Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 193

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 2
Chunk 193
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345 (564)39,638 (16,156)SmartRent (SMRT)— (5,634)(4,483)(12,206)Sonder (SOND)— 71 (19)82 Sunnova (NOVA)124 36,371 (23,521)1,036 Lennar Other realized and unrealized gains from technology investments (1)$99,223 39,123 7,280 12,472 

(1)During the nine months ended August 31, 2025, we generated $44.7 million of cash and realized a loss of $25.9 million on the sale of our shares in Blend Labs, Hippo, SmartRent, Sonder and Sunnova.

(2) Financial Condition and Capital Resources

At August 31, 2025, we had cash and cash equivalents and restricted cash related to our homebuilding, financial services, multifamily and other operations of $1.8 billion, compared to $5.0 billion at November 30, 2024 and $4.3 billion at August 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 August 31, 2025, we had $1.4 billion of homebuilding cash and cash equivalents and ended the third quarter of 2025 with total liquidity of $5.1 billion.

Operating Cash Flow Activities

During the nine months ended August 31, 2025 and 2024, cash (used in) provided by operating activities totaled ($1.5) billion and $1.4 billion, respectively. During the nine months ended August 31, 2025, cash used in operating activities was impacted by (1) an increase in inventories due to land purchases and construction costs of $1.3 billion; (2) an increase in deposits and pre-acquisition costs on real estate of $1.2 billion as we increased the percentage of controlled homesites primarily as a result of option contracts with Millrose; (3) an increase in other assets of $210 million; and (4) a decrease in accounts payable and other liabilities of $978 million. This was partially offset by our net earnings and a decrease in loans held-for-sale