Companies: 11,345     total market cap: A$219.356 T
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Lennar
LEN
#1244
Rank
A$26.10 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
A$109.75
Share price
-1.17%
Change (1 day)
-39.74%
Change (1 year)
๐Ÿ— Construction
Categories
Lennar is an American construction company that is specialized in building private homes.
  1. Lennar
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Lennar - 10-Q quarterly report FY2026 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2026
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ To _______
Commission File Number: 1-11749
Lennar Corporation
(Exact name of registrant as specified in its charter)
Delaware95-4337490
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
5505 Waterford District Drive, Miami, Florida 33126
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $.10
LENNew York Stock Exchange
Class B Common Stock, par value $.10
LEN.BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerRAccelerated filer¨Emerging growth company¨
Non-accelerated filer¨Smaller reporting company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑
Common stock outstanding as of August 31, 2026:
Class A 207,876,222
Class B 30,024,017


LENNAR CORPORATION
FORM 10-Q
For the quarterly period ended August 31, 2026
Part I
3
Item 1.
3
3
5
6
8
30
Item 2.
31
Item 3.
47
Item 4.
47
Part II
48
Item 1.
48
Item 1A.
48
Item 2.
48
Item 3 - 4.
48
Item 5.
48
Item 6.
48
49



Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
August 31,November 30,
2026 (1)2025 (1)
ASSETS
Homebuilding:
Cash and cash equivalents$1,150,115 3,441,324 
Restricted cash34,093 25,930 
Receivables, net924,858 1,002,629 
Inventories:
Finished homes and construction in progress10,670,269 8,822,271 
Land and land under development865,134 1,098,961 
Inventory owned11,535,403 9,921,232 
Consolidated inventory not owned1,408,036 1,696,401 
Inventory owned and consolidated inventory not owned12,943,439 11,617,633 
Deposits and pre-acquisition costs on real estate7,327,193 6,383,633 
Investments in unconsolidated entities1,470,473 1,545,370 
Goodwill3,442,359 3,442,359 
Other assets1,803,804 1,794,378 
29,096,334 29,253,256 
Financial Services2,770,652 3,377,413 
Multifamily815,039 902,136 
Lennar Other696,200 897,632 
Total assets$33,378,225 34,430,437 
(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 August 31, 2026, total assets include $1.4 billion related to consolidated VIEs of which $29.6 million is included in Homebuilding cash and cash equivalents, $16.4 million in Homebuilding finished homes and construction in progress, $258.9 million in Homebuilding land and land under development, $951.6 million in Homebuilding consolidated inventory not owned, $108.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities and $23.9 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.
See accompanying notes to condensed consolidated financial statements.
3
Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Continued)
(In thousands, except share amounts)
(Unaudited)
August 31,November 30,
2026 (2)2025 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,795,955 1,812,484 
Liabilities related to consolidated inventory not owned1,250,439 1,476,376 
Senior notes and other debts payable, net4,297,251 4,084,686 
Other liabilities2,448,954 2,691,876 
9,792,599 10,065,422 
Financial Services1,720,568 2,010,598 
Multifamily76,247 113,361 
Lennar Other92,391 100,447 
Total liabilities11,681,805 12,289,828 
Commitments and contingent liabilities (See Note 10)
Stockholders’ equity:
Preferred stock— — 
Class A common stock of $0.10 par value; Authorized: August 31, 2026 and November 30, 2025 - 400,000,000 shares; Issued: August 31, 2026 - 263,124,142 shares and November 30, 2025 - 261,579,253 shares
26,312 26,158 
Class B common stock of $0.10 par value; Authorized: August 31, 2026 and November 30, 2025 - 90,000,000 shares; Issued: August 31, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares
3,660 3,660 
Additional paid-in capital6,049,974 5,909,726 
Retained earnings22,923,564 22,471,471 
Treasury stock, at cost; August 31, 2026 - 55,247,920 shares of Class A common stock and 6,577,198 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
(7,450,306)(6,457,609)
Accumulated other comprehensive income5,755 6,011 
Total stockholders’ equity21,558,959 21,959,417 
Noncontrolling interests137,461 181,192 
Total equity21,696,420 22,140,609 
Total liabilities and equity$33,378,225 34,430,437 
(2)As of August 31, 2026, total liabilities include $920.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.2 million is included in Homebuilding accounts payable, $901.9 million in Homebuilding liabilities related to consolidated inventory not owned, $6.9 million in Homebuilding senior notes and other debts payable, net, $2.8 million in Homebuilding other liabilities, and $1.0 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.
See accompanying notes to condensed consolidated financial statements.
4
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except per share amounts)
(Unaudited)

Three Months EndedNine Months Ended
August 31,August 31,
2026202520262025
Revenues:
Homebuilding$7,759,497 8,253,675 21,674,374 23,381,407 
Financial Services226,121 314,195 678,615 889,370 
Multifamily38,475 228,465 184,538 521,966 
Lennar Other22,026 13,943 67,940 26,582 
Total revenues8,046,119 8,810,278 22,605,467 24,819,325 
Costs and expenses:
Homebuilding7,242,516 7,497,119 20,345,494 21,184,631 
Financial Services95,805 136,323 355,883 410,735 
Multifamily40,868 238,791 204,084 566,844 
Lennar Other48,393 45,450 135,803 99,039 
Corporate general and administrative137,883 171,397 431,670 474,628 
Charitable foundation contribution20,840 21,584 58,222 59,549 
Total costs and expenses7,586,305 8,110,664 21,531,156 22,795,426 
Equity in earnings from unconsolidated entities3,165 10,822 100,520 56,172 
Other income (expense), net and other gains (losses), net(22,565)(18,956)(10,363)43,471 
Lennar Other gains (losses) from technology investments(53,335)99,223 (61,749)7,280 
Earnings before income taxes387,079 790,703 1,102,719 2,130,822 
Provision for income taxes(101,592)(190,892)(275,742)(520,478)
Net earnings (including net earnings attributable to noncontrolling interests)285,487 599,811 826,977 1,610,344 
Less: Net earnings attributable to noncontrolling interests1,611 8,844 8,946 22,402 
Net earnings attributable to Lennar$283,876 590,967 818,031 1,587,942 
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available-for-sale$79 — (256)(1,510)
Total other comprehensive income (loss), net of tax$79 — (256)(1,510)
Total comprehensive income attributable to Lennar$283,955 590,967 817,775 1,586,432 
Total comprehensive income attributable to noncontrolling interests$1,611 8,844 8,946 22,402 
Basic and diluted earnings per share$1.19 2.29 3.36 6.06 





See accompanying notes to condensed consolidated financial statements.
5
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
August 31,
20262025
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)$826,977 1,610,344 
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization104,610 99,326 
Amortization of discount/premium and accretion on debt, net2,099 (33)
Equity in earnings from unconsolidated entities(100,520)(56,172)
Distributions of earnings from unconsolidated entities52,857 28,266 
Share-based compensation expense117,907 138,363 
Deferred income tax expense127,589 77,332 
Loans held-for-sale unrealized (gains) losses43,709 (10,293)
Lennar Other losses from technology investments and other losses, net65,807 14,218 
Gains on sale of other assets and loans receivable(4,185)(34,086)
Gain on sale of investments in unconsolidated entities and other— (35,678)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets223,922 146,893 
Changes in assets and liabilities:
Decrease (increase) in receivables333,172 (10,286)
Increase in inventories, excluding valuation adjustments(1,738,751)(1,314,933)
Increase in deposits and pre-acquisition costs on real estate(794,939)(1,248,390)
Increase in other assets(103,469)(209,892)
Decrease in loans held-for-sale392,267 240,394 
Decrease in accounts payable and other liabilities(371,236)(978,048)
Net cash used in operating activities(822,184)(1,542,675)
Cash flows from investing activities:
Net additions of operating properties and equipment(40,829)(103,424)
Proceeds from sale of other assets29,453 54,803 
Proceeds from sale of investment in unconsolidated entity— 233,007 
Investments in and contributions to unconsolidated entities(87,871)(203,010)
Distributions of capital from unconsolidated entities182,632 235,593 
Proceeds from sales of investments28,258 86,862 
Proceeds from sale of loan receivables— 114,661 
Acquisition, net of cash and restricted cash acquired— (254,492)
Decrease in Financial Services loans held-for-investment— 11,572 
Purchases of investment securities(6,218)(3,456)
Proceeds from maturities/sales of investment securities8,966 3,518 
Net cash provided by investing activities$114,391 175,634 





See accompanying notes to condensed consolidated financial statements.
6
Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
(Unaudited)

Nine Months Ended
August 31,
20262025
Cash flows from financing activities:
Net borrowings under revolving credit facility$650,000 1,140,000 
Net repayments under warehouse facilities(205,861)(67,111)
Proceeds from issuance of senior notes— 700,000 
Redemption/repurchases of senior notes(400,000)(500,000)
Principal payments on notes payable and other borrowings(33,853)(48,659)
Net cash distributed in connection with Millrose Properties, Inc. spin-off— (416,006)
Proceeds from liabilities related to consolidated inventory not owned11,574 259 
Payments for liabilities related to consolidated inventory not owned(249,909)(479,426)
Payments related to other liabilities, net(4,263)(4,263)
Receipts related to noncontrolling interests4,205 25,982 
Payments related to noncontrolling interests(37,309)(7,777)
Debt issuance costs— (6,502)
Common stock:
Repurchases(992,697)(1,808,312)
Dividends(365,938)(394,357)
Net cash used in financing activities(1,624,051)(1,866,172)
Net decrease in cash and cash equivalents and restricted cash(2,331,844)(3,233,213)
Cash and cash equivalents and restricted cash at beginning of period3,830,734 4,990,210 
Cash and cash equivalents and restricted cash at end of period$1,498,890 1,756,997 
Summary of cash and cash equivalents and restricted cash:
Homebuilding$1,150,115 1,406,215 
Financial Services225,506 216,129 
Multifamily23,527 17,337 
Lennar Other27,303 22,532 
Homebuilding restricted cash34,093 29,928 
Financial Services restricted cash38,346 64,856 
$1,498,890 1,756,997 
Supplemental disclosures of non-cash investing and financing activities:
Homebuilding:
Payments of inventories financed by sellers$335 320 
Net non-cash contributions to unconsolidated entities42,070 162,454 
Non-cash sale of investments in unconsolidated entities90,785 — 
Non-cash impact of Millrose Properties, Inc. spin-off:
Inventories$— (5,578,704)
Investments in unconsolidated entities— 1,197,039 
Other assets— (60,156)
Notes payable— 19,000 
Retained earnings— 4,422,821 

See accompanying notes to condensed consolidated financial statements.
7

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited)
(1)Basis of Presentation
Basis of Consolidation
The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2025 ("2025 Form 10-K"). The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its 2025 Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
Seasonality
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and nine months ended August 31, 2026 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of August 31, 2026 and November 30, 2025 included $575.4 million and $150.6 million, respectively, of cash held in escrow for approximately two days.
Share-based Payments
During both the three months ended August 31, 2026 and 2025, the Company granted employees an immaterial number of nonvested shares. During the nine months ended August 31, 2026 and 2025, the Company granted employees 1.6 million and 1.4 million of nonvested shares of Class A common stock, respectively.
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires public companies to annually (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for the Company's fiscal year ending November 30, 2026 and may be applied either retrospectively or prospectively. The Company does not expect ASU 2023-09 to have a material effect on its condensed consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements on an interim and annual basis. ASU 2024-03 will be effective for the Company's fiscal year ending November 30, 2028. The Company is currently evaluating the impact
that the adoption of ASU 2024-03 will have on its condensed consolidated financial statements and disclosures.
Reclassifications
In the first quarter of fiscal 2026, the Company implemented a reorganization of certain geographic communities within its Homebuilding segments. As a result of this reorganization, eleven communities previously allocated to the Central segment were moved to the East segment. Accordingly, the Company reclassified certain prior year segment information in the condensed consolidated financial statements to conform with the 2026 presentation. This reclassification was for operational purposes and between segments and had no impact on the Company's total assets, total equity, revenue or net income in the condensed consolidated financial statements.
8
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(2) Operating and Reporting Segments
Operations of the Company’s Homebuilding segments primarily include the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. The Company defines the Chief Operating Decision Maker ("CODM") function as the Executive Chairman, Chief Executive Officer and President. The CODM manages and assesses the Company's Homebuilding performance at a regional level. The CODM evaluates the Homebuilding segment performance using each segment’s revenues generated from sales of homes and earnings (loss) before income taxes. These operating results are reviewed against the annual business plan and quarterly forecast updates, as applicable, and used by the CODM when making the Company’s decisions about the allocation of operating and capital resources to each Homebuilding segment. The CODM’s evaluation of the Financial Services, Multifamily and Lennar Other segments is based on the revenues and earnings (loss) before income taxes.
Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented. The following are the Company’s operating and reportable segments:
Homebuilding segments: (1) East (2) Central (3) South Central (4) West
(5) Financial Services
(6) Multifamily
(7) Lennar Other
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)At August 31, 2026
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$1,150,115 225,506 23,527 27,303 1,426,451 
Restricted cash34,093 38,346 — — 72,439 
Receivables, net (1)924,858 309,237 35,043 — 1,269,138 
Inventory owned and consolidated inventory not owned12,943,439 — 206,139 — 13,149,578 
Deposits and pre-acquisition costs on real estate7,327,193 — 4,399 — 7,331,592 
Investments in unconsolidated entities1,470,473 644 488,775 363,379 2,323,271 
Loans held-for-sale (2)— 1,776,305 — — 1,776,305 
Investments in equity securities (3)— — — 131,350 131,350 
Investments available-for-sale (4)— — — 38,804 38,804 
Investments held-to-maturity— 124,407 — — 124,407 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,803,804 106,508 57,156 135,364 2,102,832 
Total assets$29,096,334 2,770,652 815,039 696,200 33,378,225 
Liabilities:
Senior notes and other debts payable, net$4,297,251 1,584,448 — — 5,881,699 
Liabilities related to consolidated inventory not owned1,250,439 — — — 1,250,439 
Accounts payable and other liabilities4,244,909 136,120 76,247 92,391 4,549,667 
Total liabilities$9,792,599 1,720,568 76,247 92,391 11,681,805 
9
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(In thousands)At November 30, 2025
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$3,441,324 258,873 34,172 21,936 3,756,305 
Restricted cash25,930 48,499 — — 74,429 
Receivables, net (1)1,002,629 429,560 38,673 — 1,470,862 
Inventory owned and consolidated inventory not owned11,617,633 — 223,622 — 11,841,255 
Deposits and pre-acquisition costs on real estate6,383,633 — 15,096 — 6,398,729 
Investments in unconsolidated entities1,545,370 2,528 506,573 367,965 2,422,436 
Loans held-for-sale (2)— 2,212,624 — — 2,212,624 
Investments in equity securities (3)— — — 346,820 346,820 
Investments available-for-sale (4)— — — 39,060 39,060 
Investments held-to-maturity— 132,868 — — 132,868 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,794,378 102,762 84,000 121,851 2,102,991 
Total assets$29,253,256 3,377,413 902,136 897,632 34,430,437 
Liabilities:
Senior notes and other debts payable, net$4,084,686 1,790,309 — — 5,874,995 
Liabilities related to consolidated inventory not owned1,476,376 — — — 1,476,376 
Accounts payable and other liabilities4,504,360 220,289 113,361 100,447 4,938,457 
Total liabilities$10,065,422 2,010,598 113,361 100,447 12,289,828 
(1)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of both August 31, 2026 and November 30, 2025.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $13.7 million and $15.5 million of residential loans are carried at lower of cost or fair value as of August 31, 2026 and November 30, 2025, respectively.
