What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-06-29 compared with 2026-04-09 · 280 added, 160 removed, 796 unchanged (36% of the section changed)

3 unchanged sentences

(In thousands)

February 28, November 30,

May 31, November 30,

2026 (1) 2025 (1)

18 unchanged sentences

(1) Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.

As of February 28, 2026, total assets include $ 1.5 billion related to consolidated VIEs of which $ 49.7 million is included in Homebuilding cash and cash equivalents, $ 0.2 million in Homebuilding receivables, net, $ 38.2 million in Homebuilding finished homes and construction in progress, $ 232.9 million in Homebuilding land and land under development, $ 1.0 billion in Homebuilding consolidated inventory not owned, $ 94.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 1.7 million in Homebuilding other assets and $ 24.7 million in Multifamily assets.

As of May 31, 2026, total assets include $ 1.4 billion related to consolidated VIEs of which $ 45.6 million is included in Homebuilding cash and cash equivalents, $ 31.5 million in Homebuilding finished homes and construction in progress, $ 223.3 million in Homebuilding land and land under development, $ 958.4 million in Homebuilding consolidated inventory not owned, $ 102.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities and $ 24.2 million in Multifamily assets.

As of November 30, 2025, total assets include $ 1.5 billion related to consolidated VIEs of which $ 61.1 million is included in Homebuilding cash and cash equivalents, $ 2.0 million in Homebuilding receivables, net, $ 45.6 million in Homebuilding finished homes and construction in progress, $ 300.3 million in Homebuilding land and land under development, $ 984.4 million in Homebuilding consolidated inventory not owned, $ 88.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 8.9 million in Homebuilding other assets and $ 25.0 million in Multifamily assets.

3 unchanged sentences

(In thousands, except share amounts)

February 28, November 30,

May 31, November 30,

2026 (2) 2025 (2)

14 unchanged sentences

Class A common stock of $ 0.10 par value;

February 28, 2026 and November 30, 2025 - 400,000,000 shares;

February 28, 2026 - 263,189,720 shares and November 30, 2025 - 261,579,253 shares

May 31, 2026 and November 30, 2025 - 400,000,000 shares;

May 31, 2026 - 263,086,837 shares and November 30, 2025 - 261,579,253 shares

26,309 26,158

Class B common stock of $ 0.10 par value;

February 28, 2026 and November 30, 2025 - 90,000,000 shares;

February 28, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares

May 31, 2026 and November 30, 2025 - 90,000,000 shares;

May 31, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares

Additional paid-in capital 6,020,306 5,909,726

1 unchanged sentence

Treasury stock, at cost;

February 28, 2026 - 47,945,322 shares of Class A common stock and 5,547,317 shares of Class B common stock;

May 31, 2026 - 52,580,834 shares of Class A common stock and 6,212,076 shares of Class B common stock;

November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock

5 unchanged sentences

Total liabilities and equity $ 33,701,455 34,430,437

(2) As of February 28, 2026, total liabilities include $ 1.0 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $ 15.5 million is included in Homebuilding accounts payable, $ 961.7 million in Homebuilding liabilities related to consolidated inventory not owned, $ 1.2 million in Homebuilding other liabilities, and $ 1.0 million in Multifamily liabilities.

(2) As of May 31, 2026, total liabilities include $ 920.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $ 9.3 million is included in Homebuilding accounts payable, $ 907.7 million in Homebuilding liabilities related to consolidated inventory not owned, $ 2.5 million in Homebuilding other liabilities, and $ 0.7 million in Multifamily liabilities.

As of November 30, 2025, total liabilities include $ 962.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $ 23.8 million is included in Homebuilding accounts payable, $ 930.1 million in Homebuilding liabilities related to consolidated inventory not owned, $ 6.0 million in Homebuilding senior notes and other debts payable, net, $ 1.5 million in Homebuilding other liabilities, and $ 1.0 million in Multifamily liabilities.

3 unchanged sentences

(In thousands, except per share amounts)

Three Months Ended

Three Months Ended Six Months Ended

May 31, May 31,

2026 2025 2026 2025

Homebuilding $ 7,616,314 7,843,862 13,914,877 15,127,732

13 unchanged sentences

Other income, net and other gains, net 4,056 30,759 12,202 62,426

Lennar Other gains (losses) from technology investments 14,838 ( 62,503 )

Lennar Other losses from technology investments ( 23,252 ) ( 29,440 ) ( 8,414 ) ( 91,943 )

Earnings before income taxes 413,187 641,881 715,640 1,340,119

3 unchanged sentences

Net earnings attributable to Lennar $ 304,772 477,449 534,155 996,975

Other comprehensive loss, net of tax:

Net unrealized losses on securities available-for-sale $ ( 405 ) ( 178 )

Total other comprehensive loss, net of tax $ ( 405 ) ( 178 )

Other comprehensive income (loss), net of tax:

Net unrealized gains (losses) on securities available-for-sale $ 70 ( 1,332 ) ( 335 ) ( 1,510 )

Total other comprehensive income (loss), net of tax $ 70 ( 1,332 ) ( 335 ) ( 1,510 )

Total comprehensive income attributable to Lennar $ 304,842 476,117 533,820 995,465

5 unchanged sentences

(In thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

7 unchanged sentences

Deferred income tax expense 63,449 38,381

Loans held-for-sale unrealized (gains) losses ( 32,402 ) ( 30,403 )

Lennar Other (gains) losses from technology investments and other (gains) losses, net ( 14,838 ) 71,427

Loans held-for-sale unrealized losses 25,490 2,350

Lennar Other losses from technology investments and other losses, net 8,074 100,006

Gains on sale of operating properties and equipment and other assets ( 9,296 ) ( 34,597 )

Gain on sale of investments in unconsolidated entities and other — ( 35,033 )

Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets 108,319 89,727

14 unchanged sentences

Distributions of capital from unconsolidated entities 133,541 175,203

Proceeds from sale of loan receivables — 114,661

Acquisition, net of cash and restricted cash acquired — ( 254,492 )

6 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Continued)

(Dollars in thousands)

Three Months Ended

(In thousands)

Six Months Ended

Cash flows from financing activities:

Net repayments under warehouse facilities $ ( 599,303 ) ( 533,831 )

Net borrowings under revolving credit facility $ — 400,000

Net borrowings (repayments) under warehouse facilities 173,437 ( 514,818 )

Proceeds from issuance of senior notes — 700,000

Redemption/repurchases of senior notes — ( 500,000 )

Principal payments on notes payable and other borrowings ( 24,665 ) ( 40,329 )

6 unchanged sentences

Payments related to noncontrolling interests ( 26,409 ) ( 5,965 )

Debt issuance costs — ( 4,417 )

Common stock:

35 unchanged sentences

The Company has historically experienced, and expects to continue to experience, variability in quarterly results.

