Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 180

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 2
Chunk 180
---
 in the nine months ended August 31, 2025, compared to $1.8 billion in the nine months ended August 31, 2024. As a percentage of revenues from home sales, selling, general and 

34

administrative expenses increased to 8.5% in the nine months ended August 31, 2025, from 7.4% in the nine months ended August 31, 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses. 

During the nine months ended August 31, 2025, our homebuilding operating earnings included $45.7 million of interest income, compared to $134.6 million of interest income in the nine months ended August 31, 2024. The decrease in interest income was primarily due to lower cash balances year over year.

Operating earnings for the Financial Services segment were $476.9 million in the nine months ended August 31, 2025, compared to $420.5 million in the nine months ended August 31, 2024. The increase in operating earnings was primarily due to higher profit per locked loan in the mortgage business as a result of higher margins.

Operating loss for the Multifamily segment was $30.9 million in the nine months ended August 31, 2025, compared to operating earnings of $43.1 million in the nine months ended August 31, 2024, which was positively impacted by a $179.0 million one-time net gain from the sale of assets in our LMV Fund I, partially offset by a one-time $90.0 million write-down of non-core assets. 

Operating loss for the Lennar Other segment was $79.7 million in the nine months ended August 31, 2025, compared to operating loss of $47.3 million in the nine months ended August 31, 2024. The Lennar Other operating loss for 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. The Lennar Other operating loss for the nine months ended August 31, 2024 was primarily related to operating losses from certain strategic investments, which was partially offset by $12.5 million of mark-to-market gains on our technology investments and a $46.5 million one-time gain on the sale of a technology investment.

For the nine months ended August 31