(3)Investments in equity securities include investments of $72.7 million and $114.4 million without readily available fair values as of August 31, 2026 and November 30, 2025, respectively.
(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.
Homebuilding Segments
Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under “Homebuilding Other,” which is not considered a reportable segment.
East: Florida, New Jersey and Pennsylvania
Central: Alabama, Georgia, Illinois, Indiana, Maryland/Virginia, Minnesota, North Carolina, South Carolina and Tennessee
South Central: Arkansas, Kansas, Oklahoma and Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC (“FivePoint”).
The assets related to the Company’s Homebuilding segments were as follows:
(In thousands)At August 31, 2026At November 30, 2025
East$5,748,435 5,413,918 
Central5,155,489 4,565,781 
South Central4,714,090 4,195,858 
West 10,160,607 9,519,804 
Other1,820,959 1,692,453 
Corporate and Unallocated 1,496,754 3,865,442 
Total Homebuilding$29,096,334 29,253,256 
Financial information relating to the Company’s segments was as follows:
10
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Three Months Ended August 31, 2026
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,828,048 1,943,777 1,372,191 2,588,288 1,284 7,733,588 — — — 7,733,588 
Sales of land1,759 3,163 11,622 1,898 — 18,442 — — — 18,442 
Other revenues3,444 416 758 670 2,179 7,467 226,121 38,475 22,026 294,089 
Total revenues1,833,251 1,947,356 1,384,571 2,590,856 3,463 7,759,497 226,121 38,475 22,026 8,046,119 
Costs and expenses:
Costs of homes sold1,446,037 1,646,381 1,140,782 2,275,863 3,197 6,512,260 — — — 6,512,260 
Costs of land sold2,485 3,787 6,425 3,519 — 16,216 — — — 16,216 
Other costs and expenses— — — — — — 95,805 40,868 48,393 185,066 
Selling, general and administrative expenses176,793 187,535 135,681 208,129 5,902 714,040 — — — 714,040 
Corporate general and administrative expenses (1)— — — — — — — — — 137,883 
Charitable foundation contribution (1)— — — — — — — — — 20,840 
Total costs and expenses1,625,315 1,837,703 1,282,888 2,487,511 9,099 7,242,516 95,805 40,868 48,393 7,586,305 
Equity in earnings (losses) from unconsolidated entities(5,736)5 (12)(48)10,599 4,808 — (1,342)(301)3,165 
Other income (expense), net and other gains (losses), net(2,269)1,525 (2,054)(17,585)556 (19,827)— 866 (3,604)(22,565)
Lennar Other losses from technology investments— — — — — — — — (53,335)(53,335)
Earnings (loss) before income taxes$199,931 111,183 99,617 85,712 5,519 501,962 130,316 (2,869)(83,607)387,079 
Three Months Ended August 31, 2025
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,732,008 2,020,519 1,507,314 2,950,118 3,621 8,213,580 — — — 8,213,580 
Sales of land20,140 1,300 346 8,735 — 30,521 — — — 30,521 
Other revenues3,521 1,030 610 1,877 2,536 9,574 314,195 228,465 13,943 566,177 
Total revenues1,755,669 2,022,849 1,508,270 2,960,730 6,157 8,253,675 314,195 228,465 13,943 8,810,278 
Costs and expenses:
Costs of homes sold1,409,575 1,647,159 1,247,502 2,470,021 5,306 6,779,563 — — — 6,779,563 
Costs of land sold18,121 3,825 2,651 16,468 — 41,065 — — — 41,065 
Other costs and expenses— — — — — — 136,323 238,791 45,450 420,564 
Selling, general and administrative expenses154,719 188,662 125,119 201,204 6,787 676,491 — — — 676,491 
Corporate general and administrative expenses (1)— — — — — — — — — 171,397 
Charitable foundation contribution (1)— — — — — — — — — 21,584 
Total costs and expenses1,582,415 1,839,646 1,375,272 2,687,693 12,093 7,497,119 136,323 238,791 45,450 8,110,664 
Equity in earnings (losses) from unconsolidated entities14,338 40 (5)563 (4,746)10,190 — (6,790)7,422 10,822 
Other income (expense), net and other gains (losses), net (1,208)1,479 (2,864)(3,277)(1,091)(6,961)— 645 (12,640)(18,956)
Lennar Other gains from technology investments— — — — — — — — 99,223 99,223 
Earnings (loss) before income taxes$186,384 184,722 130,129 270,323 (11,773)759,785 177,872 (16,471)62,498 790,703 
11
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Nine Months Ended August 31, 2026
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$5,049,380 4,951,404 3,995,511 7,598,189 7,065 21,601,549 — — — 21,601,549 
Sales of land11,350 4,036 18,522 12,093 — 46,001 — — — 46,001 
Other revenues12,018 2,645 1,978 3,032 7,151 26,824 678,615 184,538 67,940 957,917 
Total revenues5,072,748 4,958,085 4,016,011 7,613,314 14,216 21,674,374 678,615 184,538 67,940 22,605,467 
Costs and expenses:
Costs of homes sold4,067,149 4,206,240 3,307,729 6,652,659 12,716 18,246,493 — — — 18,246,493 
Costs of land sold23,482 9,653 16,643 19,293 — 69,071 — — — 69,071 
Other costs and expenses— — — — — — 355,883 204,084 135,803 695,770 
Selling, general and administrative expenses508,622 514,222 378,404 609,721 18,961 2,029,930 — — — 2,029,930 
Corporate general and administrative expenses (1)— — — — — — — — — 431,670 
Charitable foundation contribution (1)— — — — — — — — — 58,222 
Total costs and expenses4,599,253 4,730,115 3,702,776 7,281,673 31,677 20,345,494 355,883 204,084 135,803 21,531,156 
Equity in earnings (losses) from unconsolidated entities9,925 46 (37)1,540 34,185 45,659 — 51,372 3,489 100,520 
Other income (expense), net and other gains (losses), net(4,148)5,684 (6,435)(18,014)12,735 (10,178)— 1,489 (1,674)(10,363)
Lennar Other losses from technology investments— — — — — — — — (61,749)(61,749)
Earnings (loss) before income taxes$479,272 233,700 306,763 315,167 29,459 1,364,361 322,732 33,315 (127,797)1,102,719 
Nine Months Ended August 31, 2025
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$5,102,675 5,294,015 4,173,587 8,657,783 14,341 23,242,401 — — — 23,242,401 
Sales of land57,646 2,900 22,539 25,957 — 109,042 — — — 109,042 
Other revenues9,970 3,847 2,369 5,220 8,558 29,964 889,370 521,966 26,582 1,467,882 
Total revenues5,170,291 5,300,762 4,198,495 8,688,960 22,899 23,381,407 889,370 521,966 26,582 24,819,325 
Costs and expenses:
Costs of homes sold4,103,355 4,309,966 3,435,915 7,203,662 17,341 19,070,239 — — — 19,070,239 
Costs of land sold55,869 8,008 23,595 45,843 — 133,315 — — — 133,315 
Other costs and expenses— — — — — — 410,735 566,844 99,039 1,076,618 
Selling, general and administrative expenses484,223 506,814 345,852 620,740 23,448 1,981,077 — — — 1,981,077 
Corporate general and administrative expenses (1)— — — — — — — — — 474,628 
Charitable foundation contribution (1)— — — — — — — — — 59,549 
Total costs and expenses4,643,447 4,824,788 3,805,362 7,870,245 40,789 21,184,631 410,735 566,844 99,039 22,795,426 
Equity in earnings (losses) from unconsolidated entities29,271 36 (13)1,573 32,043 62,910 — (11,332)4,594 56,172 
Other income (expense), net and other gains (losses), net31,269 4,629 (4,219)(5,760)11,687 37,606 — 24,962 (19,097)43,471 
Lennar Other gains from technology investments— — — — — — — — 7,280 7,280 
Earnings (loss) before income taxes$587,384 480,639 388,901 814,528 25,840 2,297,292 478,635 (31,248)(79,680)2,130,822 
(1)Primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable contributions to the Lennar Foundation. These corporate expenses cannot be attributed to any specific segment, thus they are presented within the Total column in the table above.
(2)The Other segment includes operating results from the Company's Urban divisions, which are not considered reportable segments.
12
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Financial Services
Operations of the Financial Services segment include mortgage financing, title and closing services primarily for buyers of the Company’s homes. They also include originating and selling into securitizations commercial mortgage loans through its LMF Commercial business. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and sales of property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations.
At August 31, 2026, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
Maximum Aggregate Commitment
(In thousands)Committed AmountUncommitted AmountTotal
Residential facilities maturing:
September 2026 (1)$250,000 250,000 500,000 
November 2026300,000 900,000 1,200,000 
December 2026— 375,000 375,000 
March 2027200,000 300,000 500,000 
May 202730,000 270,000 300,000 
July 202780,000 170,000 250,000 
Total residential facilities$860,000 2,265,000 3,125,000 
LMF commercial facilities maturing:
January 2027100,000 — 100,000 
December 2027200,000 — 200,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$3,425,000 
(1)Subsequent to August 31, 2026, the maturity date was extended to November 2026.
The Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to the Company and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial facilities finance LMF Commercial loan originations and securitization activities and were secured by up to 80% interests in the originated commercial loans financed.
Borrowings and collateral under the facilities were as follows:
(In thousands)At August 31, 2026At November 30, 2025
Borrowings under residential facilities$1,448,949 1,653,484 
Collateral under residential facilities1,886,721 1,718,338 
Borrowings under LMF Commercial facilities20,600 13,719 
If the facilities are not renewed or replaced, the borrowings under the lines of credit will be repaid by selling the mortgage loans held-for-sale to investors and by collecting receivables on loans sold but not yet paid for. Without the facilities, the Financial Services segment would have to use cash from operations and other funding sources to finance its lending activities.
Substantially all of the loans the Financial Services segment originates are sold within a short period on the secondary mortgage market on a servicing-released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray any losses incurred by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements and seeking to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors, which are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. These accruals are based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company’s expectations, additional recourse expense
13
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
may be incurred. The provision for loan losses was immaterial for both the three and nine months ended August 31, 2026 and 2025. Loan origination liabilities were $17.3 million and $17.4 million as of August 31, 2026 and November 30, 2025, respectively, and included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets.
LMF Commercial - loans held-for-sale
LMF Commercial originated commercial loans as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2026202520262025
Originations (1)$28,950 177,837 185,300 486,677 
Sold65,300 172,643 174,875 458,466 
Securitizations124 8 
(1)During both the three and nine months ended August 31, 2026 and 2025, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Investments held-to-maturity
At August 31, 2026 and November 30, 2025, the Financial Services segment held commercial mortgage-backed securities (“CMBS”). These securities are classified as held-to-maturity based on the segment's intent and ability to hold the securities until maturity and changes in estimated cash flows are reviewed periodically to determine if an other-than-temporary impairment has occurred. Based on the segment’s assessment, no impairment charges were recorded during the three or nine months ended August 31, 2026 and 2025. The Company has financing agreements to finance CMBS that have been purchased as investments by the Financial Services segment.
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)At August 31, 2026At November 30, 2025
Carrying value$124,407 132,868 
Outstanding debt, net of debt issuance costs114,899 123,106 
Incurred interest rate3.4%3.4%
At August 31, 2026
Range
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
Multifamily
The Company is actively involved, primarily through unconsolidated funds and joint ventures, in the development and construction of multifamily rental properties. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.
The Multifamily segment (i) owns interests in funds that are engaged in the development of multifamily residential communities with the intention of holding the newly constructed and occupied properties as income and fee generating assets, and (ii) owns interests in joint ventures that are engaged in the development of multifamily residential communities, in most instances with the intention of selling them when they are built and substantially occupied. The multifamily business is a vertically integrated platform with capabilities spanning development, construction, asset management, and capital markets. Revenues are generated from the sales of land, from construction activities, and from management and promote fees generated from funds and joint ventures less the cost of sales of land sold, expenses related to construction activities and general and administrative expenses. Operations of the Multifamily segment also include equity in earnings (losses) from unconsolidated entities and other gains (losses), which include proceeds of sales of investments.
14
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Lennar Other
Lennar Other includes strategic investments in various types of technology and other companies, primarily managed by the Company's LENX subsidiary, and fund interests the Company retained when it sold the Rialto Capital Management ("Rialto") asset and investment management platform. Operations of the Lennar Other segment include operating earnings (loss) consisting of revenues generated primarily from the Company's share of carried interests in the Rialto fund investments, along with equity in earnings (losses) from the Rialto fund investments and technology investments, realized and unrealized gains (losses) from investments in equity securities and other income (expense), net from the remaining assets related to the Company's former Rialto segment.
The Company has investments in publicly traded technology companies, which are held at market and the carrying value of which will therefore change depending on the value of the Company's shareholdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities and other assets which are held at fair value and the changes in fair values are recognized through earnings.
During the three and nine months ended August 31, 2026, the Company recorded mark-to-market losses of $53.3 million and $61.7 million, respectively, on its publicly traded technology investments, which were included in Lennar Other gains (losses) in the Company's condensed consolidated statements of operations and comprehensive income (loss). During the three and nine months ended August 31, 2025, the Company recorded mark-to-market gains of $99.2 million and $7.3 million, respectively, on its publicly traded technology investments, which were included in Lennar Other gains (losses) in the Company's condensed consolidated statements of operations and comprehensive income (loss).
(3)Investments in Unconsolidated Entities
Homebuilding Unconsolidated Entities
The investments in the Company's Homebuilding unconsolidated entities were as follows:
(In thousands)At August 31, 2026At November 30, 2025
Investments in unconsolidated entities (1) (2)$1,470,473 1,545,370 
Underlying equity in unconsolidated entities' net assets (1) (2)1,755,272 1,790,697 
(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in FivePoint.
