Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 98

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 98
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 other debt payable, net$2,258,283 1,930,956 — — 4,189,239 Liabilities related to consolidated inventory not owned3,563,934 — — — 3,563,934 Accounts payable and other liabilities5,040,992 209,752 181,883 105,756 5,538,383 Total liabilities$10,863,209 2,140,708 181,883 105,756 13,291,556 (1)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of August 31, 2025 and November 30, 2024, respectively.(2)Investments in unconsolidated entities as of August 31, 2025 include the carrying value of 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion.

10

Lennar Corporation and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

(3)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $50.3 million of residential loans are carried at lower of cost or fair value. (4)Investments in equity securities include investments of $118.3 million and $143.0 million without readily available fair values as of August 31, 2025 and November 30, 2024, respectively.(5)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.(6)As of August 31, 2025, the Financial Services segment transferred its loans held-for-investment of $61.0 million (fair value of $50.3 million) to held-for-sale, based on the Company’s intent to sell the loans in the near future.Three Months EndedNine Months EndedAugust 31,August 31,(In thousands)2025202420252024Revenues:Homebuilding$8,253,675 9,045,692 23,381,407 24,357,742 Financial Services 314,195 273,270 889,370 804,713 Multifamily228,465 93,443 521,966 322