Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 68

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 68
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921)(16,907)(31,707)(15,592)SmartRent (SMRT)— (4,609)(4,483)(6,572)Sonder (SOND)— (40)(19)11 Sunnova (NOVA)(1,057)(11,410)(23,645)(35,335)Lennar Other realized and unrealized losses from technology investments (1)$(29,440)(21,514)(91,943)(26,651)

(1)During the six months ended May 31, 2025, we realized a loss of $28.4 million on the sale of our shares in Blend Labs, SmartRent, Sonder and Sunnova and, as of May 31, 2025, have a small remaining interest in Sunnova.

(2) Financial Condition and Capital Resources

At May 31, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $1.5 billion, compared to $5.0 billion at November 30, 2024 and $3.9 billion at May 31, 2024.

We finance all of our activities, including homebuilding, financial services, multifamily, other and general operating needs, primarily with cash generated from our operations, debt issuances and cash borrowed under our warehouse lines of credit and our unsecured revolving credit facility (the “Credit Facility”). At May 31, 2025, we had $1.2 billion of homebuilding cash and cash equivalents and ended the second quarter with a total liquidity of $5.4 billion.

Operating Cash Flow Activities

During the six months ended May 31, 2025 and 2024, cash (used in) provided by operating activities totaled ($1.4) billion and $610 million, respectively. During the six months ended May 31, 2025, cash used in operating activities was impacted by an increase in inventories due to land purchases, land development and construction costs of $1.6 billion, an increase in deposits and pre-acquisition costs on real estate of $782 million as we increased the percentage of controlled homesites primarily as a result of option contracts with Millrose, and a decrease in accounts payable and other liabilities of $600 million. This was offset by our net earnings and a decrease in loans held-for-sale of $361 million primarily related to the sale of loans originated by our Financial Services segment.

During