Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 1

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 1
Chunk 1
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 Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $11.7 million in Homebuilding other assets and $35.5 million in Multifamily assets.As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.

See accompanying notes to condensed consolidated financial statements.3

Lennar Corporation and SubsidiariesCondensed Consolidated Balance Sheets (Continued) (In thousands, except share amounts) (Unaudited)

February 28,November 30,2025 (2)2024 (2)LIABILITIES AND EQUITYHomebuilding:Accounts payable$1,926,358 1,839,440 Liabilities related to consolidated inventory not owned3,037,085 3,563,934 Senior notes and other debts payable, net2,211,272 2,258,283 Other liabilities3,076,776 3,201,552 10,251,491 10,863,209 Financial Services1,626,271 2,140,708 Multifamily141,380 181,883 Lennar Other99,617 105,756 Total liabilities12,118,759 13,291,556 Commitments and contingent liabilities (See Note 11)Stockholders’ equity:Preferred stock— — Class A common stock of $0.10 par value; Authorized: February 28, 2025 and November 30, 2024 - 400,000,000 shares; Issued: February 28, 2025 - 261,330,901 shares and November 30, 2024 - 259,979,453 shares26,133 25,998 Class B common stock of