(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of August 31, 2026 and November 30, 2025, the carrying amount of the Company's investment was $617.3 million and $585.2 million, respectively.
As of August 31, 2026 and November 30, 2025, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $299.0 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. While the Company sometimes guarantees debt of unconsolidated entities, in most instances the Company’s partners have also guaranteed that debt and are required to contribute their shares of any payments. 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 August 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 August 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). 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.
The Upward America Venture LP (“Upward America”) is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America could raise equity commitments totaling $1.0 billion. The commitments are primarily from institutional investors, including $78.1 million committed by the Company. As of August 31, 2026 and November 30, 2025, the carrying amount of the Company's investment in Upward America was $12.6 million and $13.8 million, respectively.
15
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Multifamily Unconsolidated Entities
The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to the Multifamily unconsolidated joint ventures, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute to the Company after the achievement of certain thresholds. 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 August 31, 2026 and November 30, 2025, the fair value of the completion guarantees was immaterial. As of August 31, 2026 and November 30, 2025, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $410.9 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 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 August 31,Nine Months Ended August 31,
(In thousands)2026202520262025
General contractor services, net of deferrals$36,112 42,150 130,251 100,864 
General contractor costs34,060 41,766 127,131 97,665 
Land sales to joint ventures— — 46,585 162,447 
Management fee income, net of deferrals2,312 5,126 7,622 18,503 
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 August 31, 2026, the Company has a $27.9 million investment in the CPPIB Fund. The Company's stated ownership percentage in the Institutional JV is 4%. As of August 31, 2026, the Company holds a $46.1 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 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 August 31, 2026
(In thousands)LMV ILMV II
Lennar's carrying value of investments$68,672 184,365 
Equity commitments2,204,016 1,257,700 
Equity commitments called2,154,328 1,229,585 
Lennar's equity commitments504,016 381,000 
Lennar's equity commitments called500,381 371,492 
Lennar's remaining commitments (1)3,635 9,508 
Distributions to Lennar during the nine months ended August 31, 202638,075 57,537 
(1)While there are remaining commitments, there are no plans for additional capital calls.
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. As of November 30, 2025, 35 LMV I rental operation projects were sold to various third-party buyers. During the nine months ended August 31, 2026, one additional LMV I rental operation project was sold to a third-party buyer.
16
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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 $131.3 million and $133.0 million as of August 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 $232.1 million and $235.0 million, as of August 31, 2026 and November 30, 2025, respectively.
(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 and nine months ended August 31, 2026 and 2025:
Three Months Ended August 31, 2026
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid-in Capital		Treasury
Stock		Accumulated Other Comprehensive IncomeRetained
Earnings		Noncontrolling
Interests
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 
Net earnings (including net earnings attributable to noncontrolling interests)285,487 — — — — — 283,876 1,611 
Employee stock and directors plans
3,611 3 — 409 3,199 — — — 
Purchases of treasury stock(259,103)— — — (259,103)— — — 
Amortization of restricted stock
29,259 — — 29,259 — — — — 
Cash dividends(119,401)— — — — — (119,401)— 
Receipts related to noncontrolling interests
1,662 — — — — — — 1,662 
Payments related to noncontrolling interests
(10,900)— — — — — — (10,900)
Total other comprehensive income, net of tax79 — — — — 79 — — 
Balance at August 31, 2026$21,696,420 26,312 3,660 6,049,974 (7,450,306)5,755 22,923,564 137,461 
Three Months Ended August 31, 2025
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid-in Capital		Treasury
Stock		Accumulated Other Comprehensive IncomeRetained
Earnings		Noncontrolling
Interests
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 
Net earnings (including net earnings attributable to noncontrolling interests)599,811 — — — — — 590,967 8,844 
Employee stock and directors plans
15,563 17 — 16,291 (745)— — — 
Purchases of treasury stock(511,673)— — — (511,673)— — — 
Amortization of restricted stock
25,505 — — 25,505 — — — — 
Cash dividends(129,122)— — — — — (129,122)— 
Receipts related to noncontrolling interests
4,953 — — — — — — 4,953 
Payments related to noncontrolling interests
(1,812)— — — — — — (1,812)
Non-cash purchase or activity of noncontrolling interests, net16,448 — — — — — — 16,448 
Balance at August 31, 2025$22,751,555 26,153 3,660 5,884,528 (5,457,876)6,019 22,107,836 181,235 
17
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Nine Months Ended August 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
Interests
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 
Net earnings (including net earnings attributable to noncontrolling interests)826,977 — — — — — 818,031 8,946 
Employee stock and directors plans
(20,297)154 — 22,341 (42,792)— — — 
Purchases of treasury stock(949,905)— — — (949,905)— — — 
Amortization of restricted stock
117,907 — — 117,907 — — — — 
Cash dividends(365,938)— — — — — (365,938)— 
Receipts related to noncontrolling interests
4,205 — — — — — — 4,205 
Payments related to noncontrolling interests
(37,309)— — — — — — (37,309)
Non-cash purchase or activity of noncontrolling interests, net(19,573)— — — — — — (19,573)
Total other comprehensive loss, net of tax(256)— — — — (256)— — 
Balance at August 31, 2026$21,696,420 26,312 3,660 6,049,974 (7,450,306)5,755 22,923,564 137,461 
Nine Months Ended August 31, 2025
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid-in Capital		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Retained
Earnings		Noncontrolling
Interests
Balance at November 30, 2024$28,021,225 25,998 3,660 5,729,434 (3,649,564)7,529 25,753,078 151,090 
Net earnings (including net earnings attributable to noncontrolling interests)1,610,344 — — — — — 1,587,942 22,402 
Employee stock and directors plans
(48,108)155 — 17,680 (65,943)— — — 
Purchases of treasury stock(1,742,369)— — — (1,742,369)— — — 
Amortization of restricted stock
138,363 — — 138,363 — — — — 
Cash dividends(394,357)— — — — — (394,357)— 
Receipts related to noncontrolling interests
25,982 — — — — — — 25,982 
Payments related to noncontrolling interests
(7,777)— — — — — — (7,777)
Millrose Properties, Inc. spin-off(4,838,827)— — — — — (4,838,827)— 
Non-cash purchase or activity of noncontrolling interests, net(11,411)— — (949)— — — (10,462)
Total other comprehensive loss, net of tax(1,510)— — — — (1,510)— — 
Balance at August 31, 2025$22,751,555 26,153 3,660 5,884,528 (5,457,876)6,019 22,107,836 181,235 
On September 23, 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 October 22, 2026 to holders of record at the close of business on October 7, 2026. On July 24, 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 July 10, 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.
18
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At August 31, 2026, the Company has a remaining authorization to repurchase $751 million 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 August 31,Nine Months Ended August 31,
2026202520262025
(Dollars in thousands, except price per share amounts)Class AClass BClass AClass BClass AClass BClass AClass B
Shares repurchased2,634,878 365,122 3,931,000 188,066 8,807,004 1,192,996 13,202,936 851,386 
Total purchase price$225,693 $30,785 $484,372 $22,154 $833,747 $106,555 $1,624,220 $101,779 
Average price per share$85.66 $84.31 $123.22 $117.80 $94.67 $89.32 $123.02 $119.55 
(5)Income Taxes
The provision for income taxes and effective tax rate were as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2026202520262025
Provision for income taxes$101,592 190,892 275,742 520,478 
Effective tax rate (1)26.4%24.4%25.2 %24.7 %
(1)For the three and nine months ended August 31, 2026 and 2025, the effective tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the three and nine months ended August 31, 2026 from the prior year was primarily due to the Company's spin-off of Millrose Properties, Inc.
(6)Earnings Per Share
Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company.
All outstanding nonvested shares that contain non-forfeitable rights to dividends or dividend equivalents that participate in undistributed earnings with common stock are considered participating securities and are included in computing earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and participation rights in undistributed earnings. The Company’s restricted common stock (“nonvested shares”) is considered participating securities.
Basic and diluted earnings per share were calculated as follows:
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands, except per share amounts)2026202520262025
Numerator:
Net earnings attributable to Lennar$283,876 590,967 818,031 1,587,942 
Less: distributed earnings allocated to nonvested shares245 855 4,467 4,784 
Less: undistributed earnings allocated to nonvested shares1,648 4,393 4,848 11,572 
Numerator for basic and diluted earnings per share281,983 585,719 808,716 1,571,586 
Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding237,756 255,601 240,990 259,540 
Basic and diluted earnings per share$1.19 2.29 3.36 6.06 
19
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(7)Homebuilding Senior Notes and Other Debts Payable
(Dollars in thousands)At August 31, 2026At November 30, 2025
Unsecured revolving credit facility$650,000 — 
Unsecured delayed draw term loan facility due 20281,705,202 1,710,000 
5.00% senior notes due 2027
350,302 350,590 
4.75% senior notes due 2027
699,279 698,845 
5.20% senior notes due 2030
695,104 694,165 
5.25% senior notes due 2026 (1)
— 400,608 
Mortgage notes on land and other debt197,364 230,478 
$4,297,251 4,084,686 
(1)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 $10.1 million and $7.0 million as of August 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 $400 million via an accordion feature. As of August 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.
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands)At August 31, 2026
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,900,000 
Total commitments$3,125,000 
Accordion feature375,000 
Total maximum borrowings capacity$3,500,000 
The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The credit agreement also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K. In addition to the Credit Facility, the Company has other letter of credit facilities with different financial institutions.
The Company's processes for posting performance and financial letters of credit and surety bonds are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K. The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)At August 31, 2026At November 30, 2025
Performance letters of credit$2,049,932 1,963,643 
Financial letters of credit872,300 926,304 
Surety bonds5,712,988 5,614,807 
Anticipated future costs primarily for site improvements related to performance surety bonds3,452,971 3,056,582 
The Company's outstanding senior notes are guaranteed by certain of its wholly-owned subsidiaries, which are primarily homebuilding subsidiaries. These guarantees are full and unconditional. The guarantors of the Company's senior notes are currently those subsidiaries that also guarantee the Company's letter of credit facilities, its Credit Facility and Delayed Draw Term Loan Facility. Under the indentures governing the Company's senior notes, guarantees may be suspended or released under certain circumstances. Other than as set forth in the Supplemental Financial Information, the terms of guarantees are unchanged from the disclosure in the Company's Financial Condition and Capital Resources section in its 2025 Form 10-K.
20
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
(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 August 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. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. 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 August 31, 2026At November 30, 2025
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
ASSETS
Financial Services:
Loans held-for-saleLevel 3$13,693 13,693 15,547 15,547 
Investments held-to-maturityLevel 3124,407 121,818 132,868 132,032 
LIABILITIES
Homebuilding senior notes and other debts payable, netLevel 2$4,297,251 4,310,479 4,084,686 4,122,169 
Financial Services notes and other debts payable, netLevel 21,584,448 1,584,841 1,790,309 1,790,789 
The following methods and assumptions are used by the Company in estimating fair values:
Financial Services - The fair values above are based on quoted market prices, if available. The fair values for instruments that do not have quoted market prices are estimated by the Company on the basis of discounted cash flows or other financial information. The fair value of residential loans held-for-sale for which there is no active market for similar mortgage loans is determined using an independent third-party valuation that uses a discounted cash flow model to estimate fair value and is categorized as Level 3. The key assumptions used in the model, which are generally unobservable inputs, are mortgage prepayment rates, default rates, loss severity rates, and discount rates. Loans held-for-sale are carried at the lower of cost or fair value. For notes and other debts payable, the fair values approximate their carrying value due to variable interest pricing terms and the short-term nature of the majority of the borrowings.
Homebuilding - For senior notes and other debts payable, the fair value of fixed-rate borrowings is primarily based on quoted market prices and the fair value of variable-rate borrowings is based on expected future cash flows calculated using current market forward rates.
Fair Value Measurements:
GAAP provides a framework for measuring fair value, expands disclosures about fair value measurements and establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value summarized as follows:
Level 1: Fair value determined based on quoted prices in active markets for identical assets.
Level 2: Fair value determined using significant other observable inputs.
Level 3: Fair value determined using significant unobservable inputs.
The Company’s financial instruments measured at fair value on a recurring basis are summarized below:
Fair Value HierarchyFair Value at
(In thousands)August 31, 2026November 30, 2025
Financial Services Assets:
Residential loans held-for-saleLevel 2$1,725,686 2,170,677 
LMF Commercial loans held-for-saleLevel 335,896 26,401 
Mortgage servicing rightsLevel 33,094 3,266 
Forward optionsLevel 191 986 
Lennar Other Assets:
Investments in equity securitiesLevel 1$58,693 232,372 
Investments available-for-saleLevel 338,804 39,060 
21
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Residential and LMF Commercial loans held-for-sale in the table above include:
At August 31, 2026At November 30, 2025
(In thousands)Aggregate Principal BalanceChange in Fair ValueAggregate Principal BalanceChange in Fair Value
Residential loans held-for-sale$1,805,595 (79,909)2,206,966 (36,289)
LMF Commercial loans held-for-sale
36,950 (1,054)26,525 (124)
The estimated fair values of the Company's financial instruments have been determined by 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. The use of different market assumptions and/or estimation methodologies might have a material effect on the estimated fair value amounts. The following methods and assumptions are used by the Company in estimating fair values.
Financial Services residential loans held-for-sale - The fair value of residential loans held-for-sale that trade in active secondary markets is determined based upon quoted market prices for similar mortgage loans, adjusted for credit risk and other loan characteristics, and is categorized as Level 2. 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 August 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.
LMF Commercial loans held-for-sale - The fair value of commercial loans held-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. The details and methods of the calculation are unchanged from the fair value disclosure in the Company's Notes to the Financial Statements section in its 2025 Form 10-K. These methods use unobservable inputs in estimating a discount rate that is used to assign a value to each loan. While the cash payments on the loans are contractual, the discount rate used and assumptions regarding the relative size of each class in the CMBS capital structure can significantly impact the valuation. Therefore, the estimates used could differ materially from the fair value determined when the loans are sold to a securitization trust.
Mortgage servicing rights - Financial Services records mortgage servicing rights when it sells loans on a servicing-retained basis or through the acquisition or assumption of the right to service a financial asset. The fair value of the mortgage servicing rights is calculated using third-party valuations. 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:
August 31, 2026November 30, 2025
Unobservable inputs:
Mortgage prepayment rate9%9%
Discount rate13%13%
Delinquency rate 11%11%
Forward contracts, forward options and interest rate swaps - Fair value of forward contracts, forward options and interest rate swaps is based on independent quoted market prices for similar financial instruments. The fair value of these are included in Financial Services' other assets and other liabilities and the Company recognizes the changes in the fair value of the premium paid as Financial Services' revenues.
