our balance sheet.

We expect Millrose to qualify as a real estate investment trust that will acquire and develop land and will deliver fully developed homesites under a land option contract on a just in time basis for Lennar and potentially other homebuilders.

Millrose is expected to maintain a business model with a self-sustaining, recycling source of land acquisition and development capital.

Millrose is expected to be responsible for paying to develop the undeveloped and partially developed land into homesites up to a certain pre-negotiated budget, with Lennar performing the actual construction work.

Lennar will have options to purchase the homesites in accordance with pre-set takedown schedules when Lennar expects to be ready to build homes on them.

Millrose is expected to use option exercise proceeds to purchase additional land designated by Lennar or other homebuilders in the future, usually giving Lennar or the other homebuilders options to purchase the land when it is developed.

As a result of the Millrose Spin-Off, both our inventory and our equity will be reduced by the amount of assets contributed to Millrose.

However, our balance sheet will remain very strong after the Millrose Spin-Off and we expect to have ample funds with which to pay down debt, issue dividends and repurchase stock.

Millrose has filed with the Securities and Exchange Commission a registration statement on Form S-11 relating to the Millrose Spin-Off, which became effective on January 17, 2025.

We expect that the Millrose Spin-Off will be completed by February 7, 2025, the distribution date of the Millrose common stock shares to Lennar’s stockholders, but there is no guarantee that the transaction will be completed on our anticipated timeline.

Pending Acquisition of Rausch Coleman Homes

During the fourth quarter of 2024, we entered into a definitive agreement to purchase Rausch Coleman Homes, a residential homebuilder based in Fayetteville, Arkansas.

With this acquisition, we will expand our footprint into new markets in Arkansas, Oklahoma, Alabama, Kansas and Missouri while adding to our existing footprint in Texas, Oklahoma, Alabama and Florida.

As previously disclosed in Millrose’s registration statement on Form S-11, in connection with furthering our land light strategy, we intend to assign the purchase of Rausch Coleman's land assets (the “Rausch Land Assets”) to Millrose.

Similar to the other land assets that Lennar expects to contribute to Millrose in connection with the Millrose Spin-Off, Lennar expects to enter into options to purchase the developed Rausch Land Assets in accordance with pre-set takedown schedules.

We are expecting the acquisition to be completed in our first quarter of 2025.

Millrose Spin-Off and Exchange Offer

In February 2025, we successfully completed the taxable spin-off of Millrose Properties, Inc.

(“Millrose”) from Lennar through a distribution of approximately 80% of Millrose's common stock to our stockholders (the “Millrose Spin-Off”).

We temporarily retained, but did not vote, the remaining 20% of the total outstanding shares of Millrose common stock in the form of Millrose Class A common stock.

In connection with the Millrose Spin-Off, we contributed to Millrose $5.6 billion in land assets and cash of $1.0 billion, which included $584 million of cash deposits related to option contracts.

The Millrose Spin-Off transaction accelerated our longstanding strategy of becoming a pure-play, asset-light, new home manufacturing company.

In November 2025, we completed the disposition of approximately 20% of Millrose’s total outstanding shares through an exchange offer (the “Exchange Offer”), which resulted in Lennar acquiring 8,049,594 shares of Lennar Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock.

Following the Exchange Offer, Lennar retains an immaterial amount of the total outstanding shares of Millrose common stock (both Millrose Class A common stock and Millrose Class B common stock), which comprise solely the forfeited Millrose shares.

Financial Services Operations

Residential Mortgage Financing

We offer conforming conventional, FHA-insured and VA-guaranteed residential mortgage loan products and other residential mortgage products primarily to buyers of our homes through our financial services subsidiary, Lennar Mortgage, from locations in most of the states in which we have homebuilding operations.

We offer conforming conventional, FHA-insured and VA-guaranteed residential mortgage loan products and other residential mortgage products primarily to buyers of our homes through our financial services subsidiary, Lennar Mortgage, LLC, from locations in most of the states in which we have homebuilding operations.

In fiscal year 2025, our financial services subsidiaries provided loans to 84% of our homebuyers who obtained mortgage financing in areas where we offered services.

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We finance our mortgage loan activities with borrowings under our financial services warehouse facilities or funds from our operating activities.

At November 30, 2024, Financial Services had six warehouse residential facilities maturing at various dates through fiscal 2027 with a total maximum borrowing capacity of $3.1 billion including an uncommitted amount of $675 million.

At November 30, 2025, Financial Services had six warehouse residential facilities maturing at various dates through fiscal year 2027 with a total maximum borrowing capacity of $3.3 billion including an uncommitted amount of $2.1 billion.

We expect the facilities to be renewed or replaced with other facilities when they mature.

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We are licensed to provide title insurance, and closing services for residential and/or commercial transactions in 37 states to our homebuyers and others.

During fiscal 2024 and 2023, we provided closing services with regard to approximately 82,400 and 74,900, real estate transactions, respectively, in 25 states.

During fiscal year 2025 and 2024, we provided closing services with regard to approximately 86,300 and 82,400, real estate transactions in 27 and 25 states, respectively.