The condensed consolidated statements of operations for the three months ended February 28, 2026 are not necessarily indicative of the results to be expected for the full year.

The condensed consolidated statements of operations for the three and six months ended May 31, 2026 are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

2 unchanged sentences

Cash and Cash Equivalents

Homebuilding cash and cash equivalents as of February 28, 2026 and November 30, 2025 included $ 530.6 million and $ 150.6 million, respectively, of cash held in escrow for approximately two days .

Homebuilding cash and cash equivalents as of May 31, 2026 and November 30, 2025 included $ 559.8 million and $ 150.6 million, respectively, of cash held in escrow for approximately two days .

Share-based Payments

During the three months ended February 28, 2026 and 2025, the Company granted employees 1.5 million and 1.4 million of nonvested shares of Class A common stock, respectively.

During both the three months ended May 31, 2026 and 2025, the Company granted employees an immaterial number of nonvested shares.

During the six months ended May 31, 2026 and 2025, the Company granted employees 1.5 million and 1.4 million of nonvested shares of Class A common stock, respectively.

Recently Adopted Accounting Pronouncements

30 unchanged sentences

The assets and liabilities related to the Company’s segments were as follows:

(In thousands) At February 28, 2026

(In thousands) At May 31, 2026

Homebuilding Financial

39 unchanged sentences

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.

(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 May 31, 2026 and November 30, 2025.

(2) Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $ 13.8 million and $ 15.5 million of residential loans are carried at lower of cost or fair value as of May 31, 2026 and November 30, 2025, respectively.

(3) Investments in equity securities include investments of $ 113.2 million and $ 114.4 million without readily available fair values as of May 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.

11 unchanged sentences

The assets related to the Company’s Homebuilding segments were as follows:

(In thousands) At February 28, 2026 At November 30, 2025

(In thousands) At May 31, 2026 At November 30, 2025

East $ 5,738,233 5,413,918

6 unchanged sentences

Financial information relating to the Company’s segments was as follows:

Three Months Ended February 28, 2026

Three Months Ended May 31, 2026

(In thousands) East Central South Central West Other (2) Homebuilding Financial Services Multifamily Lennar Other Total

4 unchanged sentences

Costs and expenses:

Costs of home sold 1,238,852 1,152,715 956,368 1,967,522 6,157 5,321,614 — — — 5,321,614

Costs of homes sold 1,382,260 1,407,144 1,210,579 2,409,274 3,362 6,412,619 — — — 6,412,619

Costs of land sold 5,695 2,130 3,850 9,869 — 21,544 — — — 21,544

6 unchanged sentences

Other income (expense), net and other gains (losses), net 1,942 2,276 ( 2,712 ) 1,603 ( 164 ) 2,945 — 316 795 4,056

Lennar Other gains from technology investments — — — — — — — — 14,838 14,838

Lennar Other losses from technology investments — — — — — — — — ( 23,252 ) ( 23,252 )

Earnings (loss) before income taxes $ 164,386 78,172 114,337 140,035 ( 7,559 ) 489,371 101,103 18,325 ( 38,944 ) 413,187

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Three Months Ended February 28, 2025

Three Months Ended May 31, 2025

(In thousands) East Central South Central West Other (2) Homebuilding Financial Services Multifamily Lennar Other Total

4 unchanged sentences

Costs and expenses:

Costs of home sold 1,303,019 1,245,610 946,529 2,386,679 6,307 5,888,144 — — — 5,888,144

Costs of homes sold 1,390,760 1,417,197 1,241,884 2,346,962 5,729 6,402,532 — — — 6,402,532

Costs of land sold 14,237 1,143 18,004 22,789 — 56,173 — — — 56,173

8 unchanged sentences

Earnings (loss) before income taxes $ 176,646 162,197 136,689 245,424 7,278 728,234 157,280 ( 14,754 ) ( 52,895 ) 641,881

Six Months Ended May 31, 2026

(In thousands) East Central South Central West Other (2) Homebuilding Financial Services Multifamily Lennar Other Total

Sales of homes $ 3,221,332 3,007,627 2,623,320 5,009,901 5,781 13,867,961 — — — 13,867,961

Sales of land 9,591 873 6,900 10,195 — 27,559 — — — 27,559

Other revenues 8,574 2,229 1,220 2,362 4,972 19,357 452,494 146,063 45,914 663,828

Total revenues 3,239,497 3,010,729 2,631,440 5,022,458 10,753 13,914,877 452,494 146,063 45,914 14,559,348

Costs and expenses:

Costs of homes sold 2,621,112 2,559,859 2,166,947 4,376,796 9,519 11,734,233 — — — 11,734,233

Costs of land sold 20,997 5,866 10,218 15,774 — 52,855 — — — 52,855

Other costs and expenses — — — — — — 260,078 163,216 87,410 510,704

Selling, general and administrative expenses 331,829 326,687 242,723 401,592 13,059 1,315,890 — — — 1,315,890

Corporate general and administrative expenses (1) — — — — — — — — — 293,787

Charitable foundation contribution (1) — — — — — — — — — 37,382

Total costs and expenses 2,973,938 2,892,412 2,419,888 4,794,162 22,578 13,102,978 260,078 163,216 87,410 13,944,851

Equity in earnings (losses) from unconsolidated entities 15,661 41 ( 25 ) 1,588 23,586 40,851 — 52,714 3,790 97,355