Lennar Other investments in equity securities - The fair value of investments in equity securities was calculated based on independent quoted market prices. The Company’s investments in equity securities were recorded at fair value with all changes in fair value recorded to Lennar Other gains (losses) from technology investments on the Company’s condensed consolidated statements of operations and comprehensive income (loss).
Lennar Other investments available-for-sale - The fair value of investments available-for-sale is calculated from model-based techniques that use discounted cash flow assumptions and the Company’s own estimates of CMBS spreads, market interest rate movements and the underlying loan credit quality. Loan values are calculated by allocating the change in value of an assumed CMBS capital structure to each loan. The value of an assumed CMBS capital structure is calculated, generally, by discounting the cash flows associated with each CMBS class at market interest rates and at the Company’s own estimate of CMBS spreads.
22
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
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 EndedNine Months Ended
August 31,August 31,
(In thousands)2026202520262025
Changes in fair value included in Financial Services revenues:
Loans held-for-sale$(18,219)23,361 (43,708)21,011 
Mortgage loan commitments(9,296)34,590 (18,606)45,511 
Forward contracts19,067 (36,411)27,642 (7,919)
Interest rate swaps(37)(6,652)8,241 (6,490)
Changes in fair value included in Lennar Other earnings (losses) from technology investments:
Investments in equity securities$(53,335)99,223 (61,749)7,280 
Changes in fair value included in other comprehensive income (loss), net of tax:
Lennar Other investments available-for-sale$79 — (256)(1,510)
Interest on Financial Services loans held-for-sale and LMF Commercial loans held-for-sale measured at fair value is calculated based on the interest rate of the loans and recorded as revenues in the Financial Services’ statement of operations.
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 August 31,
20262025
(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-sale
Beginning balance$2,983 70,296 3,467 72,203 
Purchases/loan originations141 28,950 45 177,837 
Sales/loan originations sold, including those not settled— (65,300)— (172,643)
Disposals/settlements(59)— (104)— 
Changes in fair value (1)29 1,950 (118)483 
Interest and principal paydowns— — — (93)
Ending balance$3,094 35,896 3,290 77,787 
Nine Months Ended August 31,
20262025
(In thousands)Mortgage servicing rightsLMF Commercial loans held-for-saleMortgage servicing rightsLMF Commercial loans held-for-sale
Beginning balance$3,266 26,401 3,463 50,316 
Purchases/loan originations405 185,300 322 486,677 
Sales/loan originations sold, including those not settled— (174,875)— (458,466)
Disposals/settlements(183)— (257)— 
Changes in fair value (1)(394)(1,054)(238)(264)
Interest and principal paydowns— 124 — (476)
Ending balance$3,094 $35,896 $3,290 $77,787 
(1)Changes in fair value for LMF Commercial loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
The Company’s assets measured at fair value on a nonrecurring basis are those assets for which the Company has recorded valuation adjustments and write-offs. The fair values included in the table below represent only those assets whose carrying values were adjusted to fair value during the respective periods disclosed. The assets measured at fair value on a nonrecurring basis are summarized below:
23
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Three Months Ended August 31,
20262025
(In thousands)Fair Value
Hierarchy		Carrying ValueFair ValueTotal Gains (Losses), Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Homebuilding - non-financial assets:
Finished homes and construction in progress (2)Level 3$508,650 398,201 (110,449)479,233 430,986 (48,247)
Deposits and pre-acquisition costs on real estate (3)Level 3947 — (947)8,919 — (8,919)
Financial Services - financial assets:
Loans held-for-sale (4)Level 3$13,550 13,693 143 61,001 50,284 (10,717)
Nine Months Ended August 31,
20262025
(In thousands)Fair Value
Hierarchy		Carrying ValueFair ValueTotal Losses, Net (1)Carrying ValueFair ValueTotal Losses, Net (1)
Homebuilding - non-financial assets:
Finished homes and construction in progress (2)Level 3$1,223,403 1,011,922 (211,481)1,221,892 1,103,619 (118,273)
Land and land under development (2)Level 3549 — (549)191 134 (57)
Deposits and pre-acquisition costs on real estate (3)Level 37,686 — (7,686)17,847 — (17,847)
Financial Services - financial assets:
Loans held-for-sale (4)Level 3$14,036 13,693 (343)61,001 50,284 (10,717)
Multifamily - non-financial assets:
Investments in unconsolidated entities (5)Level 3$— — — 10,716 — (10,716)
(1)Represents gains (losses) due to valuation adjustments and deposit and pre-acquisition write-offs recorded during the respective periods.
(2)Valuation adjustments for finished homes and construction in progress, and land and land under development were included in Homebuilding costs and expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss).
(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).
(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).
(5)Valuation adjustments related to investments in unconsolidated entities were primarily included in Multifamily other income (expense), net in the Company's condensed consolidated statements of operations and comprehensive income (loss).
Finished homes and construction in progress are included within inventories. Inventories are stated at cost unless the inventory within a community is determined to be impaired, in which case the impaired inventory is written down to fair value. The Company disclosed its accounting policy related to inventories and its review for indicators of impairment in the Summary of Significant Accounting Policies in its 2025 Form 10-K.
The Company estimates the fair value of inventory evaluated for impairment based on market conditions and assumptions made by management at the time the inventory is evaluated, which may differ materially from actual results if market conditions or assumptions change. For example, changes in market conditions and other specific developments or changes in assumptions may cause the Company to re-evaluate its strategy regarding previously impaired inventory, as well as inventory not currently impaired but for which indicators of impairment may arise if market deterioration occurs, and certain other assets that could result in further valuation adjustments and/or additional write-offs of option deposits and pre-acquisition costs due to abandonment of those options contracts.
On a quarterly basis, the Company reviews its active communities for indicators of potential impairments. The table below summarizes communities reviewed for indicators of impairment and communities with valuation adjustments recorded:
24
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Communities with valuation adjustments
At or for the Nine Months Ended# of active communities# of communities with potential indicator of impairment# of communities
Fair Value
(in thousands)
Valuation Adjustments
(in thousands)
August 31, 20261,71318438$313,150 $99,985 
August 31, 20251,6641132149,884 25,633 
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:
Nine Months Ended August 31,
20262025
Unobservable inputsRangeRange
Average selling price (1)$129,000—1,706,000168,000—872,000
Absorption rate per quarter (homes)1—192—11
Discount rate20%20%
(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the nine months ended August 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.
The Company evaluates if a decrease in the fair value of an investment below the carrying value is other-than-temporary. This evaluation includes certain critical assumptions made by management: (1) projected future distributions from the unconsolidated entities, (2) discount rates applied to the future distributions, (3) the length of the time and the extent to which the market value has been less than cost and (4) various other factors, which include age of the venture, relationships with the other partners and banks, general economic market conditions, land status, and liquidity needs of the unconsolidated entity. 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 and nine months ended August 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 months ended August 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 no other-than-temporary impairment, except that there was an other-than-temporary impairment of $10.7 million during the nine months ended August 31, 2025, 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.
(9)Variable Interest Entities
During the nine months ended August 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, during the nine months ended August 31, 2026, the Company consolidated one entity that had a total combined assets and liabilities of $30.0 million and $7.0 million, respectively. There were no variable interest entities ("VIEs") that were deconsolidated during the nine months ended August 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.
A VIE’s assets can only be used to settle obligations of that VIE. The VIEs are not guarantors of the Company’s senior notes or other debts payable. The assets held by a VIE are usually collateral for that VIE’s debt. The Company and other partners do not generally have an obligation to make capital contributions to a VIE unless the Company and/or the other partner(s) have entered into debt guarantees with VIE’s lenders. Other than debt guarantee agreements with VIE’s lenders, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to a VIE. 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.
25
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 August 31, 2026At November 30, 2025
(In thousands)Investments in
Unconsolidated VIEs		Lennar’s Maximum
Exposure to Loss		Investments in
Unconsolidated VIEs		Lennar’s Maximum
Exposure to Loss
Homebuilding (1)$766,073 780,572 824,241 861,679 
Multifamily (2)206,446 207,047 167,873 169,364 
Financial Services (3)125,051 125,051 135,396 135,396 
Lennar Other (4)101,175 101,175 105,151 105,151 
$1,198,745 1,213,845 1,232,661 1,271,590 
(1)As of August 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 August 31, 2026 and November 30, 2025, there was recourse debt of VIEs of $9.1 million and $30.1 million, respectively.
(2)As of both August 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 August 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 August 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 August 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. While the Company generally manages the day-to-day operations of the VIEs, each of these VIEs has an executive committee made up of representatives from each partner. The members of the executive committee have equal votes and major decisions require unanimous consent and approval from all members. The Company does not have the unilateral ability to exercise participating voting rights without partner consent.
There are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the VIEs. Except for the unconsolidated VIEs discussed above, the Company and the other partners did not guarantee any debt of the other unconsolidated VIEs.
Option Contracts
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 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 August 31, 2026, land under option with third parties that the Company was compelled to takedown was $951.6 million, of which $250.7 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 $456.5 million as of August 31, 2026.
During the nine months ended August 31, 2026, consolidated inventory not owned decreased by $288.4 million with a $225.9 million decrease to liabilities related to consolidated inventory not owned in the accompanying condensed consolidated balance sheet as of August 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
26
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
finished homes and construction in progress in the accompanying condensed consolidated balance sheet as of August 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 August 31, 2026At November 30, 2025
Non-refundable option deposits and pre-acquisition costs on real estate$7,236,290 6,301,909 
Non-refundable option deposits included in consolidated inventory not owned157,597 220,025 
Letters of credit in lieu of cash deposits under certain land and option contracts423,418 443,277 
For the nine months ended August 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 August 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 August 31, 2026, the total deposits and pre-acquisition costs on real estate relating to contracts with the Land Banks were $2.7 billion, which are included in the corresponding line item presented in the table above. As of August 31, 2026, total consolidated inventory not owned and liabilities related to consolidated inventory not owned for the option contracts with the Land Banks were $330.3 million and $256.3 million. As of August 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 $1.3 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.
(10)Commitments and Contingent Liabilities
The Company is involved in various claims, legal proceedings, and regulatory matters that arise in the ordinary course of business, including, but not limited to, matters related to construction defects, product liability, warranty claims, land use, zoning and permitting issues, environmental matters, contract disputes, employment matters, and other legal matters incidental to its business operations.
The Company follows established accounting standards to identify, evaluate, record, and disclose legal contingencies. A liability is recorded when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company does not record liabilities for contingencies when the likelihood of loss is remote or if reasonably possible, or when a probable loss cannot be reasonably estimated. If a loss is probable or reasonably possible, the Company discloses the nature of the contingency and, if estimable, the possible range of loss.
In assessing contingencies, management considers, among other factors, the nature of the claim, the status of the matter, the advice of legal counsel, the Company's historical experience with similar matters, insurance coverage, and recoveries, if any, and other relevant facts and circumstances. Estimates of loss contingencies are inherently subjective and involve significant judgment. As a result, actual outcomes may differ materially from amounts recorded or disclosed.
Certain of the Company's legal matters are covered, in whole or in part, by insurance policies subject to applicable retentions, deductibles, and policy limits, as well as through contractual indemnities. Recoveries, if any, are recognized only when realization is considered probable.
As of August 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. For these matters as well as for matters for which a loss is reasonably possible but not probable, management believes that any reasonably possible losses, either individually or in the aggregate, would not have a material adverse effect on the Company’s consolidated financial position. However, the ultimate resolution of these matters could have a material effect on the Company’s results of operations or cash flows in a particular period.
The Company cannot predict with certainty the outcome or timing of resolution of its pending matters, and no assurance can be given that the results will not differ from management’s expectations.
Product Warranty
Warranty and similar reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Reserves are determined based on historical data and trends with respect to similar product types and geographical areas. The activity in the Company’s warranty reserve, which is included in Homebuilding other liabilities, was as follows:
27
Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Three Months EndedNine Months Ended
August 31,August 31,
(In thousands)2026202520262025
Warranty reserve, beginning of the period$383,152 442,058 400,591 446,240 
Warranties issued45,753 62,241 135,752 185,873 
Adjustments to pre-existing warranties from changes in estimates (1)(24,719)(11,260)(4,814)3,126 
Payments(58,661)(70,154)(186,004)(212,354)
Warranty reserve, end of period$345,525 422,885 345,525 422,885 
(1)The adjustments to pre-existing warranties from changes in estimates during the three and nine months ended August 31, 2026 and 2025 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
Leases
The Company has entered into agreements to lease certain office facilities and equipment under operating leases. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases, except leases with an initial term of 12 months or less. Many of the Company's leases include options to renew. 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 information about the Company's leases:
(Dollars in thousands)At August 31, 2026At November 30, 2025
Right-of-use assets$237,998 269,011 
Lease liabilities236,991 264,157 
Weighted-average remaining lease term (in years)5.45.4
Weighted-average discount rate4.6%4.7%
Future minimum payments under the noncancellable leases in effect at August 31, 2026 were as follows:
(In thousands)Lease Payments
2026$23,006 
202771,836 
202847,857 
202931,764 
203026,889 
Thereafter66,805 
Total future minimum lease payments (1)$268,157 
Less: Interest (2)31,166 
Present value of lease liabilities (2)$236,991 
(1)Total future minimum lease payments exclude variable lease costs of $30.1 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 August 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:
Nine Months Ended August 31,
(In thousands)20262025
Rental expense$132,186 148,271 
In December 2023, the Company purchased its corporate headquarters building in which the Company had previously leased office space. 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
28
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 nine months ended August 31, 2026 and 2025, the Company had an immaterial amount of sublease income.
Letters of Credits and Surety Bonds
The Company is committed, under various letters of credit, to perform certain development and construction activities and provide certain guarantees in the normal course of business. The Company also had outstanding surety bonds, including performance bonds related to site improvements at various projects (including certain joint ventures) and financial surety bonds. 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 condensed consolidated financial statements.
Option Agreements
The Company is subject to the usual obligations associated with contractual agreements entered into in routine conduct of its business (including option contracts) for the purchase, development and sale of real estate. The use of option contracts allows the Company to reduce the financial risks associated with long-term land holdings (see Note 9 of the Notes to Condensed Consolidated Financial Statements for additional information).