Commercial Mortgage Origination

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LMF Commercial also originates floating rate loans secured by commercial real estate properties, many of which are in transition, undergoing lease-up, sell-out, renovation or repositioning.

In order to finance LMF Commercial lending activities, as of November 30, 2024, LMF Commercial had two warehouse repurchase financing agreements maturing at various dates from 2025 through

fiscal 2026 with commitments totaling $300 million.

In order to finance LMF Commercial lending activities, as of November 30, 2025, LMF Commercial had two warehouse repurchase financing agreements maturing at various dates through fiscal year 2028 with commitments totaling $300 million.

This is discussed in greater detail in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Report.

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We strategically invest in companies involved in technology initiatives that, among other things, help us enhance the homebuying or home ownership experience, reduce our SG&A expenses and help us stay at the forefront of homebuilding innovation.

Six of the companies in which we have strategic investments are publicly traded.

• Blend Labs, Inc.

("Blend"), a digital lending platform developer simplifying and fast tracking the consumer finance process;

• Hippo Holdings, Inc.

("Hippo"), a company that provides an efficient means of obtaining home insurance;

• Opendoor Technologies, Inc.

("Opendoor"), a company that uses technology to significantly streamline the homebuying and selling process;

• SmartRent, Inc.

("SmartRent"), an enterprise smart home automation company;

• Sonder Holdings, Inc.

("Sonder"), a company that manages short-term rentals, such as rental hotels;

• Sunnova Energy International, Inc.

("Sunnova"), a leading national residential solar company, to which during 2021, we sold our solar power business in return for equity.

Each of the investments listed above is reflected in our financial statements at market value, with changes to the fair values of those investments generating gains or losses on our financial statements.

At November 30, 2025, the book value of our investment in strategic technology investments was $581.8 million and is included in our Lennar Other segment.

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However, the Multifamily business now manages, and owns interests in, longer-duration funds that build multifamily communities with the intention of retaining them as rental income-generating assets.

At November 30, 2024, Multifamily had interests in, and was managing, three funds and 23 joint ventures.

At November 30, 2025, Multifamily had interests in, and was managing, four funds and 21 active joint ventures.

From inception through November 30, 2025, the Multifamily business has capitalized and developed 128 multifamily residential communities with approximately 39,300 rental units across 20 states throughout the United States.

The communities developed by the Multifamily business include a diversified mix of conventional garden, mid-rise and high-rise multifamily properties in urban and suburban locations near major employment centers.

The communities developed by the Multifamily business include a diversified mix of conventional garden, mid-rise and high-rise multifamily

properties in urban and suburban locations near major employment centers.

Most communities offer residents a mix of studio, one, two, and three-bedroom homes.

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In addition, it has carried interests in the funds or ventures it manages, and receives distributions with regard to those carried interests.

Lennar Multifamily Venture Fund I (“LMV I") is a long-term multifamily development investment vehicle involved in the development, construction and property management of class-A multifamily assets.

As of November 30, 2023, there were 38 rental operation projects in LMV I.

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of the individual rental operation projects of LMV I as the fund has come to the end of its contractual life.

Lennar Multifamily Venture Fund I (“LMV I") is a long-term multifamily development investment vehicle involved in the development and construction of class-A multifamily assets.

During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects as the fund has come to the end of its contractual life.

During the year ended November 30, 2024, 33 LMV I rental operation projects were sold to various third-party buyers.

We recognized a net gain of $211.5 million on the sale of these rental operation projects which was recorded as equity in earnings (losses) in the condensed consolidated statement of operations and received net cash distributions of $199.5 million.

The remaining LMV I rental operation projects are expected to be monetized in the near term.

During the year ended November 30, 2025, two additional LMV I rental operation projects were sold to third-party buyers.

In December 2025, we sold a majority interest in Quarterra Group, Inc ("Quarterra"), a subsidiary of our Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a minority interest.

TPG’s acquisition of Quarterra and its $1.0 billion strategic commitment, combined with Lennar’s insights, will accelerate Quarterra’s development pipeline and strengthen its platform for delivering thoughtfully designed rental communities in high-growth markets.

The sale of Quarterra to TPG did not have a material impact on our consolidated financial statements.

Single-Family Home Rentals

In December 2020, Lennar formed the Upward America Venture, LLC (“Upward America”), which (a) acquires communities of single-family rental properties (including townhomes, duplexes and condominium buildings developed or

acquired for rental purposes), and (b) leases and manages homes in those communities.

Lennar subsidiaries are the manager and the general partner of Upward America.

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We sometimes purchase properties from FivePoint for use in our homebuilding operations.

We have no active role in the management of FivePoint, except that since August 2021 our Executive Chairman and Co-Chief Executive Officer has been the non-employee Executive Chairman of the Board of Directors (but not the chief executive officer) of FivePoint.

We have no active role in the management of FivePoint, except that since August 2021 our Executive Chairman and Chief Executive Officer, has been the non-employee Executive Chairman of the Board of Directors (but not the chief executive officer) of FivePoint since August 2021.

As of November 30, 2025, the carrying amount of our investment in FivePoint was $585.2 million.