Other income (expense), net and other gains (losses), net ( 1,879 ) 4,159 ( 4,381 ) ( 429 ) 12,179 9,649 — 623 1,930 12,202

Lennar Other losses from technology investments — — — — — — — — ( 8,414 ) ( 8,414 )

Earnings (loss) before income taxes $ 279,341 122,517 207,146 229,455 23,940 862,399 192,416 36,184 ( 44,190 ) 715,640

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Six Months Ended May 31, 2025

(In thousands) East Central South Central West Other (2) Homebuilding Financial Services Multifamily Lennar Other Total

Sales of homes $ 3,370,667 3,273,496 2,666,273 5,707,665 10,720 15,028,821 — — — 15,028,821

Sales of land 37,506 1,600 22,193 17,222 — 78,521 — — — 78,521

Other revenues 6,449 2,817 1,759 3,343 6,022 20,390 575,175 293,501 12,639 901,705

Total revenues 3,414,622 3,277,913 2,690,225 5,728,230 16,742 15,127,732 575,175 293,501 12,639 16,009,047

Costs and expenses:

Costs of homes sold 2,693,780 2,662,807 2,188,413 4,733,641 12,035 12,290,676 — — — 12,290,676

Costs of land sold 37,748 4,183 20,944 29,375 — 92,250 — — — 92,250

Other costs and expenses — — — — — — 274,412 328,053 53,589 656,054

Selling, general and administrative expenses 329,504 318,152 220,733 419,536 16,661 1,304,586 — — — 1,304,586

Corporate general and administrative expenses (1) — — — — — — — — — 303,231

Charitable foundation contribution (1) — — — — — — — — — 37,965

Total costs and expenses 3,061,032 2,985,142 2,430,090 5,182,552 28,696 13,687,512 274,412 328,053 53,589 14,684,762

Equity in earnings (losses) from unconsolidated entities 14,933 ( 4 ) ( 8 ) 1,010 36,789 52,720 — ( 4,542 ) ( 2,827 ) 45,351

Other income (expense), net and other gains (losses), net 32,477 3,150 ( 1,355 ) ( 2,483 ) 12,778 44,567 — 24,317 ( 6,458 ) 62,426

Lennar Other losses from technology investments — — — — — — — — ( 91,943 ) ( 91,943 )

Earnings (loss) before income taxes $ 401,000 295,917 258,772 544,205 37,613 1,537,507 300,763 ( 14,777 ) ( 142,178 ) 1,340,119

(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.

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.

7 unchanged sentences

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

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:

At May 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

1 unchanged sentence

Residential facilities maturing:

March 2026 (1) $ 250,000 250,000 500,000

May 2026 250,000 250,000 500,000

July 2026 $ 350,000 350,000 700,000

2 unchanged sentences

December 2026 — 375,000 375,000

March 2027 200,000 300,000 500,000

May 2027 30,000 270,000 300,000

Total residential facilities $ 880,000 1,595,000 2,475,000

4 unchanged sentences

Total $ 2,775,000

(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.

2 unchanged sentences

Borrowings and collateral under the facilities were as follows:

(In thousands) At February 28, 2026 At November 30, 2025

(In thousands) At May 31, 2026 At November 30, 2025

Borrowings under residential facilities $ 1,791,758 1,653,484

6 unchanged sentences

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.

The provision for loan losses was immaterial for both the three and six months ended May 31, 2026 and 2025.

Loan origination liabilities were $ 17.3 million and $ 17.4 million as of May 31, 2026 and November 30, 2025, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets.

Lennar Corporation and Subsidiaries

2 unchanged sentences

LMF Commercial originated commercial loans as follows:

Three Months Ended

Three Months Ended Six Months Ended

May 31, May 31,

(Dollars in thousands) 2026 2025 2026 2025

2 unchanged sentences

Securitizations 2 2 3 6

(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.

(1) During both the three and six months ended May 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 February 28, 2026 and November 30, 2025, the Financial Services segment held commercial mortgage-backed securities (“CMBS”).

At May 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 months ended February 28, 2026 and 2025.

Based on the segment’s assessment, no impairment charges were recorded during the three or six months ended May 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 February 28, 2026 At November 30, 2025

(Dollars in thousands) At May 31, 2026 At November 30, 2025

Carrying value $ 129,320 132,868

1 unchanged sentence

Incurred interest rate 3.4 % 3.4 %

At February 28, 2026

At May 31, 2026

Discount rates at purchase 6 % — 84 %

4 unchanged sentences

The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S.

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 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.

3 unchanged sentences

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

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

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

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).

During the three months ended May 31, 2026 and 2025, the Company recorded mark-to-market losses of $ 23.3 million and $ 29.4 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 six months ended May 31, 2026 and 2025, the Company recorded mark-to-market losses of $ 8.4 million and $ 91.9 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).

(3) Investments in Unconsolidated Entities

1 unchanged sentence

The investments in the Company's Homebuilding unconsolidated entities were as follows:

(In thousands) At February 28, 2026 At November 30, 2025

(In thousands) At May 31, 2026 At November 30, 2025

Investments in unconsolidated entities (1) (2) $ 1,478,719 1,545,370

2 unchanged sentences

(2) Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40 % ownership of FivePoint.

As of February 28, 2026 and November 30, 2025, the carrying amount of the Company's investment was $ 605.6 million and $ 585.2 million, respectively.

As of February 28, 2026 and November 30, 2025, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $ 324.0 million and $ 511.9 million, respectively.

As of May 31, 2026 and November 30, 2025, the carrying amount of the Company's investment was $ 602.8 million and $ 585.2 million, respectively.

As of May 31, 2026 and November 30, 2025, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $ 317.0 million and $ 511.9 million, respectively.

The Company has an immaterial amount of recourse exposure to debt of the Homebuilding unconsolidated entities in which it has investments.

1 unchanged sentence

In most instances, the amount of guaranteed debt of an unconsolidated entity is less than the value of the collateral securing it.

As of both February 28, 2026 and November 30, 2025, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were immaterial.

The Company believes that as of February 28, 2026, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture.