Loan Servicing
Substantially all of the loans the Financial Services segment originates are sold within a short period on the secondary mortgage market on a servicing-released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that breached certain limited industry-standard representations and warranties in the loan sale agreements. Purchasers sometimes try to defray any losses incurred by purporting to have found inaccuracies related to sellers’ representations and warranties in particular loan sale agreements and seeking to have the Company buy back mortgage loans or compensate them for losses incurred on mortgage loans that the Company has sold. The Company’s mortgage operations have established accruals for possible losses associated with mortgage loans previously originated and sold to investors, which are included in Financial Services’ liabilities in the Company's condensed consolidated balance sheets. These accruals are based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements. While the Company believes it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company’s expectations, additional recourse expense may be incurred.
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Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “will,” “may” or other words of similar meaning. Some of them are opinions formed based upon general observations, anecdotal evidence and industry experience, but that are not supported by specific investigation or analysis.
These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from what is anticipated by our forward-looking statements. The most important factors that could cause actual results to differ materially from those anticipated by our forward-looking statements include, but are not limited to: slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials and labor; 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 operations; cost increases related to real estate taxes and insurance; 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; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land-light strategy; problems exercising options to purchase homesites; a decline in the value of the land and home inventories we maintain and resulting possible future write downs of the carrying value of our real estate assets; the forfeiture of deposits and pre-acquisition costs on real estate related to land purchase options we decide not to exercise; the potential negative impact to our business from 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; conditions in the capital, credit and financial markets; and changes in laws, regulations or the regulatory environment affecting our business.
Please see our Annual Report on Form 10-K for the fiscal year ended November 30, 2025 ("2025 Form 10-K"), filed with the Securities and Exchange Commission (the “SEC”) on January 28, 2026 and our other filings with the SEC for a further discussion of these and other risks and uncertainties which could affect our future results. We undertake no obligation, other than those imposed by securities laws, to publicly revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes included under Item 1 of this Quarterly Report on Form 10-Q and our audited consolidated financial statements and accompanying notes included in our 2025 Form 10-K.
Outlook
Lennar's third quarter 2026 results reflect consistent operational execution against a macro backdrop that grew more difficult during the quarter. We delivered 20,840 homes, within our guidance range, and generated 20,879 new orders, just below our range, while gross margin improved sequentially to 15.8% and net earnings totaled $284 million, or $1.19 per share or $1.23 excluding one-time items. We remain intentionally focused on bringing affordable housing to an affordability-constrained consumer base, a choice that is still weighing on near-term margin but is building the volume and market position we believe will drive margin higher over time. While underlying housing demand remains steady, structural supply constraints persist.
Mortgage interest rates moved higher during the quarter, with the 30-year fixed rate rising to approximately 7%, compared with the 6.4% to 6.5% range earlier this year, and the 10-year U.S. Treasury yield rising to approximately 5%. This increase was driven in significant part by inflation associated with energy prices tied to the ongoing geopolitical tension with Iran. Higher rates and living costs have further strained affordability, and in many of our markets, a significant portion of prospective buyers are finding it harder to qualify for a mortgage. The Federal Reserve remains focused on incoming economic data, but near-term interest rate relief appears unlikely. Resales of existing housing inventory have also begun to increase, particularly in Texas and Florida, intensifying competition for buyers in those markets. In addition, labor availability has become more constrained in certain geographies, reflecting immigration enforcement activity and competing construction demand, which we expect will continue to add cost pressure. Land costs per home, reflected in part through option maintenance fees associated with extended deal durations, have increased and will continue to pressure margin for a period of time while we work through land positions underwritten and committed under prior market conditions.
Notwithstanding these pressures, sales incentives on deliveries declined during the quarter, and cost efficiencies from scale have helped offset a portion of the increase in labor costs. Construction costs per square foot declined further to approximately $80, down 6% from a year ago, and our cycle time reached a record low of 116 days, down from 121 days from second quarter 2026 and 126 days a year ago, reflecting the continued benefit of consistent volume and even-flow production.
Our operating strategy has not changed. We remain focused on two priorities: driving consistent, even-flow production and volume, and continuing to refine our asset-light, land-light balance sheet model to generate strong and growing cash flow and returns. We continue to price to market and to offer incentives intended to maintain volume and affordability. We own approximately 2% of our homesites, with the substantial majority controlled through third parties, and approximately 86% of homes delivered this quarter were sourced through our land banking arrangements.
For the fourth quarter of 2026, we expect new orders in the range of 19,500 to 20,500 homes, with continued focus on matching starts and sales pace. We anticipate deliveries in the range of 22,000 to 23,000 homes as we maintain even-flow production and convert inventory to cash. Our average sales price on those deliveries is expected to be between $370,000 and $380,000. We expect gross margin in the range of 15.5% to 16.0%, and our SG&A percentage should be in the range of 8.7% to 9.0%. These expectations are dependent on market conditions and may change as the quarter progresses.
We believe the fundamental shortage of housing in America has not been resolved and that demand remains deferred rather than diminished. We intend to continue managing our cost structure, cycle time, and land basis with the objective of positioning Lennar to benefit as affordability improves, whether through changes in interest rates, wages, or regulatory and entitlement reform, while remaining disciplined in the market as it exists today.
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(1) Results of Operations
Overview
We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the three and nine months ended August 31, 2026 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns.
Our third quarter net earnings attributable to Lennar in 2026 were $283.9 million, or $1.19 per diluted share, compared to third quarter net earnings attributable to Lennar in 2025 of $591.0 million, or $2.29 per diluted share. Excluding mark-to-market losses of $53.3 million on technology investments and a benefit related to one-time items of $39.2 million, net, in our Financial Services segment, third quarter net earnings attributable to Lennar in 2026 were $294.3 million, or $1.23 per diluted share, compared to $516.0 million, or $2.00 per diluted share, excluding mark-to-market gains of $99.2 million on technology investments, in the third quarter of 2025.
Financial information relating to our operations was as follows:
Three Months Ended August 31, 2026
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporateTotal
Revenues:
Sales of homes$7,733,588 — — — — 7,733,588 
Sales of land18,442 — — — — 18,442 
Other revenues7,467 226,121 38,475 22,026 — 294,089 
Total revenues7,759,497 226,121 38,475 22,026 — 8,046,119 
Costs and expenses:
Costs of homes sold6,512,260 — — — — 6,512,260 
Costs of land sold16,216 — — — — 16,216 
Selling, general and administrative expenses714,040 — — — — 714,040 
Other costs and expenses— 95,805 40,868 48,393 — 185,066 
Total costs and expenses7,242,516 95,805 40,868 48,393 — 7,427,582 
Equity in earnings (losses) from unconsolidated entities4,808 — (1,342)(301)— 3,165 
Other income (expense), net and other gains (losses), net(19,827)— 866 (3,604)— (22,565)
Lennar Other losses from technology investments— — — (53,335)— (53,335)
Operating earnings (loss)$501,962 130,316 (2,869)(83,607)— 545,802 
Corporate general and administrative expenses— — — — 137,883 137,883 
Charitable foundation contribution— — — — 20,840 20,840 
Earnings (loss) before income taxes$501,962 130,316 (2,869)(83,607)(158,723)387,079 
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Three Months Ended August 31, 2025
(In thousands)HomebuildingFinancial ServicesMultifamily Lennar OtherCorporateTotal
Revenues:
Sales of homes$8,213,580 — — — — 8,213,580 
Sales of land30,521 — — — — 30,521 
Other revenues9,574 314,195 228,465 13,943 — 566,177 
Total revenues8,253,675 314,195 228,465 13,943 — 8,810,278 
Costs and expenses:
Costs of homes sold6,779,563 — — — — 6,779,563 
Costs of land sold41,065 — — — — 41,065 
Selling, general and administrative expenses676,491 — — — — 676,491 
Other costs and expenses— 136,323 238,791 45,450 — 420,564 
Total costs and expenses7,497,119 136,323 238,791 45,450 — 7,917,683 
Equity in earnings (losses) from unconsolidated entities10,190 — (6,790)7,422 — 10,822 
Other income (expense), net and other gains (losses), net(6,961)— 645 (12,640)— (18,956)
Lennar Other gains from technology investments— — — 99,223 — 99,223 
Operating earnings (loss)$759,785 177,872 (16,471)62,498 — 983,684 
Corporate general and administrative expenses— — — — 171,397 171,397 
Charitable foundation contribution— — — — 21,584 21,584 
Earnings (loss) before income taxes$759,785 177,872 (16,471)62,498 (192,981)790,703 
Nine Months Ended August 31, 2026
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporateTotal
Revenues:
Sales of homes$21,601,549 — — — — 21,601,549 
Sales of land46,001 — — — — 46,001 
Other revenues26,824 678,615 184,538 67,940 — 957,917 
Total revenues21,674,374 678,615 184,538 67,940 — 22,605,467 
Costs and expenses:
Costs of homes sold18,246,493 — — — — 18,246,493 
Costs of land sold69,071 — — — — 69,071 
Selling, general and administrative expenses2,029,930 — — — — 2,029,930 
Other costs and expenses— 355,883 204,084 135,803 — 695,770 
Total costs and expenses20,345,494 355,883 204,084 135,803 — 21,041,264 
Equity in earnings from unconsolidated entities45,659 — 51,372 3,489 — 100,520 
Other income (expense), net and other gains (losses), net(10,178)— 1,489 (1,674)— (10,363)
Lennar Other losses from technology investments— — — (61,749)— (61,749)
Operating earnings (loss)$1,364,361 322,732 33,315 (127,797)— 1,592,611 
Corporate general and administrative expenses— — — — 431,670 431,670 
Charitable foundation contribution— — — — 58,222 58,222 
Earnings (loss) before income taxes$1,364,361 322,732 33,315 (127,797)(489,892)1,102,719 
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Nine Months Ended August 31, 2025
(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporateTotal
Revenues:
Sales of homes$23,242,401 — — — — 23,242,401 
Sales of land109,042 — — — — 109,042 
Other revenues29,964 889,370 521,966 26,582 — 1,467,882 
Total revenues23,381,407 889,370 521,966 26,582 — 24,819,325 
Homebuilding costs and expenses:
Costs of homes sold19,070,239 — — — — 19,070,239 
Costs of land sold133,315 — — — — 133,315 
Selling, general and administrative1,981,077 — — — — 1,981,077 
Other costs and expenses— 410,735 566,844 99,039 — 1,076,618 
Total costs and expenses21,184,631 410,735 566,844 99,039 — 22,261,249 
Equity in earnings (losses) from unconsolidated entities62,910 — (11,332)4,594 — 56,172 
Other income (expense), net and other gains (losses), net37,606 — 24,962 (19,097)— 43,471 
Lennar Other gains from technology investments— — — 7,280 — 7,280 
Operating earnings2,297,292 478,635 (31,248)(79,680)— 2,664,999 
Corporate general and administrative expenses— — — — 474,628 474,628 
Charitable foundation contribution— — — — 59,549 59,549 
Earnings (loss) before income taxes$2,297,292 478,635 (31,248)(79,680)(534,177)2,130,822 
Three Months Ended August 31, 2026 versus Three Months Ended August 31, 2025
Revenues from home sales decreased 6% in the third quarter of 2026 to $7.7 billion from $8.2 billion in the third quarter of 2025. Revenues were lower primarily due to both a 3% decrease in the average sales price of homes and a 3% decrease in the number of home deliveries. New home deliveries were 20,840 homes in the third quarter of 2026, compared to 21,584 homes in the third quarter of 2025. The average sales price of homes delivered was $372,000 in the third quarter of 2026, compared to $383,000 in the third quarter of 2025. The decrease in average sales price of homes delivered in the third quarter of 2026 compared to the same period last year was primarily due to continued weakness in the market.
Gross margins on home sales were $1.2 billion, or 15.8%, in the third quarter of 2026, compared to $1.4 billion, or 17.5%, in the third quarter of 2025. During the third quarter of 2026, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.
Selling, general and administrative expenses were $714.0 million in the third quarter of 2026, compared to $676.5 million in the third quarter of 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.2% in the third quarter of 2026, from 8.2% in the third quarter of 2025, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.
Operating earnings for the Financial Services segment were $129.5 million in the third quarter of 2026, compared to operating earnings of $177.4 million in the third quarter of 2025, both amounts are net of noncontrolling interest. The operating earnings in the third quarter of 2026 included a benefit related to one-time items of $39.2 million, net, primarily due to a litigation accrual reversal resulting from a court judgment. Excluding the benefit related to one-time items in the current quarter, the decrease in operating earnings was primarily due to lower profit per locked loan and lower lock volume in the mortgage business.
Operating loss for the Multifamily segment was $2.9 million in the third quarter of 2026, compared to an operating loss of $16.4 million in the third quarter of 2025. Operating loss for the Lennar Other segment was $83.6 million in the third quarter of 2026, compared to operating earnings of $62.5 million in the third quarter of 2025. The Lennar Other operating loss for third quarter of 2026 was primarily driven by mark-to-market losses of $53.3 million on our technology investments. The Lennar Other operating earnings for third quarter of 2025 were primarily driven by mark-to-market gains of $99.2 million on our technology investments.
In the third quarter of 2026 and 2025, we had tax provisions of $101.6 million and $190.9 million, which resulted in an overall effective income tax rate of 26.4% and 24.4%, respectively. For both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the
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effective tax rate for the three months ended August 31, 2026 compared to the prior period was primarily due to our spin-off of Millrose Properties, Inc.
Nine Months Ended August 31, 2026 versus Nine Months Ended August 31, 2025
Revenues from home sales decreased 7% in the nine months ended August 31, 2026 to $21.6 billion from $23.2 billion in the nine months ended August 31, 2025. Revenues were lower primarily due to both a 5% decrease in the average sales price of homes and a 2% decrease in the number of home deliveries. New home deliveries were 58,222 homes in the nine months ended August 31, 2026, compared to 59,549 homes in the nine months ended August 31, 2025. The average sales price of homes delivered was $372,000 in the nine months ended August 31, 2026, compared to $393,000 in the nine months ended August 31, 2025. The decrease in average sales price of homes delivered in the nine months ended August 31, 2026 compared to the same period last year was primarily due to continued weakness in the market.
Gross margins on home sales were $3.4 billion, or 15.5%, in the nine months ended August 31, 2026, compared to $4.2 billion, or 18.0%, in the nine months ended August 31, 2025. During the nine months ended August 31, 2026, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.
Selling, general and administrative expenses were $2.0 billion in the nine months ended August 31, 2026, consistent with $2.0 billion in the nine months ended August 31, 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.4% in the nine months ended August 31, 2026, from 8.5% in the nine months ended August 31, 2025, primarily due to less leverage as a result of lower revenues.
During the nine months ended August 31, 2026, our homebuilding operating earnings included $36.7 million of interest income, compared to $45.7 million of interest income in the nine months ended August 31, 2025. The decrease in interest income was primarily due to lower cash balances year over year.
