Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 166

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 8
Chunk 166
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 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 been increasing the percentage of our total homesites that we control through option contracts rather than own.

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 ofMay 31, 2025Controlled HomesitesOwned HomesitesTotal HomesitesSupply Owned (1)East113,568 1,017 114,585 Central133,925 3,948 137,873 South Central168,768 2,236 171,004 West99,155 3,356 102,511 Other4,649 1,561 6,210 Total homesites520,065 12,118 532,183 0.1 % of total homesites98%2%Years ofMay 31, 2024Controlled HomesitesOwned HomesitesTotal HomesitesSupply Owned (1)East 86,067 17,180 103,247 Central77,747 32,090 109,837 South Central98,297 18,721 117,018 West72,617 21,688 94,305 Other4,828 1,891 6,719 Total homesites339,556 91,570 431,126 1.2 % of total homesites79%21%

(1)Based on trailing twelve months of homes delivered.

Details on option contracts, transactions with land banks and Millrose and related consolidated inventory not owned and exposure are included in Note 10 of the Notes to Condensed Consolidated Financial Statements.

47

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 2024 Form 10-K, except for a decrease of $515 million in borrowings under the Financial Services' warehouse repurchase facilities, a decrease of $449 million in land purchase contract obligations, and an increase of $540 million in Homebuilding senior notes and other debts payable, net.

(3) Recently Adopted Accounting Pronouncements

See Note 1 of the