Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 80

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 80
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itesTotal HomesitesSupply Owned (1)East113,568 1,017 114,585 Central133,925 3,948 137,873 South Central168,768 2,236 171,004 West99,155 3,356 102,511 Other4,649 1,561 6,210 Total homesites520,065 12,118 532,183 0.1 % of total homesites98%2%Years ofMay 31, 2024Controlled HomesitesOwned HomesitesTotal HomesitesSupply Owned (1)East 86,067 17,180 103,247 Central77,747 32,090 109,837 South Central98,297 18,721 117,018 West72,617 21,688 94,305 Other4,828 1,891 6,719 Total homesites339,556 91,570 431,126 1.2 % of total homesites79%21%

(1)Based on trailing twelve months of homes delivered.

Details on option contracts, transactions with land banks and Millrose and related consolidated inventory not owned and exposure are included in Note 10 of the Notes to Condensed Consolidated Financial Statements.

47

Contractual Obligations and Commercial Commitments

Our contractual obligations and commercial commitments have not changed materially from those reported in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K, except for a decrease of $515 million in borrowings under the Financial Services' warehouse repurchase facilities, a decrease of $449 million in land purchase contract obligations, and an increase of $540 million in Homebuilding senior notes and other debts payable, net.

(3) Recently Adopted Accounting Pronouncements

See Note 1 of the Notes to Condensed Consolidated Financial Statements included under Item 1 of this Quarterly Report on Form 10-Q for a discussion of recently adopted accounting pronouncements.

(4) Critical Accounting Policies

There have been no significant changes to our critical accounting policies during the six months ended May 31, 2025 as compared to those we disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K. 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risks related to fluctuations in interest rates on our investments,