Operating earnings for the Financial Services segment were $320.3 million in the nine months ended August 31, 2026, compared to $476.9 million in the nine months ended August 31, 2025, both amounts are net of noncontrolling interest. The operating earnings in the nine months ended August 31, 2026, included a benefit related to one-time items of $39.2 million, net, primarily due to a litigation accrual reversal resulting from a court judgment. Excluding the benefit related to one-time items in the current quarter, the decrease in operating earnings was primarily due to lower profit per locked loan and lower lock volume in the mortgage business.
Operating earnings for the Multifamily segment were $33.4 million in the nine months ended August 31, 2026, compared to an operating loss of $30.9 million in the nine months ended August 31, 2025. Operating loss for the Lennar Other segment was $127.8 million in the nine months ended August 31, 2026, compared to an operating loss of $79.7 million in the nine months ended August 31, 2025. The Lennar Other operating loss for the nine months ended August 31, 2026 was due to operating losses and mark-to-market losses of $61.7 million on our technology investments. The Lennar Other operating loss for the nine months ended August 31, 2025 was primarily due to losses from certain strategic investments, partially offset by mark-to-market gains on our technology investments.
In the nine months ended August 31, 2026 and 2025, we had tax provisions of $275.7 million and $520.5 million, which resulted in an overall effective income tax rate of 25.2% and 24.7%, respectively. For both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate from the prior year for the nine months ended August 31, 2026 was primarily due to our spin-off of Millrose Properties, Inc.
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Homebuilding Segments
At August 31, 2026, our reportable Homebuilding segments and Homebuilding Other are outlined in Note 2 of the Notes to Condensed Consolidated Financial Statements. The following tables set forth selected financial and operational information related to our homebuilding operations for the periods indicated:
Selected Financial and Operational Data
Three Months Ended August 31, 2026
Gross MarginsOperating Earnings
($ in thousands)Sales of Homes RevenueCosts of Sales of HomesGross Margin (Loss) %Net Margins (Losses) on Sales of Homes (1)Gross Margins (Losses) on Sales of LandOther RevenuesEquity in Earnings (Losses) from Unconsolidated EntitiesOther Income (Expense), netOperating Earnings
East$1,828,048 1,446,037 20.9 %205,218 (726)3,444 (5,736)(2,269)199,931 
Central1,943,777 1,646,381 15.3 %109,861 (624)416 5 1,525 111,183 
South Central1,372,191 1,140,782 16.9 %95,728 5,197 758 (12)(2,054)99,617 
West2,588,288 2,275,863 12.1 %104,296 (1,621)670 (48)(17,585)85,712 
Other (2)1,284 3,197 (149.0)%(7,815)— 2,179 10,599 556 5,519 
Totals
$7,733,588 6,512,260 15.8 %507,288 2,226 7,467 4,808 (19,827)501,962 
Three Months Ended August 31, 2025
Gross MarginsOperating Earnings
($ in thousands)Sales of Homes RevenueCosts of Sales of HomesGross Margin (Loss) %Net Margins (Losses) on Sales of Homes (1)Gross Margins (Losses) on Sales of LandOther RevenuesEquity in Earnings (Losses) from Unconsolidated EntitiesOther Income (Expense), netOperating Earnings (Losses)
East$1,732,008 1,409,575 18.6 %167,714 2,019 3,521 14,338 (1,208)186,384 
Central2,020,519 1,647,159 18.5 %184,698 (2,525)1,030 40 1,479 184,722 
South Central1,507,314 1,247,502 17.2 %134,693 (2,305)610 (5)(2,864)130,129 
West2,950,118 2,470,021 16.3 %278,893 (7,733)1,877 563 (3,277)270,323 
Other (2)3,621 5,306 (46.5)%(8,472)— 2,536 (4,746)(1,091)(11,773)
Totals
$8,213,580 6,779,563 17.5 %757,526 (10,544)9,574 10,190 (6,961)759,785 
Nine Months Ended August 31, 2026
Gross MarginsOperating Earnings
($ in thousands)Sales of Homes RevenueCosts of Sales of HomesGross Margin (Loss) %Net Margins (Losses) on Sales of Homes (1)Gross Margins (Losses) on Sales of LandOther RevenuesEquity in Earnings (Losses) from Unconsolidated EntitiesOther Income (Expense), netOperating Earnings
East$5,049,380 4,067,149 19.5 %473,609 (12,132)12,018 9,925 (4,148)479,272 
Central4,951,404 4,206,240 15.0 %230,942 (5,617)2,645 46 5,684 233,700 
South Central3,995,511 3,307,729 17.2 %309,378 1,879 1,978 (37)(6,435)306,763 
West7,598,189 6,652,659 12.4 %335,809 (7,200)3,032 1,540 (18,014)315,167 
Other (2)7,065 12,716 (80.0)%(24,612)— 7,151 34,185 12,735 29,459 
Totals
$21,601,549 18,246,493 15.5 %1,325,126 (23,070)26,824 45,659 (10,178)1,364,361 
Nine Months Ended August 31, 2025
Gross MarginsOperating Earnings
($ in thousands)Sales of Homes RevenueCosts of Sales of HomesGross Margin (Loss) %Net Margins (Losses) on Sales of Homes (1)Gross Margins (Losses) on Sales of LandOther RevenuesEquity in Earnings (Losses) from Unconsolidated EntitiesOther Income (Expense), netOperating Earnings
East$5,102,675 4,103,355 19.6 %515,097 1,777 9,970 29,271 31,269 587,384 
Central5,294,015 4,309,966 18.6 %477,235 (5,108)3,847 36 4,629 480,639 
South Central4,173,587 3,435,915 17.7 %391,820 (1,056)2,369 (13)(4,219)388,901 
West8,657,783 7,203,662 16.8 %833,381 (19,886)5,220 1,573 (5,760)814,528 
Other (2)14,341 17,341 (20.9)%(26,448)— 8,558 32,043 11,687 25,840 
Totals
$23,242,401 19,070,239 18.0 %2,191,085 (24,273)29,964 62,910 37,606 2,297,292 
(1)Net margins on sales of homes include selling, general and administrative expenses.
(2)Negative gross and net margins were due to period costs in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.
36

Summary of Homebuilding Data
Deliveries:
Three Months Ended August 31,
202620252026202520262025
Homes
Dollar Value (In thousands)
Average Sales Price
East5,017 4,905 $1,865,545 1,797,088 $372,000 366,000 
Central5,322 5,334 1,943,777 2,020,518 365,000 379,000 
South Central5,969 6,413 1,372,191 1,507,314 230,000 235,000 
West4,529 4,926 2,588,288 2,950,118 571,000 599,000 
Other3 6 1,284 3,622 428,000 604,000 
Total20,840 21,584 $7,771,085 8,278,660 $372,000 383,000 
Of the total homes delivered listed above, 51 homes with a dollar value of $37.5 million and an average sales price of $735,000 represent homes from unconsolidated entities for the three months ended August 31, 2026, compared to 146 homes with a dollar value of $65.1 million and an average sales price of $446,000 for the three months ended August 31, 2025.
Nine Months Ended August 31,
202620252026202520262025
Homes
Dollar Value (In thousands)
Average Sales Price
East13,928 14,031 $5,206,614 5,259,789 $374,000 375,000 
Central13,729 13,828 4,951,404 5,294,015 361,000 383,000 
South Central17,294 17,317 3,995,511 4,173,587 231,000 241,000 
West13,260 14,351 7,598,188 8,657,783 573,000 603,000 
Other11 22 7,065 14,341 642,000 652,000 
Total58,222 59,549 $21,758,782 23,399,515 $372,000 393,000 
Of the total homes delivered listed above, 208 homes with a dollar value of $157.2 million and an average sales price of $756,000 represent homes from unconsolidated entities for the nine months ended August 31, 2026, compared to 339 homes with a dollar value of $157.1 million and an average sales price of $463,000 for the nine months ended August 31, 2025.
Sales Incentives (1):
Three Months Ended August 31,Nine Months Ended August 31,
20262025202620252026202520262025
Average Sales Incentives Per
Home Delivered		Sales Incentives
as a % of Revenue		Average Sales Incentives Per
Home Delivered		Sales Incentives
as a % of Revenue
East$48,000 77,600 11.5 %17.6 %$59,300 73,500 13.9 %16.5 %
Central40,700 50,400 10.0 %11.7 %44,800 48,700 11.1 %11.3 %
South Central48,000 60,800 17.3 %20.5 %51,700 57,800 18.3 %19.4 %
West70,000 70,400 10.9 %10.5 %67,200 66,800 10.5 %10.0 %
Other66,400 86,100 13.4 %12.5 %86,500 95,900 11.9 %12.8 %
Total$51,000 64,100 12.0 %14.3 %$55,400 61,500 13.0 %13.5 %
(1) Sales incentives relate to homes delivered during the period, excluding homes delivered by unconsolidated entities.
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New Orders (2):
At August 31,Three Months Ended August 31,
20262025202620252026202520262025
Active CommunitiesHomes
Dollar Value (In thousands)
Average Sales Price
East344 360 4,831 5,792 $1,800,978 2,081,377 $373,000 359,000 
Central464 452 5,625 5,428 1,927,876 1,958,262 343,000 361,000 
South Central479 411 6,100 7,055 1,387,570 1,582,753 227,000 224,000 
West425 440 4,319 4,725 2,386,135 2,814,895 552,000 596,000 
Other1 1 4 4 1,830 2,445 457,000 611,000 
Total1,713 1,664 20,879 23,004 $7,504,389 8,439,732 $359,000 367,000 
Of the total new orders listed above, 37 homes with a dollar value of $32.0 million and an average sales price of $864,000 represent homes in five active communities from unconsolidated entities for the three months ended August 31, 2026, compared to 104 homes with a dollar value of $56.7 million and an average sales price of $546,000 in nine active communities for the three months ended August 31, 2025.
Nine Months Ended August 31,
202620252026202520262025
Homes
Dollar Value (In thousands)
Average Sales Price
East14,375 15,459 $5,442,049 5,621,317 $379,000 364,000 
Central15,435 15,244 5,460,671 5,746,412 354,000 377,000 
South Central17,398 18,602 4,026,684 4,362,932 231,000 235,000 
West13,923 14,634 7,915,169 8,701,073 568,000 595,000 
Other12 21 7,610 13,993 634,000 666,000 
Total61,143 63,960 $22,852,183 24,445,727 $373,000 382,000 
Of the total new orders listed above, 165 homes with a dollar value of $94.1 million and an average sales price of $570,000 represent homes from unconsolidated entities for the nine months ended August 31, 2026, compared to 346 homes with a dollar value of $186.4 million and an average sales price of $539,000 for the nine months ended August 31, 2025.
(2)Homes represent the number of new sales contracts executed with homebuyers, net of cancellations, during the three and nine months ended August 31, 2026 and 2025.
We experienced cancellation rates in our Homebuilding segments and Homebuilding Other as follows:
Three Months EndedNine Months Ended
August 31,August 31,
2026202520262025
East16 %14 %15 %15 %
Central11 %12 %12 %11 %
South Central16 %16 %16 %16 %
West14 %14 %12 %13 %
Other— %20 %14 %19 %
Total15 %14 %14 %14 %
Backlog:
At August 31,
202620252026202520262025
Homes
Dollar Value (In thousands)
Average Sales Price
East5,269 4,787 $2,006,885 1,847,937 $381,000 386,000 
Central5,178 4,795 1,781,944 1,841,720 344,000 384,000 
South Central3,149 4,072 689,111 892,312 219,000 219,000 
West3,260 3,299 1,866,975 2,066,021 573,000 626,000 
Other1 — 545 — 545,000 — 
Total16,857 16,953 $6,345,460 6,647,990 $376,000 392,000 
Of the total homes in backlog listed above, 36 homes with a backlog dollar value of $22.8 million and an average sales price of $635,000 represent the backlog from unconsolidated entities at August 31, 2026, compared to 86 homes with a backlog dollar value of $93.1 million and an average sales price of $1.1 million at August 31, 2025.
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Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally accompanied by sales deposits. In some instances, purchasers are permitted to cancel sales contracts if they fail to qualify for financing or under certain other circumstances. Various state and federal laws and regulations may sometimes give purchasers a right to cancel contracts homes in backlog. We do not recognize revenue on homes under sales contracts until the sales are closed and title passes to the new homeowners.
Three Months Ended August 31, 2026 versus Three Months Ended August 31, 2025
Homebuilding East: Revenues from home sales increased in the third quarter of 2026 compared to the third quarter of 2025 primarily due to increases in the average sales price of homes delivered in Florida and in the number of homes delivered in Florida and New Jersey. The overall increase in the average sales price of homes delivered was primarily due to product mix. The overall increase in the number of homes delivered was primarily due to an increase in the number of deliveries per active community. During the third quarter of 2026, gross margin percentage on homes delivered increased primarily due to higher revenue per square foot and a decrease in construction costs, partially offset by higher land costs year over year.
Homebuilding Central: Revenues from home sales decreased in the third quarter of 2026 compared to the third quarter of 2025 primarily due to a decrease in the average sales price of homes delivered in all states of the segment except in Illinois, while the number of homes delivered was consistent with the prior period. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through a decrease in base prices. During the third quarter of 2026, gross margin percentage on homes delivered decreased primarily due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.
Homebuilding South Central: Revenues from home sales decreased in the third quarter of 2026 compared to the third quarter of 2025 primarily due to decreases in the average sales price of homes delivered in Texas and in the number of homes delivered in all states of the segment, except in Kansas. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through a decrease in base prices. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of deliveries per active community. During the third quarter of 2026, gross margin percentage on homes delivered decreased primarily due to lower revenue per square foot, partially offset by decreases in both construction costs and land costs year over year.
Homebuilding West: Revenues from home sales decreased in the third quarter of 2026 compared to the third quarter of 2025 primarily due to decreases in the average sales price of homes delivered in California, Colorado, Oregon and Washington and in the number of homes delivered in all states of the segment, except in Idaho. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through a decrease in base prices and an increased use of sales incentives. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of active communities. During the third quarter of 2026, gross margin percentage on homes delivered decreased primarily due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.
Nine Months Ended August 31, 2026 versus Nine Months Ended August 31, 2025
Homebuilding East: Revenues from home sales decreased in the nine months ended August 31, 2026 compared to the nine months ended August 31, 2025 primarily due to the decrease in the number of homes delivered in all states of the segment, except in New Jersey and a decrease in average sales price of homes delivered. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of active communities. During the nine months ended August 31, 2026, gross margin percentage on homes delivered slightly decreased primarily due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.
