Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 1

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 1
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 deposits and pre-acquisition costs on real estate, $0.1 million in Homebuilding investments in unconsolidated entities, $8.6 million in Homebuilding other assets and $25.3 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)

August 31,November 30,2025 (2)2024 (2)LIABILITIES AND EQUITYHomebuilding:Accounts payable$1,521,244 1,839,440 Liabilities related to consolidated inventory not owned1,987,263 3,563,934 Senior notes and other debts payable, net3,523,766 2,258,283 Other liabilities2,809,923 3,201,552 9,842,196 10,863,209 Financial Services2,070,051 2,140,708 Multifamily116,014 181,883 Lennar Other98,585 105,756 Total liabilities12,126,846 13,291,556 Commitments and contingent liabilities (See Note 11)Stockholders’ equity:Preferred stock— — Class A common stock of $0.10 par value; Authorized: August 31, 2025 and November 30, 2024 - 400,000,000 shares; Issued: August 31, 2025 - 261,530,577 shares and November 30, 2024 - 259,979,453 shares26,153 25,998 Class B common stock of $0