Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 83

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 8
Chunk 83
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 notes and 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)Receivables, net for Financial Services are primarily related to loans sold to investors for which the Company had not yet been paid as of February 28, 2025 and November 30, 2024, respectively.

10

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

(2)Investments in unconsolidated entities as of February 28, 2025 include the carrying value of 20% of the total outstanding shares of Millrose common stock, which was $1.2 billion.(3)Loans held-for-sale related to unsold residential and commercial loans carried at fair value.(4)Investments in equity securities include investments of $133.5 million and $143.0 million without readily available fair values as of February 28, 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) on the condensed consolidated balance sheet.Financial information relating to the Company’s segments was as follows:Three Months Ended(In thousands)February 28, 2025February 29, 2024Revenues:Homebuilding$7,283,870 6,930,991 Financial Services 277,077 249,720 Multifamily63,196 129,677 Lennar Other7,402 2,542 $7,631,545 7,312,930 Earnings (loss) before income taxes:Homebuilding$809,273 1,028,796 Financial Services143,483 131,296 Multifamily(23)(15,639)Lennar Other(89,283)(39,548)Corporate and Unallocated (1)(165,212)(174,119)$698,238