Homebuilding Central: Revenues from home sales decreased in the nine months ended August 31, 2026 compared to the nine months ended August 31, 2025 primarily due to decreases in both the average sales price of homes delivered, except in Illinois, and number of homes delivered in all states of the segment, except for an increase in the number of homes delivered in Alabama, Georgia, Illinois and South Carolina. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through a decrease in base prices. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of deliveries per active community. During the nine months ended August 31, 2026, gross margin percentage on homes delivered decreased, primarily due to lower revenue per square foot and higher land costs year over year partially offset by a decrease in construction costs.
Homebuilding South Central: Revenues from home sales decreased in the nine months ended August 31, 2026 compared to the nine months ended August 31, 2025 primarily due to decreases in the average sales price of homes delivered and in the number of homes delivered in Texas. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through a decrease in base prices. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of deliveries per active community. During the nine months ended August 31, 2026, gross margin percentage on homes delivered decreased primarily due to lower revenue per square foot, partially offset by decreases in both construction costs and land costs year over year.
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Homebuilding West: Revenues from home sales decreased in the nine months ended August 31, 2026 compared to the nine months ended August 31, 2025 primarily due to decreases in the average sales price of homes delivered, except in Idaho, Nevada and Oregon, and in the number of homes delivered in all states of the segment. The overall decrease in the average sales price of homes delivered was primarily due to pricing to market through a decrease in base prices and an increased use of sales incentives. The overall decrease in the number of homes delivered was primarily due to a decrease in the number of deliveries per active community. During the nine months ended August 31, 2026, gross margin percentage on homes delivered decreased primarily due to lower revenue per square foot and higher land costs year over year, partially offset by a decrease in construction costs.
Financial Services Segment
Our Financial Services reportable segment provides mortgage financing, title and closing services primarily for buyers of our homes. The segment also originates and sells into securitizations commercial mortgage loans through its LMF Commercial business. Our Financial Services segment sells substantially all of the residential loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing-released, non-recourse basis. After the loans are sold, we retain potential liability for possible claims by purchasers that we breached certain limited industry-standard representations and warranties in the loan sale agreements.
The following table sets forth selected financial and operational information related to the residential mortgage and title activities of our Financial Services segment:
Three Months EndedNine Months Ended
August 31,August 31,
(Dollars in thousands)2026202520262025
Dollar value of mortgages originated$4,704,000 5,172,000 13,718,000 14,492,000 
Number of mortgages originated13,400 14,600 39,200 40,500 
Mortgage capture rate of Lennar homebuyers83%84%83%85%
Number of title and closing service transactions22,400 22,700 63,200 62,000 
At August 31, 2026 and November 30, 2025, the carrying value of Financial Services' commercial mortgage-backed securities was $124.4 million and $132.9 million, respectively. Details of these securities and related debt are disclosed in Note 2 of the Notes to Condensed Consolidated Financial Statements.
Multifamily Segment
We have been actively involved, primarily through unconsolidated funds and joint ventures, in the development and construction of multifamily rental properties. Our Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets.
The following table provides information related to our investment in the Multifamily segment:
Balance SheetsAt
(In thousands)August 31, 2026November 30, 2025
Multifamily investments in unconsolidated entities$488,775 506,573 
Lennar's net investment in Multifamily732,015 781,902 
During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. As of November 30, 2025, 35 LMV I rental operation projects were sold to various third-party buyers. During the nine months ended August 31, 2026, one additional LMV I rental operation project was sold to a third-party buyer.
Lennar Other Segment
Our Lennar Other segment includes strategic investments in various types of technology and other companies that are looking to improve the homebuilding and financial services industries to better serve homebuyers and homeowners and increase efficiencies as well as fund investments we retained subsequent to our sale of the Rialto investment and asset management platform. At August 31, 2026 and November 30, 2025, we had $696.2 million and $897.6 million, respectively, of assets in our Lennar Other segment, which included investments in unconsolidated entities of $363.4 million and $368.0 million, respectively.
We have 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 our shareholdings in those entities on the last day of each quarter. All the investments are accounted for as investments in equity securities which are held at fair value and the changes in fair values are recognized through earnings as discussed in the Overview section earlier of our Management's Discussions and Analysis of Financial Condition and Results of Operations.
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(2) Financial Condition and Capital Resources
At August 31, 2026, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $1.5 billion, compared to $3.8 billion at November 30, 2025 and $1.8 billion at August 31, 2025.
We finance all of our activities, including homebuilding, financial services, multifamily, other and general operating needs, primarily with cash generated from our operations, debt issuances and cash borrowed under our warehouse lines of credit and our unsecured revolving credit facility (the “Credit Facility”). At August 31, 2026, we had $1.2 billion of homebuilding cash and cash equivalents and ended the third quarter of 2026 with total liquidity of $3.6 billion.
Operating Cash Flow Activities
During the nine months ended August 31, 2026 and 2025, cash used in operating activities totaled $822 million and $1.5 billion, respectively. During the nine months ended August 31, 2026, cash used in operating activities was impacted by (1) an increase in inventories due to land purchases and construction costs of $1.7 billion; (2) an increase in deposits and pre-acquisition costs on real estate of $795 million primarily as a result of option contracts with land banks, which included option maintenance fees paid to land banks, and an increase in reimbursements to be received from municipalities for completed land development; and (3) a decrease in accounts payable and other liabilities of $371 million. This was partially offset by (1) our net earnings; (2) a decrease in loans held-for-sale of $392 million primarily related to the sale of loans originated by our Financial Services segment; and (3) a decrease in receivables of $333 million.
During the nine months ended August 31, 2025, cash used in operating activities was impacted by (1) an increase in inventories due to land purchases and construction costs of $1.3 billion; (2) an increase in deposits and pre-acquisition costs on real estate of $1.2 billion as we increased the percentage of controlled homesites primarily as a result of option contracts with Millrose Properties, Inc. ("Millrose"); (3) an increase in other assets of $210 million; and (4) a decrease in accounts payable and other liabilities of $978 million. This was partially offset by our net earnings and a decrease in loans held-for-sale of $240 million primarily related to the sale of loans originated by our Financial Services segment.
Investing Cash Flow Activities
During the nine months ended August 31, 2026 and 2025, cash provided by investing activities totaled $114 million and $176 million, respectively. During the nine months ended August 31, 2026, our cash provided by investing activities was primarily due to distributions of capital from unconsolidated entities of $183 million, which primarily included (1) $112 million from Multifamily entities, (2) $23 million from Homebuilding unconsolidated entities, and (3) $47 million from our Lennar Other unconsolidated entities. This was partially offset by cash contributions of $88 million to unconsolidated entities, which primarily included (1) $48 million to Homebuilding unconsolidated entities and (2) $35 million to Multifamily unconsolidated entities.
During the nine months ended August 31, 2025, our cash provided by investing activities was primarily due to (1) $233 million received from the sale of an investment in a joint venture, $87 million proceeds from the sale of investments and distributions of capital from unconsolidated entities of $236 million, which primarily included (1) $86 million from Homebuilding unconsolidated entities, (2) $129 million from Multifamily entities and (3) $21 million from our Lennar Other unconsolidated entities and $115 million proceeds from the sale of notes receivables. This was partially offset by the $254 million acquisition of Rausch, net of cash acquired. In addition, we had cash contributions of $203 million to unconsolidated entities, which included (1) $169 million to Homebuilding unconsolidated entities, (2) $10 million to Lennar Other unconsolidated entities and (3) $24 million to Multifamily unconsolidated entities and $103 million of net additions of operating properties and equipment.
Financing Cash Flow Activities
During the nine months ended August 31, 2026 and 2025, cash used in financing activities totaled $1.6 billion and $1.9 billion, respectively. During the nine months ended August 31, 2026, cash used in financing activities was primarily due to (1) $993 million of repurchases of our common stock, which included $950 million of repurchases under our repurchase program and $43 million of repurchases related to our equity compensation plan; (2) redemption of $400 million aggregate principal amount of our 5.25% senior notes due June 2026; (3) $206 million of net repayments under our Financial Services' warehouse facilities; (4) $366 million of dividend payments; and (5) $238 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks. This was partially offset by $650 million of net borrowings under our unsecured revolving Credit Facility.
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During the nine months ended August 31, 2025, cash used in financing activities was primarily due to (1) $1.8 billion of repurchases of our common stock, which included $1.7 billion of repurchases under our repurchase program and $66 million of repurchases related to our equity compensation plan; (2) $394 million of dividend payments; (3) $479 million of net payments from liabilities related to consolidated inventory not owned due to activity with land banks; (4) $416 million net cash in connection with the Millrose spin-off; (5) redemption of $500 million aggregate principal amount of our 4.75% senior notes due May 2025; and (6) $67 million of net repayments under our Financial Services' warehouse facilities. The cash used in financing activities was partially offset by the receipt of proceeds of the sale of $700 million aggregate principal amount of our 5.20% senior notes due 2030 and $1.1 billion of net borrowings under our unsecured revolving Credit Facility.
Debt to total capital ratios are financial measures commonly used in the homebuilding industry and are presented to assist in understanding the leverage of our homebuilding operations. Homebuilding debt to total capital and net Homebuilding debt to total capital are calculated as follows:
At
(Dollars in thousands)August 31, 2026November 30, 2025August 31, 2025
Homebuilding debt$4,297,251 4,084,686 3,523,766 
Stockholders’ equity21,558,959 21,959,417 22,570,320 
Total capital$25,856,210 26,044,103 26,094,086 
Homebuilding debt to total capital16.6 %15.7 %13.5 %
Homebuilding debt$4,297,251 4,084,686 3,523,766 
Less: Homebuilding cash and cash equivalents1,150,115 3,441,324 1,406,215 
Net Homebuilding debt$3,147,136 643,362 2,117,551 
Net Homebuilding debt to total capital (1)12.7 %2.8 %8.6 %
(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). We believe the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results.
At August 31, 2026, Homebuilding debt to total capital was higher compared to November 30, 2025, primarily as a result of an increase in Homebuilding debt due to outstanding borrowings under our unsecured revolving Credit Facility, partially offset by net earnings and debt paydowns. At August 31, 2026, Homebuilding debt to total capital was higher compared to August 31, 2025, primarily as a result of a decrease in stockholders' equity due to the non-cash exchange of Millrose Class A common stock, stock repurchases, an increase in Homebuilding debt due to issuance of senior notes and outstanding borrowings under our unsecured delayed draw term loan facility (the "Delayed Draw Term Loan Facility") and outstanding borrowings under our unsecured revolving Credit Facility, partially offset by net earnings and debt paydowns.
We are continually exploring various types of transactions to manage our leverage and liquidity positions, take advantage of market opportunities and increase our revenues and earnings. These transactions may include the issuance of additional indebtedness, the repurchase of our outstanding indebtedness, the repurchase of our common stock, the acquisition of homebuilders and other companies, the purchase or sale of assets or lines of business, the issuance of common stock, strategic transactions to accelerate our land-light strategy or securities convertible into shares of common stock, and/or the pursuit of other financing alternatives. In connection with some of our non-homebuilding businesses, we are also considering other types of transactions such as sales, restructurings, and joint ventures as we continue to move towards being a pure play homebuilding company.
Our Homebuilding senior notes and other debts payable as well as letters of credit and surety bonds are summarized within Note 7 of the Notes to Condensed Consolidated Financial Statements. Our Homebuilding average debt outstanding and the average rates of interest was as follows:
Nine Months Ended August 31,
(Dollars in thousands)20262025
Homebuilding average debt outstanding$4,289,060 2,929,259 
Average interest rate4.9%5.0%
Interest incurred$174,629 128,203 
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We have the Delayed Draw Term Loan Facility with committed borrowing availability of approximately $1.7 billion, which can be increased by an additional $400 million via an accordion feature. As of August 31, 2026, we had outstanding borrowings of $1.7 billion under the credit agreement governing our unsecured Delayed Draw Term Loan Facility. We 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 our 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.
The maximum available borrowings on our Credit Facility were as follows:
(In thousands)At August 31, 2026
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,900,000 
Total commitments$3,125,000 
Accordion feature375,000 
Total maximum borrowings capacity$3,500,000 
The proceeds available under the Credit Facility, which are subject to specified conditions for borrowing, may be used for working capital and general corporate purposes. The Credit Facility also provides that up to $477.5 million in commitments may be used for letters of credit. The maturity, debt covenants and details of the Credit Facility are unchanged from the disclosure in the Financial Condition and Capital Resources section in our 2025 Form 10-K. In addition to the Credit Facility, we have other letter of credit facilities with different financial institutions.
Under the agreements governing our Credit Facility and Delayed Draw Term Loan Facility, we are required to maintain a minimum consolidated tangible net worth, a maximum leverage ratio and either a liquidity or an interest coverage ratio. These ratios are calculated per the Credit Facility and Delayed Draw Term Loan Facility agreements, which involve adjustments to GAAP financial measures. We believe we were in compliance with our debt covenants as of August 31, 2026. The following summarizes our debt covenant requirements and our actual levels or ratios with respect to those covenants as calculated per the Credit Facility and Delayed Draw Term Loan Facility agreements as of August 31, 2026:
(Dollars in thousands)Covenant LevelLevel Achieved as of August 31, 2026
Minimum net worth test$10,000,000 15,946,331 
Maximum leverage ratio60.0%19.1%
Liquidity test1.00 21.00 
Financial Services Warehouse Facilities
Our Financial Services segment uses residential mortgage loan warehouse facilities to finance its residential lending activities until the mortgage loans are sold to investors and the proceeds are collected. The facilities are non-recourse to us and are expected to be renewed or replaced with other facilities when they mature. The LMF Commercial warehouse facilities finance LMF Commercial loan origination and securitization activities and are secured by up to 80% interests in the originated commercial loans financed. These facilities and the related borrowings and collateral are detailed in Note 2 of the Notes to Condensed Consolidated Financial Statements.
Changes in Capital Structure
In January 2024, our Board of Directors authorized an increase to our stock repurchase program to enable us to repurchase up to an additional $5 billion in value of our outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date. At August 31, 2026, we have a remaining authorization to repurchase $751 million in value of our Class A or Class B common stock. The details of our Class A and Class B common stock repurchases under the authorized repurchase program for the nine months ended August 31, 2026 and 2025 are included in Note 4 of the Notes to Condensed Consolidated Financial Statements.
During the nine months ended August 31, 2026, treasury shares increased by 10.6 million shares primarily due to our repurchase of 10.0 million shares of Class A and Class B common stock through our stock repurchase program. During the nine months ended August 31, 2025, treasury shares increased by 14.8 million shares primarily due to our repurchase of 14.1 million shares of Class A and Class B common stock through our stock repurchase program.