As of both May 31, 2026 and November 30, 2025, the fair values of the repayment guarantees, maintenance guarantees, and completion guarantees were immaterial.

The Company believes that as of May 31, 2026, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture.

In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 7 of the Notes to Condensed Consolidated Financial Statements).

3 unchanged sentences

The commitments are primarily from institutional investors, including $ 78.1 million committed by the Company.

As of February 28, 2026 and November 30, 2025, the carrying amount of the Company's investment in Upward America was $ 12.4 million and $ 13.8 million, respectively.

As of May 31, 2026 and November 30, 2025, the carrying amount of the Company's investment in Upward America was $ 12.8 million and $ 13.8 million, respectively.

Multifamily Unconsolidated Entities

5 unchanged sentences

The details related to these are unchanged from the disclosure in the Company's Notes to the Financial Statements section in its 2025 Form 10-K.

As of both February 28, 2026 and November 30, 2025, the fair value of the completion guarantees was immaterial.

As of February 28, 2026 and November 30, 2025, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $ 727.6 million and $ 798.1 million, respectively.

As of both May 31, 2026 and November 30, 2025, the fair value of the completion guarantees was immaterial.

As of May 31, 2026 and November 30, 2025, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $ 776.3 million and $ 798.1 million, respectively.

The decrease in the non-recourse debt with completion guarantees was due to completion of projects and sale of joint ventures' rental operation projects and investments in various rental projects.

In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function.

Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee.

The Multifamily segment also provides general contractor services for construction

Each Multifamily real estate investment

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

of some of the rental properties owned by unconsolidated entities in which the Company has investments.

trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee.

The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments.

In some situations, the Multifamily segment sells land to various joint ventures and funds.

The details of the activity were as follows:

Three Months Ended February 28,

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

(In thousands) 2026 2025 2026 2025

4 unchanged sentences

The Multifamily segment includes managing and investing in Multifamily Venture Fund I LP (“LMV I”), Multifamily Venture Fund II LP (“LMV II”), Canada Pension Plan Investments Fund (the “CPPIB Fund”) and a joint venture with an institutional investor (the “Institutional JV”), which are long-term multifamily development investment vehicles involved in the development and construction of class-A multifamily assets.

As of February 28, 2026, the Company has a $ 28.2 million investment in the CPPIB Fund.

As of May 31, 2026, the Company has a $ 28.1 million investment in the CPPIB Fund.

The Company's stated ownership percentage in the Institutional JV is 3.5 %.

As of February 28, 2026, the Company holds a $ 41.1 million investment in the Institutional JV.

As of May 31, 2026, the Company holds a $ 44.4 million investment in the Institutional JV.

Additional dollars will be committed as opportunities are identified by the CPPIB Fund and the Institutional JV.

In December 2025, the Company sold a majority interest in Quarterra Group, Inc.

("Quarterra"), a subsidiary of the Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a non-controlling interest.

("Quarterra"), a subsidiary of the Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a noncontrolling interest.

The sale of Quarterra to TPG did not have a material impact on the Company's condensed consolidated financial statements.

Details of LMV I and LMV II are included below:

At February 28, 2026

At May 31, 2026

(In thousands) LMV I LMV II

5 unchanged sentences

Lennar's remaining commitments (1) 3,635 9,508

Distributions to Lennar during the three months ended February 28, 2026 37,083 24,425

Distributions to Lennar during the six months ended May 31, 2026 37,083 57,537

(1) While there are remaining commitments with LMV I, there are no plans for additional capital calls.

1 unchanged sentence

During the year ended November 30, 2025, 35 LMV I rental operation projects were sold to various third-party buyers.

During the three months ended February 28, 2026, one additional LMV I rental operation project was sold to third-party buyers.

During the six months ended May 31, 2026, one additional LMV I rental operation project was sold to a third-party buyer.

Lennar Other Unconsolidated Entities

Lennar Other's unconsolidated entities include fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds.

The Company's investment in the Rialto funds totaled $ 128.6 million and $ 133.0 million as of February 28, 2026 and November 30, 2025, respectively.

The Company's investment in the Rialto funds totaled $ 130.3 million and $ 133.0 million as of May 31, 2026 and November 30, 2025, respectively.

In addition, the Company is entitled to a portion of the carried interest distributions by those funds.

The Company also had strategic technology investments in unconsolidated entities and investment funds accounted for under the equity method of accounting with a carrying value of $ 232.5 million and $ 235.0 million, as of February 28, 2026 and November 30, 2025, respectively.

The Company also had strategic technology investments in unconsolidated entities and investment funds accounted for under the equity method of accounting with a carrying value of $ 234.1 million and $ 235.0 million , as of May 31, 2026 and November 30, 2025, respectively.

Lennar Corporation and Subsidiaries

1 unchanged sentence

(4) Stockholders' Equity

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 months ended February 28, 2026 and 2025:

Three Months Ended February 28, 2026

Three Months Ended May 31, 2026

(In thousands) Total

3 unchanged sentences

Paid-in Capital Treasury

Stock Accumulated Other Comprehensive Income Retained

Earnings Noncontrolling

Balance at February 28, 2026 $ 22,032,263 26,319 3,660 5,993,733 ( 6,727,316 ) 5,606 22,577,374 152,887

Net earnings (including net earnings attributable to noncontrolling interests) 308,129 — — — — — 304,772 3,357

Employee stock and directors plans

( 15,489 ) ( 10 ) — 302 ( 15,781 ) — — —

Purchases of treasury stock ( 451,305 ) — — — ( 451,305 ) — — —

Amortization of restricted stock

26,271 — — 26,271 — — — —

Cash dividends ( 123,057 ) — — — — — ( 123,057 ) —

Receipts related to noncontrolling interests

1,460 — — — — — — 1,460

Payments related to noncontrolling interests

( 15,700 ) — — — — — — ( 15,700 )

Non-cash purchase or activity of noncontrolling interests, net 3,084 — — — — — — 3,084

Total other comprehensive income, net of tax 70 — — — — 70 — —

Balance at May 31, 2026 $ 21,765,726 26,309 3,660 6,020,306 ( 7,194,402 ) 5,676 22,759,089 145,088

