Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 10

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 10
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 new securities for which there is currently no public market. |

| U.S. Federal Income Tax Considerations | Investors in the Notes should consider the information under “Certain U.S. Federal Income Tax Considerations” below. |

S-5

RISK FACTORS

You should carefully consider the following risk factors, in addition to the other information presented and incorporated by reference in this prospectus supplement and the accompanying prospectus, in evaluating us, our business and an investment in the Notes. A description of risks relating to our business included in Item 1A of our Annual Report on Form 10-Kfor our fiscal year ended November 30, 2024. If any of those risks develop into actual events, the value of the Notes or our business, financial condition, results of operations, cash flows, strategies or properties could be materially adversely affected.

Because the Notes are structurally subordinated to the obligations of our non-guarantorsubsidiaries, your ability to be repaid may be adversely affected to the extent particular subsidiaries are not guaranteeing the Notes at a time when you become entitled to repayment.

Substantially all of our operating assets are held by our subsidiaries. Unless a subsidiary is guaranteeing the Notes as described under
“Description of Notes—The Guarantees,” holders of any indebtedness or preferred stock of that subsidiary and other creditors of that subsidiary, including trade creditors, will have claims on the assets of that subsidiary that are
prior to the claims of the holders of the Notes. When the Notes are issued, some, but not all, of our subsidiaries will be guaranteeing the Notes, as described under “Description of Notes—The Guarantees.” Accordingly, when the Notes
are issued, they will be structurally subordinated to the debt, preferred stock and other obligations of some of our subsidiaries. The indenture governing the Notes does not prohibit any of our subsidiaries from incurring additional liabilities.

As of February 28, 2025, our subsidiaries had $1.86 billion of indebtedness, including $1.63 billion of secured
indebtedness. Of this amount, $1.46 billion ($1.40 billion of secured indebtedness) was indebtedness of subsidiaries that will not be guaranteeing the Notes when they are issued.

The fact that the Notes are unsecured may increase the possibility that you will not be fully repaid if we become insolvent.

The Notes will not be secured by any of our assets or our subsidiaries’ assets. Therefore, the Notes will