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On September 23, 2026, our Board of Directors declared a quarterly cash dividend of $0.50 per share on both our Class A and Class B common stock, payable on October 22, 2026 to holders of record at the close of business on October 7, 2026. On July 24, 2026, we paid a quarterly cash dividend of $0.50 per share for both of our Class A and Class B common stock to holders of record at the close of business on July 10, 2026. We approved and paid cash dividends of $0.50 per share for each of the four quarters of 2025 for both our Class A and Class B common stock.
Based on our current financial condition and credit relationships, we believe that our operations and borrowing resources will provide for our current and long-term capital requirements at our anticipated levels of activity.
Supplemental Financial Information
Our outstanding senior notes are guaranteed by certain of our wholly-owned subsidiaries, which are primarily homebuilding subsidiaries. These guarantees are full and unconditional. The guarantors of our senior notes are currently those subsidiaries that also guarantee Lennar Corporation's letter of credit facilities, Credit Facility and Delayed Draw Term Loan Facility, which are disclosed in Note 7 of the Notes to Condensed Consolidated Financial Statements. Under the indentures governing our senior notes, guarantees may be suspended or released under certain circumstances.
Supplemental information for the Obligors, which excludes non-guarantor subsidiaries and intercompany transactions, at August 31, 2026 is included in the following tables. Intercompany balances and transactions within the Obligors have been eliminated and amounts attributable to the Obligors' investment in consolidated subsidiaries that have not issued or guaranteed the senior notes have been excluded. Amounts due from and transactions with nonobligor subsidiaries and related parties are separately disclosed:
(In thousands)At August 31, 2026At November 30, 2025
Due from non-guarantor subsidiaries$14,489,893 14,709,366 
Equity method investments1,138,580 1,213,485 
Total assets40,193,618 40,496,300 
Total liabilities9,047,681 9,243,409 
Nine Months Ended
(In thousands)August 31, 2026
Total revenues$20,282,054 
Operating earnings1,288,662 
Earnings before income taxes807,842 
Net earnings attributable to Lennar600,960 
Off-Balance Sheet Arrangements
We regularly monitor the results of our Homebuilding unconsolidated joint ventures and any trends that may affect their future liquidity or results of operations. We also monitor the performance of homebuilding joint ventures in which we have investments on a regular basis to assess compliance with debt covenants. For those joint ventures not in compliance with the debt covenants, we evaluate and assess possible impairment of our investments. We believe that substantially all of the joint ventures were in compliance with their debt covenants at August 31, 2026.
Homebuilding: Investments in Unconsolidated Entities
As of August 31, 2026, we had equity investments in 47 active Homebuilding and land unconsolidated entities (of which 3 had recourse debt, 10 had non-recourse debt and 34 had no debt) compared to 50 active Homebuilding and land unconsolidated entities at November 30, 2025. Historically, we have invested in unconsolidated entities that acquired and developed land (1) for our homebuilding operations or for sale to third parties or (2) for the construction of homes for sale to third-party homebuyers. Through these entities, we have primarily sought to reduce and share our risk by limiting the amount of our capital invested in land, while obtaining access to potential future homesites and allowing us to participate in strategic ventures. The use of these entities also, in some instances, has enabled us to acquire land to which we could not otherwise obtain access, or could not obtain access on as favorable terms, without the participation of a strategic partner. Participants in these joint ventures have been land owners/developers, other homebuilders and financial or strategic partners. Joint ventures with land owners/developers have given us access to homesites owned or controlled by our partners. Joint ventures with other homebuilders have provided us with the ability to bid jointly with our partners for large land parcels. Joint ventures with financial partners have allowed us to combine our homebuilding expertise with access to our partners’ capital. Joint ventures with strategic partners have allowed us to combine our homebuilding expertise with the specific expertise (e.g., commercial or infill experience) of our partner. Each joint venture is governed by an executive committee consisting of members from the partners. Details regarding these investments, balances and debt are included in Note 3 of the Notes to Condensed Consolidated Financial Statements.
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The following table summarizes the principal maturities of our Homebuilding unconsolidated entities (“JVs”) debt as per current debt arrangements as of August 31, 2026. It does not represent estimates of future cash payments that will be made to reduce debt balances. Many JV loans have extension options in the loan agreements that would allow the loans to be extended into future years.
Principal Maturities of Unconsolidated JVs by Period
(In thousands)Total JV Debt202620272028ThereafterOther
Bank debt without recourse to Lennar$1,142,371 59,502 428,439 154,582 499,848 — 
Land seller and other debt without recourse to Lennar43,820 — — — 43,820 — 
Maximum recourse debt exposure to Lennar9,085 9,085 — — — — 
Debt issuance costs(13,476)— — — — (13,476)
Total$1,181,800 68,587 428,439 154,582 543,668 (13,476)
We own an approximately 40% interest in FivePoint Holdings, LLC., a NYSE listed company, and companies it manages, which own three large multi-use properties in California.
Multifamily: Investments in Unconsolidated Entities
At August 31, 2026, Multifamily had equity investments in 26 active unconsolidated entities that are engaged in multifamily residential developments (of which 18 had non-recourse debt and 8 had no debt) compared to 25 active unconsolidated entities at November 30, 2025. We invest in unconsolidated entities that acquire and develop land to construct multifamily rental properties. Through these entities, we are focusing on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. Participants in these joint ventures have been financial partners. Joint ventures with financial partners have allowed us to combine our development and construction expertise with access to our partners’ capital. Each joint venture is governed by an operating agreement that provides significant substantive participating voting rights on major decisions to our partners.
The Multifamily segment manages and has investments in LMV I, LMV II and Canada Pension Plan Investments Fund (the "CPPIB Fund") and a new joint venture with an institutional investor (the "Institutional JV"), which are long-term multifamily development investment vehicles involved in the development, construction and ownership of class-A multifamily assets. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. The Multifamily segment expects the Institutional JV to acquire certain portfolio assets and invest additional capital to support pipeline opportunities. Details of each fund as of and during the nine months ended August 31, 2026 are included in Note 3 of the Notes to Condensed Consolidated Financial Statements.
In addition, in December 2025, we sold a majority interest in Quarterra Group, Inc. ("Quarterra"), a subsidiary of the Multifamily segment, to TPG Real Estate (“TPG”), thus retaining a noncontrolling 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.
We regularly monitor the results of our Multifamily unconsolidated joint ventures and any trends that may affect their future liquidity or results of operations. We also monitor the performance of Multifamily joint ventures in which we have investments on a regular basis to assess compliance with debt covenants. For those joint ventures not in compliance with the debt covenants, we evaluate and assess possible impairment of our investment. We believe all of the joint ventures were in compliance with their debt covenants at August 31, 2026.
The following table summarizes the principal maturities of our Multifamily unconsolidated entities debt as per current debt arrangements as of August 31, 2026. It does not represent estimates of future cash payments that will be made to reduce debt balances.
Principal Maturities of Unconsolidated JVs by Period
(In thousands)Total JV Debt202620272028ThereafterOther
Debt without recourse to Lennar$2,205,084 149,617 875,203 560,306 619,958 — 
Debt issuance costs(23,553)— — — — (23,553)
Total$2,181,531 149,617 875,203 560,306 619,958 (23,553)
Lennar Other: Investments in Unconsolidated Entities
As of August 31, 2026 and November 30, 2025, we had strategic technology investments in unconsolidated entities of $232.1 million and $235.0 million, respectively, accounted for under the equity method of accounting. Our strategic technology investments through our LENX business help to enhance the home buying and home ownership experience, and help us stay at the forefront of homebuilding innovation. Details regarding these investments are included in Note 3 of the Notes to Condensed Consolidated Financial Statements.
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As part of the sale of the Rialto investment and asset management platform, we retained the right to receive a portion of payments with regard to carried interests if certain funds meet specified performance thresholds. We periodically receive advance distributions related to the carried interests in order to cover income tax obligations resulting from allocations of taxable income to the carried interests. These distributions are not subject to clawbacks but reduce future carried interest payments to which we become entitled from the applicable funds and were recorded as equity in earnings (losses) in the condensed consolidated statement of operations. Our investment in the Rialto funds totaled $131.3 million and $133.0 million as of August 31, 2026 and November 30, 2025, respectively.
Option Contracts
We often obtain access to land through option contracts, which generally enable us to control portions of properties owned by third parties (including land banks) and unconsolidated entities until we have determined whether to exercise the options. Since fiscal year 2020, we have increased the percentage of our total homesites that we control through options rather than own.
As part of our focus on strategic relationships to further enhance our land-light strategy, at the end of fiscal year 2020 we entered into an arrangement with various land bank investor groups. Under the arrangement, in most instances when we want to acquire a property for use in our for-sale single-family home business, we will offer the investor group the opportunity to acquire the property and give us an option to purchase all or a portion of it back in the future, if it is mutually beneficial to both parties. To the extent the investor group does not elect to purchase properties we identify, we can utilize our other investor relationships to have other investor groups purchase the land or we can purchase it directly. The arrangement with the investor group, together with existing and other strategic partnerships, including the spin-off of Millrose in 2025, were significant steps in our strategy to migrate to a higher percentage of our homesites which we control but do not own, which we expect will result in greater cash flow and higher returns on assets and equity.
The table below indicates the number of homesites to which we had access through option contracts with third parties and unconsolidated JVs (i.e., controlled homesites) and homesites owned (excluding homes in inventory):
Years of
August 31, 2026Controlled HomesitesOwned HomesitesTotal HomesitesSupply Owned (1)
East107,892 1,979 109,871 
Central126,702 3,253 129,955 
South Central145,045 1,478 146,523 
West91,865 3,377 95,242 
Other4,649 1,721 6,370 
Total homesites476,153 11,808 487,961 0.1
% of total homesites98%2%
Years of
August 31, 2025Controlled HomesitesOwned HomesitesTotal HomesitesSupply Owned (1)
East 116,841 1,313 118,154 
Central130,125 3,389 133,514 
South Central164,849 1,919 166,768 
West95,300 3,133 98,433 
Other4,649 1,561 6,210 
Total homesites511,764 11,315 523,079 0.1
% of total homesites98%2%
(1)Based on trailing twelve months of home deliveries.
Details on option contracts, transactions with land banks and related consolidated inventory not owned and exposure are included in Note 9 of the Notes to Condensed Consolidated Financial Statements.
Contractual Obligations and Commercial Commitments
Our contractual obligations and commercial commitments have not changed materially from those reported in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K, except for a decrease of $198 million in borrowings under the Financial Services' warehouse repurchase facilities, a decrease of $400 million due to redemption of our 5.25% senior notes due June 2026 and an increase of $650 million outstanding borrowings under our revolving Credit Facility.
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(3) Recently Adopted Accounting Pronouncements
See Note 1 of the Notes to Condensed Consolidated Financial Statements included under Item 1 of this Quarterly Report on Form 10-Q for a discussion of recently adopted accounting pronouncements.
(4) Critical Accounting Policies
There have been no significant changes to our critical accounting policies during the nine months ended August 31, 2026 as compared to those we disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2025 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks related to fluctuations in interest rates on our investments, debt obligations and loans held-for-sale. We utilize forward commitments, option contracts and interest rate swaps to mitigate the risks associated with our mortgage loan portfolio. Since November 30, 2025, there have been no material changes in market risk exposures associated with interest rate risk.
As of August 31, 2026, we had $650 million outstanding borrowings under our Credit Facility.
As of August 31, 2026, our borrowings under Financial Services' warehouse repurchase facilities totaled $1.4 billion under residential facilities and $20.6 million under LMF Commercial facilities.
Information Regarding Interest Rate Sensitivity
Principal (Notional) Amount by
Expected Maturity and Average Interest Rate
August 31, 2026
Three Months Ending November 30,Years Ending November 30,Fair Value at August 31,
(Dollars in millions)202620272028202920302031ThereafterTotal2026
LIABILITIES:
Homebuilding:
Senior Notes and
other debts payable:
Fixed rate$22.1 1,190.8 12.3 11.5 701.5 9.3 — 1,947.5 1,950.5 
Average interest rate2.9 %4.8 %3.9 %7.5 %5.2 %6.6 %— 5.0 %— 
Variable rate$650.0 — 1,710.0 — — — — 2,360.0 2,360.0 
Average interest rate4.7 %— 4.7 %— — — — 4.7 %— 
Financial Services:
Notes and other
debts payable:
Fixed rate $— — — — — — 114.9 114.9 115.3 
Average interest rate— — — — — — 3.4 %3.4 %— 
Variable rate$1,469.5 — — — — — — 1,469.5 1,469.5 
Average interest rate5.1 %— — — — — — 5.1 %— 
For additional information regarding our market risk refer to Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our 2025 Form 10-K.
Item 4. Controls and Procedures
Our Executive Chairman, Chief Executive Officer and President ("CEO") and Chief Financial Officer ("CFO") participated in an evaluation by our management of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on their participation in that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of August 31, 2026 to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that information required to be disclosed in our reports filed or furnished under the Securities Exchange Act of 1934, as amended, is
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accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosures.
Our CEO and CFO also participated in an evaluation by our management of any changes in our internal control over financial reporting that occurred during the quarter ended August 31, 2026. That evaluation did not identify any changes that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Part II. Other Information

Item 1. Legal Proceedings
We are the subject of various claims, legal proceedings, and regulatory matters in the ordinary course of business. We do not believe that the ultimate resolution of these claims or lawsuits will have a material adverse effect on our business or financial position.
Item 1A. Risk Factors
Our business is subject to a variety of risks and uncertainties. These risks are described elsewhere in this Quarterly Report on Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations above, or in our other filings with the SEC, including Part I, Item 1A of our 2025 Form 10-K. There have been no material changes in our risk factors from those disclosed in those reports.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about our repurchases of common stock during the three months ended August 31, 2026:
Period:Total Number of Shares Purchased (1)Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2)
(In thousands)
June 1 to June 30, 2026— $— — $1,007,250 
July 1 to July 31, 2026929,006 $85.00 928,595 $928,321 
August 1 to August 31, 20262,072,595 $85.72 2,071,405 $750,773 
Total3,001,601 $85.49 3,000,000 
(1)Includes shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due.
(2)In January 2024, our Board of Directors authorized an increase to our stock repurchase program to enable us to repurchase up to an additional $5 billion in value of our outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. The repurchase authorization has no expiration date.
Items 3 - 4. Not Applicable
Item 5. Other Information
During the period covered by this Quarterly Report on Form 10-Q, no director or executive officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
31.1*
31.2*
32**
101*The following financial statements from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended August 31, 2026, filed on October 2, 2026, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements.
104Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101).
* Filed herewith.
** Furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Lennar Corporation
(Registrant)
Date:October 2, 2026/s/    Diane Bessette        
Diane Bessette
Vice President and Chief Financial Officer
Date:October 2, 2026/s/    David Collins        
David Collins
Vice President and Controller

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