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

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

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Six Months Ended May 31, 2026

(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

Balance at November 30, 2025 $ 22,140,609 26,158 3,660 5,909,726 ( 6,457,609 ) 6,011 22,471,471 181,192

12 unchanged sentences

Total other comprehensive loss, net of tax ( 335 ) — — — — ( 335 ) — —

Balance at February 28, 2026 $ 22,032,263 26,319 3,660 5,993,733 ( 6,727,316 ) 5,606 22,577,374 152,887

Three Months Ended February 28, 2025

Balance at May 31, 2026 $ 21,765,726 26,309 3,660 6,020,306 ( 7,194,402 ) 5,676 22,759,089 145,088

Six Months Ended May 31, 2025

(In thousands) Total

21 unchanged sentences

Total other comprehensive loss, net of tax ( 1,510 ) — — — — ( 1,510 ) — —

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

On April 8, 2026, the Company's Board of Directors declared a quarterly cash dividend of $ 0.50 per share on both its Class A and Class B common stock, payable on May 6, 2026 to holders of record at the close of business on April 22, 2026.

On February 19, 2026, the Company paid a quarterly cash dividend of $ 0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business on February 4, 2026.

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

On June 25, 2026, the Company's Board of Directors declared a quarterly cash dividend of $ 0.50 per share on both its Class A and Class B common stock, payable on July 24, 2026 to holders of record at the close of business on July 10, 2026.

On May 6, 2026, the Company paid a quarterly cash dividend of $ 0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business on April 22, 2026.

The Company approved and paid cash dividends of $ 0.50 per share for each of the four quarters of 2025 for both its Class A and Class B common stock.

5 unchanged sentences

The repurchase authorization has no expiration date.

At February 28, 2026, the Company has a remaining authorization to repurchase $ 1.5 billion in value of the Company's Class A or Class B common stock.

At May 31, 2026, the Company has a remaining authorization to repurchase $ 1.0 billion in value of the Company's Class A or Class B common stock.

The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:

Three Months Ended February 28,

(Dollars in thousands, except price per share amounts) Class A Class B Class A Class B

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

2026 2025 2026 2025

(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 4,335,241 664,759 4,501,936 204,515 6,172,126 827,874 9,271,936 663,320

3 unchanged sentences

The provision for income taxes and effective tax rate were as follows:

Three Months Ended

Three Months Ended Six Months Ended

May 31, May 31,

(Dollars in thousands) 2026 2025 2026 2025

1 unchanged sentence

Effective tax rate (1) 25.6 % 25.1 % 24.6 % 24.8 %

(1) For the three months ended February 28, 2026 and 2025, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits.

The decrease in the effective tax rate for the three months ended February 28, 2026 compared to the prior period was primarily due to a charitable contribution of appreciated stock.

(1) For the three and six months ended May 31, 2026 and 2025, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits.

(6) Earnings Per Share

5 unchanged sentences

Basic and diluted earnings per share were calculated as follows:

Three Months Ended

Three Months Ended Six Months Ended

May 31, May 31,

(In thousands, except per share amounts) 2026 2025 2026 2025

8 unchanged sentences

(7) Homebuilding Senior Notes and Other Debts Payable

(Dollars in thousands) At February 28, 2026 At November 30, 2025

(Dollars in thousands) At May 31, 2026 At November 30, 2025

Unsecured delayed draw term loan facility due 2028 $ 1,704,487 1,710,000

9 unchanged sentences

$ 4,047,487 4,084,686

The carrying amounts of the senior notes in the table above are net of debt issuance costs of $ 6.5 million and $ 7.0 million as of February 28, 2026 and November 30, 2025, respectively.

In May 2025, the Company also entered into a new unsecured delayed draw term loan facility with an initial committed borrowing availability of approximately $ 1.6 billion (the “Delayed Draw Term Loan Facility”), which can be increased by an additional $ 500 million via an accordion feature.

In July 2025, the total commitment under the Delayed Draw Term Loan Facility was increased by $ 100 million, thereby increasing the borrowing available capacity to $ 1.7 billion.

Once drawn, the Company may at any time prepay the loan, in whole or in part, without premium or penalty.

(1) Subsequent to May 31, 2026, the Company redeemed all of its 5.25 % senior notes due June 2026.

The carrying amounts of the senior notes and unsecured delayed draw term loan facility in the table above are net of debt issuance costs of $ 11.2 million and $ 7.0 million as of May 31, 2026 and November 30, 2025, respectively.

The Company has an unsecured delayed draw term loan facility with committed borrowing availability of approximately $ 1.7 billion (the “Delayed Draw Term Loan Facility”), which can be increased by an additional $ 500 million via an accordion feature.

As of May 31, 2026, the Company had outstanding borrowings of $ 1.7 billion under the credit agreement governing its unsecured Delayed Draw Term Loan Facility.

The Company may at any time prepay the loan, in whole or in part, without premium or penalty.

The term loan’s maturity date is three years from the initial effectiveness date of the credit agreement or May 2028, and at the Company’s discretion, it can be extended for an additional year until May 2029, subject to the satisfaction of certain conditions.

Under the Delayed Draw Term Loan Facility, interest rates equal the adjusted term SOFR determined for the interest period plus the applicable margin.

As of February 28, 2026, the Company had outstanding borrowings of $ 1.7 billion under the credit agreement governing its new unsecured Delayed Draw Term Loan Facility.

The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:

(In thousands) At February 28, 2026

(In thousands) At May 31, 2026

Commitments - maturing in May 2027 $ 225,000

9 unchanged sentences

The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands) At February 28, 2026 At November 30, 2025

(In thousands) At May 31, 2026 At November 30, 2025

Performance letters of credit $ 2,069,635 1,963,643

10 unchanged sentences

(8) Financial Instruments and Fair Value Disclosures

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at February 28, 2026 and November 30, 2025, using available market information and what the Company believes to be appropriate valuation methodologies.