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• Use of digital channels to advertise homes;

• Utilization of the Lennar machine to convert digital leads into appointments and ultimately drive those appointments into closed sales;

• Strategic investments in technology initiatives through our LEN X investments in companies that help us enhance the homebuying and home ownership experience, and help us stay at the forefront of homebuilding innovation.

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Also, in seeking to acquire single-family homes that our funds can hold as rental properties, our funds will be competing with other persons who plan to hold them as rental properties as well as persons who might want to purchase those homes to live in them.

or entitlements, construction materials, density, building design and property elevation, building codes and handling of waste.

The residential communities and multifamily apartment developments that we build are subject to a large variety of local, state and federal statutes, ordinances, rules and regulations relating to, among other things, zoning, construction permits or entitlements, construction materials, density, building design and property elevation, building codes and handling of waste.

These include laws requiring the use of construction materials that reduce the need for energy-consuming heating and cooling systems.

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Although, for a variety of reasons, we may not be specifically subject to the FDCPA or to some state statutes that govern debt collectors, it is our policy to comply with applicable laws in our collection activities.

To the extent that some or all of these laws apply to our collection activities, our failure to comply with such laws could have a material adverse effect on us.

To the extent that some or all of these laws apply to our collection activities, our failure to comply with such laws could have a

material adverse effect on us.

We are also subject to regulations promulgated by the Federal Consumer Financial Protection Bureau regarding residential mortgage loans.

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In addition, our home design and engineering work optimizes efficient use of building materials and reduces construction waste.

We also believe in the value of clean energy from solar power, which is why we formed our own captive solar power company in 2013.

In 2021, we sold our SunStreet solar operations to Sunnova, a leading national residential solar company, in exchange for stock in the company.

We consistently seek opportunities to integrate solar power where it provides great value for our homebuyers.

We also believe in the value of clean energy from solar power, and we consistently seek opportunities to integrate solar power where it provides great value for our homebuyers.

Human Capital Management

Diversity, Equity and Inclusion;

Talent Management and Leadership Development

Talent Management, Culture and Leadership Development

Our associates (i.e., employees) are our most valuable asset, and we are committed to supporting each associate’s unique career journey.

We were built on a culture of inclusivity and a conscious focus on the associate experience, bringing together the best talent to drive success as part of our “Lennar family.” We believe having an inclusive work environment, where everyone has a sense of belonging, not only drives engagement but fosters innovation, which is critical to driving growth.

Our “Everyone’s Included” mantra relative to inclusion and diversity within our company anchors our unique culture.

We were built on a culture of “Everyone’s Included” and put a conscious focus on the associate experience, bringing together the best talent to drive success as part of our “Lennar family.” We believe having an inclusive work environment, where everyone has a sense of belonging, not only drives engagement but also fosters innovation, which is critical to drive growth.

Our success starts and ends with having the best talent, and, as a result, we are focused on attracting, developing, engaging and retaining our associates.

We understand the importance of balance, and offer associates a competitive and comprehensive benefits package, including paid parental leave and resources for whole-self well-being (physical, social, and financial).

We believe strongly that “Leadership Matters” and seek to hire, retain and train our leaders to value integrity, curiosity, resourcefulness, operational excellence, collaboration and a customer-centric mindset.

We understand the importance of balance, and offer associates a competitive and comprehensive benefits package, and resources for whole-self well-being (physical, social, and financial).

Health and Safety

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We hired a full-time Chief Medical Officer in early 2020 at the beginning of the COVID-19 pandemic.

Our experienced teams adapted quickly to changes in safety protocols to protect our associates, trade partners and homebuyers, and we have continued these protocols even after the COVID-19 pandemic receded.

Our experienced teams adapt quickly to changes in safety protocols to protect our associates, trade partners and homebuyers.

We are also committed to worker safety and regulatory compliance, and among other things, require that office associates with oversight of construction and associates who work in the field take additional safety courses.

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We are firmly committed to providing equal employment opportunities for all applicants and employees.

Our Code of Business Ethics and Conduct prohibits discrimination on the basis of a person’s race, color, religion, sex, sexual orientation, gender identity or expression, national origin, disability, veteran status, genetic information, or any other legally protected status.

Our Code of Business Ethics and Conduct prohibits discrimination on the basis of a person’s race, color, religion, sex, sexual orientation,

gender identity or expression, national origin, disability, veteran status, genetic information, or any other legally protected status.

Available Information

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supply shortages and increased costs related to construction materials and labor;

the possibility that increased tariffs will increase the cost of production materials;

changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that may impact the cost of raw materials and other goods related to our homebuilding business;

changes in U.S.

and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business and operations;

cost increases related to real estate taxes and insurance;

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natural disasters or catastrophic events for which our insurance may not provide adequate coverage;

our inability to successfully execute our strategies, including our land lighter strategy and our planned spin-off;

our inability to successfully execute our strategies, including our land-light strategy;

problems exercising options to purchase homesites;

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the potential negative impact to our business of public health issues;

labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration;

possible unfavorable outcomes in legal proceedings;

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business