The following table presents the carrying amounts and estimated fair values of financial instruments held or issued by the Company at May 31, 2026 and November 30, 2025, using available market information and what the Company believes to be appropriate valuation methodologies.

Considerable judgment is required in interpreting market data to develop the estimates of fair value.

1 unchanged sentence

The table excludes cash and cash equivalents, restricted cash, receivables, net and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

At February 28, 2026 At November 30, 2025

At May 31, 2026 At November 30, 2025

(In thousands) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value

19 unchanged sentences

Fair Value Hierarchy Fair Value at

(In thousands) February 28, 2026 November 30, 2025

(In thousands) May 31, 2026 November 30, 2025

Financial Services Assets:

9 unchanged sentences

Residential and LMF Commercial loans held-for-sale in the table above include:

At February 28, 2026 At November 30, 2025

At May 31, 2026 At November 30, 2025

(In thousands) Aggregate Principal Balance Change in Fair Value Aggregate Principal Balance Change in Fair Value

8 unchanged sentences

The Company recognizes the fair value of its rights to service a mortgage loan as revenue upon entering into an interest rate lock loan commitment with a borrower.

The fair value of these are included in Financial Services’ loans held-for-sale as of February 28, 2026 and November 30, 2025.

The fair value of these are included in Financial Services’ loans held-for-sale as of May 31, 2026 and November 30, 2025.

Fair value of servicing rights is determined based on actual sales of servicing rights on loans with similar characteristics.

7 unchanged sentences

The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:

February 28, 2026 November 30, 2025

May 31, 2026 November 30, 2025

Unobservable inputs:

12 unchanged sentences

The changes in fair values for Level 1 and Level 2 financial instruments measured on a recurring basis are shown below by financial instrument and financial statement line item:

Three Months Ended

Three Months Ended Six Months Ended

May 31, May 31,

(In thousands) 2026 2025 2026 2025

4 unchanged sentences

Interest rate swaps 17,550 3,458 8,278 162

Changes in fair value included in Lennar Other gains (losses) from technology investments:

Changes in fair value included in Lennar Other losses from technology investments:

Investments in equity securities $ ( 23,252 ) ( 29,440 ) ( 8,414 ) ( 91,943 )

Changes in fair value included in other comprehensive loss, net of tax:

Changes in fair value included in other comprehensive income (loss), net of tax:

Lennar Other investments available-for-sale $ 70 ( 1,332 ) ( 335 ) ( 1,510 )

1 unchanged sentence

The following table sets forth the reconciliation of the beginning and ending balance for the Level 3 recurring fair value measurements in the Company's Financial Services segment:

Three Months Ended February 28,

Three Months Ended May 31,

(In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale

6 unchanged sentences

Ending balance $ 2,983 70,296 3,467 72,203

Six Months Ended May 31,

(In thousands) Mortgage servicing rights LMF Commercial loans held-for-sale Mortgage servicing rights LMF Commercial loans held-for-sale

Beginning balance $ 3,266 26,401 3,463 50,316

Purchases/loan originations 263 156,350 277 308,840

Sales/loan originations sold, including those not settled — ( 109,575 ) — ( 285,823 )

Disposals/settlements ( 123 ) — ( 153 ) —

Changes in fair value (1) ( 423 ) ( 3,004 ) ( 120 ) ( 747 )

Interest and principal paydowns — 124 — ( 383 )

Ending balance $ 2,983 $ 70,296 $ 3,467 $ 72,203

(1) Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.

2 unchanged sentences

The assets measured at fair value on a nonrecurring basis are summarized below:

Three Months Ended February 28,

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Three Months Ended May 31,

(In thousands) Fair Value

8 unchanged sentences

Investments in unconsolidated entities (5) Level 3 $ — — — 3,122 — ( 3,122 )

Six Months Ended May 31,

(In thousands) Fair Value

Hierarchy Carrying Value Fair Value Total Losses, Net (1) Carrying Value Fair Value Total Losses, Net (1)

Homebuilding - non-financial assets:

Finished homes and construction in progress (2) Level 3 $ 714,753 613,721 ( 101,032 ) 742,658 672,632 ( 70,026 )

Land and land under development (2) Level 3 549 — ( 549 ) 191 134 ( 57 )

Deposits and pre-acquisition costs on real estate (3) Level 3 6,738 — ( 6,738 ) 8,928 — ( 8,928 )

Financial Services - financial assets:

Loans held-for-sale (4) Level 3 $ 14,316 13,830 ( 486 ) — — —

Multifamily - non-financial assets:

Investments in unconsolidated entities (5) Level 3 $ — — — 10,716 — ( 10,716 )

(1) Represents losses due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.

1 unchanged sentence

(3) Forfeited deposits and write-off of pre-acquisition costs on real estate were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(4) Changes in fair value below amortized cost basis are recognized through a valuation allowance, with the adjustment included in Financial Services earnings in the Company's condensed consolidated statements of operations and comprehensive income (loss).

7 unchanged sentences

The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Communities with valuation adjustments

At or for the Three Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value

At or for the Six Months Ended # of active communities # of communities with potential indicator of impairment # of communities Fair Value

(in thousands)

1 unchanged sentence

(in thousands)

February 28, 2026 1,678 170 4 $ 27,183 $ 5,659

February 28, 2025 1,584 46 2 14,934 3,834

May 31, 2026 1,683 151 18 $ 143,785 $ 36,240

May 31, 2025 1,617 102 14 35,482 17,918

The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:

Three Months Ended February 28,

Six Months Ended May 31,

Unobservable inputs Range Range

2 unchanged sentences

Discount rate 20 % 20 %

(1) Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the three months ended February 28, 2026 and 2025.

(1) Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the six months ended May 31, 2026 and 2025.

The Company disclosed its accounting policy related to investments in unconsolidated entities and its review for indicators of impairment for the long-lived assets of an unconsolidated entity and the decline in the fair value of an investment below the carrying value in the Summary of Significant Accounting Policies in its 2025 Form 10-K.

3 unchanged sentences

The Company generally estimates the fair value of an investment in an unconsolidated entity by using a cash flow analysis for estimated future net distributions from the unconsolidated entity, subject to the perceived risks associated with the unconsolidated entity’s cash flow streams.

During the three months ended February 28, 2026, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment.

During the three months ended February 28, 2025, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had an other-than-temporary impairment of $ 7.6 million included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss).

During the three and six months ended May 31, 2026, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had no other-than-temporary impairment.

During the three and six months ended May 31, 2025, the Company evaluated the fair value of its investments in unconsolidated entities using a cash flow analysis and concluded that the investments had an other-than-temporary impairment of $ 3.1 million and $ 10.7 million included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss).

The Company estimates the fair value of investments in unconsolidated entities evaluated for impairment based on market conditions and assumptions made by management at the time the investment is evaluated, which may differ materially from actual results if market conditions or assumptions change.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(9) Variable Interest Entities

During the three months ended February 28, 2026, the Company evaluated the joint venture (“JV”) agreements of its JVs that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements.

Based on the Company's evaluation, there were no variable interest entities ("VIEs") that were consolidated or deconsolidated during the three months ended February 28, 2026.

During the six months ended May 31, 2026, the Company evaluated the joint venture (“JV”) agreements of its JVs that were formed or that had reconsideration events, such as changes in the governing documents or to debt arrangements.

Based on the Company's evaluation, there were no variable interest entities ("VIEs") that were consolidated or deconsolidated during the six months ended May 31, 2026.

The carrying amount of the Company's consolidated VIEs' assets and non-recourse liabilities are disclosed in the footnote to the condensed consolidated balance sheets.

5 unchanged sentences

While the Company has option contracts to purchase land from certain of its VIEs, the Company is not required to purchase the assets and could walk away from the contracts, but that would require forfeiture of deposits and pre-acquisition costs.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Unconsolidated VIEs

The Company’s recorded investments in VIEs that are unconsolidated and related estimated maximum exposure to loss were as follows:

At February 28, 2026 At November 30, 2025

At May 31, 2026 At November 30, 2025

(In thousands) Investments in

8 unchanged sentences

$ 1,131,343 1,144,033 1,232,661 1,271,590

(1) As of February 28, 2026 and November 30, 2025, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs.

In addition, as of February 28, 2026 and November 30, 2025, there was recourse debt of VIEs of $ 8.2 million and $ 30.1 million, respectively.

(2) As of both February 28, 2026 and November 30, 2025, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs.

(1) As of May 31, 2026 and November 30, 2025, the Company's maximum exposure to loss of Homebuilding's investments in unconsolidated VIEs was limited to its investments in unconsolidated VIEs.

In addition, as of May 31, 2026 and November 30, 2025, there was recourse debt of VIEs of $ 8.2 million and $ 30.1 million, respectively.

(2) As of both May 31, 2026 and November 30, 2025, the Company's maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was primarily limited to its investments in the unconsolidated VIEs.

The increase was primarily due to LMV II becoming a VIE in anticipation of future capital contributions.

(3) As of both February 28, 2026 and November 30, 2025, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and primarily related to the Financial Services' CMBS held-to-maturity investments.

(4) As of both February 28, 2026 and November 30, 2025, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs.

(3) As of both May 31, 2026 and November 30, 2025, the Company's maximum exposure to loss of the Financial Services segment was limited to its investment in the unconsolidated VIEs and primarily related to the Financial Services' CMBS held-to-maturity investments.

(4) As of both May 31, 2026 and November 30, 2025, the Company's maximum recourse exposure to loss of the Lennar Other segment was limited to its investments in the unconsolidated VIEs.

The Company and its JV partners generally fund JVs as needed and in accordance with business plans to allow the entities to finance their activities.

Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of February 28, 2026 in accordance with ASC 810 due to insufficient equity at risk.

Because such JVs are expected to make future capital calls in order to continue to finance their activities, the entities are determined to be VIEs as of May 31, 2026 in accordance with ASC 810 due to insufficient equity at risk.

While these entities are VIEs, the Company has determined that the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance is generally shared and the Company and its partners are not de-facto agents.

6 unchanged sentences

The Company has access to land through option contracts, which generally enable it to control portions of properties owned by third parties (including land banks) until the Company has determined whether to exercise the options.

All deposits and pre-acquisition costs on real estate, including option maintenance fees paid to land banks, are capitalized on the condensed consolidated balance sheet and are allocated to the land basis when the land is acquired.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

All deposits and pre-acquisition costs on real estate, including option maintenance fees paid to land banks, are capitalized on the condensed consolidated balance sheets and are allocated to the land basis when the land is acquired.

The Company evaluates option contracts with third-party land holding companies for land to determine whether they are VIEs and, if so, whether the Company is the primary beneficiary of certain of these option contracts.

Although the Company does not have legal title to the optioned land, if the Company is deemed to be the primary beneficiary and makes a significant deposit or pre-acquisition cost investment for optioned land, or is otherwise economically compelled to takedown the optioned land, it may need to consolidate the land under option at the purchase price of the optioned land.

As of February 28, 2026, land under option with third parties that the Company was compelled to takedown was $ 1.0 billion, of which $ 267.8 million were land purchase contract obligations due to land banks upon maturity of the contracts.

As of May 31, 2026, land under option with third parties that the Company was compelled to takedown was $ 958.4 million, of which $ 255.4 million were land purchase contract obligations due to land banks upon maturity of the contracts.

The Company's intention is to have other land banks close on the land purchase commitments and the Company will option the land from the land banks.

Land under option with third parties is included in consolidated inventory not owned.

Consolidated inventory not owned related to land financing transactions, which are land sale transactions that did not meet the criteria for revenue recognition and derecognition of land by the Company as a result of the Company maintaining an option to repurchase the land in the future, was $ 631.0 million as of February 28, 2026.

During the three months ended February 28, 2026, consolidated inventory not owned decreased by $ 50.1 million with a $ 28.7 million decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of February 28, 2026.

During the six months ended May 31, 2026, consolidated inventory not owned decreased by $ 207.7 million with a $ 163.7 million decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of May 31, 2026.

The decrease was primarily due to takedowns.

To reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes and construction in progress in the accompanying condensed consolidated balance sheet as of February 28, 2026.

To reflect the purchase price of the homesite takedowns, the Company had a net reclass related to option deposits from consolidated inventory not owned to finished homes

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

and construction in progress in the accompanying condensed consolidated balance sheet as of May 31, 2026.

The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits.

The Company's exposure to losses on its option contracts with third parties and unconsolidated entities were as follows:

(In thousands) At February 28, 2026 At November 30, 2025

(In thousands) At May 31, 2026 At November 30, 2025

Non-refundable option deposits and pre-acquisition costs on real estate $ 6,982,603 6,301,909

1 unchanged sentence

Letters of credit in lieu of cash deposits under certain land and option contracts 411,051 443,277

For the three months ended February 28, 2026, the Company purchased a significant portion of land from three land banks (the “Land Banks”).

There were no amounts due to the Land Banks as of February 28, 2026, resulting from land purchases as the full purchase price of the land is typically paid to the Land Banks at closing when land is purchased by the Company.

As of February 28, 2026, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $ 2.8 billion, which are included in the corresponding line item presented in the table above.

As of February 28, 2026, total consolidated inventory not owned and liabilities related to consolidated inventory not owned for the option contracts with the Land Banks were $ 449.6 million and $ 349.8 million.

As of February 28, 2026, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose were $ 1.1 billion.

For the six months ended May 31, 2026, the Company purchased a significant portion of land from three land banks (the “Land Banks”).

There were no amounts due to the Land Banks as of May 31, 2026, resulting from land purchases as the full purchase price of the land is typically paid to the Land Banks at closing when land is purchased by the Company.

As of May 31, 2026, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $ 2.6 billion, which are included in the corresponding line item presented in the table above.

As of May 31, 2026, total consolidated inventory not owned and liabilities related to consolidated inventory not owned for the option contracts with the Land Banks were $ 379.2 million and $ 295.4 million.

As of May 31, 2026, total deposits and pre-acquisition costs on real estate relating to option contracts with Millrose Properties, Inc.

(one of the three Land Banks) were $ 1.2 billion.

The Company believes there are other land banks that could be substituted should the Land Banks become unavailable or non-competitive with respect to land banking of future land.

Thus, the Company does not believe that the loss of the Company’s relationship with these Land Banks would have a material adverse effect on the Company’s business, financial condition or cash flows.

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(10) Commitments and Contingent Liabilities

9 unchanged sentences

Recoveries, if any, are recognized only when realization is considered probable.

As of February 28, 2026, the Company has recorded accruals for loss contingencies that management believes are probable and reasonably estimable.

As of May 31, 2026, the Company has recorded accruals for loss contingencies that management believes are probable and reasonably estimable.

These accruals are included in Other liabilities in the condensed consolidated balance sheets.

6 unchanged sentences

The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:

Three Months Ended

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

Three Months Ended Six Months Ended

May 31, May 31,

(In thousands) 2026 2025 2026 2025

4 unchanged sentences

Warranty reserve, end of period $ 383,152 442,058 383,152 442,058

(1) The adjustments to pre-existing warranties from changes in estimates during the three months ended February 28, 2026 and 2025 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

(1) The adjustments to pre-existing warranties from changes in estimates during the three and six months ended May 31, 2026 and 2025 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.

The Company has entered into agreements to lease certain office facilities and equipment under operating leases.

3 unchanged sentences

The exercise of lease renewal options is at the Company's option and therefore renewal option payments have not been included in the ROU assets or lease liabilities.

The following table includes additional

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

information about the Company's leases:

(Dollars in thousands) At February 28, 2026 At November 30, 2025

The following table includes additional information about the Company's leases:

(Dollars in thousands) At May 31, 2026 At November 30, 2025

Right-of-use assets $ 232,599 269,011

2 unchanged sentences

Weighted-average discount rate 4.6 % 4.7 %

Future minimum payments under the noncancellable leases in effect at February 28, 2026 were as follows:

Future minimum payments under the noncancellable leases in effect at May 31, 2026 were as follows:

(In thousands) Lease Payments

4 unchanged sentences

Present value of lease liabilities (2) $ 233,775

(1) Total future minimum lease payments exclude variable lease costs of $ 33.9 million and short-term lease costs of $ 3.7 million.

(1) Total future minimum lease payments exclude variable lease costs of $ 30.8 million and an immaterial amount of short-term lease costs.

(2) The Company's leases do not include a readily determinable implicit rate.

As such, the Company estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date.

As of February 28, 2026, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.

As of May 31, 2026, the Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable and other liabilities of the respective segments.

The Company's rental expense on lease liabilities was as follows:

Three Months Ended February 28,

Six Months Ended May 31,

(In thousands) 2026 2025

2 unchanged sentences

This building contains approximately 213,200 square feet of office space, of which the Company leases approximately 53,000 square feet of unused office space to other tenants.

On occasion, the Company may sublease other rented space which is no longer used for the Company's operations.

For both the three months ended February 28, 2026 and 2025, the Company had an immaterial amount of sublease income.

On occasion, the Company may sublease other rented

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

space which is no longer used for the Company's operations.

For both the six months ended May 31, 2026 and 2025, the Company had an immaterial amount of sublease income.

Letters of Credits and Surety Bonds

2 unchanged sentences

Although significant development and construction activities have been completed, these bonds are generally not released until all development and construction activities are completed (see Note 7 of the Notes to Condensed Consolidated Financial Statements for additional information).

The Company does not presently anticipate any draws upon these letters of credit or surety bonds that would have a material effect on its consolidated financial statements.

The Company does not presently anticipate any draws upon these letters of credit or surety bonds that would have a material effect on its condensed consolidated financial statements.

Option Agreements

4 unchanged sentences

After the loans are sold, the Company retains potential liability for possible claims by purchasers that 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’

Lennar Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

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.

18 unchanged sentences

the effect of increased interest rates with regard to our funds' borrowings or the willingness of the funds to invest in new projects;

increased energy prices;

reductions in the market value of our investments in public companies;

12 unchanged sentences

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-Q

Item 1. Financial Statements