Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 4

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 4
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 documents incorporated by reference in this prospectus supplement. This summary is not intended to be a complete description of the matters covered in this prospectus supplement and is subject, and qualified in its entirety by reference, to the more detailed information and financial statements included or incorporated by reference in this prospectus supplement and the accompanying prospectus. It does not contain all the information you should consider before deciding whether to purchase Notes. You should read in their entirety this prospectus supplement, the accompanying prospectus and the documents that are incorporated by reference into them.

Lennar Corporation

Lennar is one of the nation’s leading builders of quality homes for all generations. Since 1954, we have built over
one million new homes for families across America. We build affordable, move-up and active adult homes primarily under the Lennar brand name in some of the nation’s most popular markets across 29 states.

Our business operations include homebuilding, financial services, multifamily and strategic technology investments. Our homebuilding
operations encompass single-family attached and detached homes, as well as the purchase, development and sale of residential land directly through entities in which we have investments. Our largest homebuilding operations are in Florida, Texas and
California. Homebuilding operations are the core of our company, generating 96% of our consolidated revenues of $34 billion in fiscal 2024.

Today, we are positioned as a pure-play, land-light manufacturing homebuilder, emphasizing efficiency and scalability in the homebuilding
industry. By collaborating with a diverse network of third parties, who handle land acquisition and development on our behalf, we effectively eliminate our land acquisition and development spend. After development is complete, we purchase homesites
from these third parties and put them into production on a just-in-time basis.

In addition, we provide mortgage financing, title insurance and closing services for both buyers of our homes and others. We offer conforming
conventional, FHA-insured and VA-guaranteed residential mortgage loan products and other residential mortgage products primarily to buyers of our homes through our
financial services subsidiary, Lennar Mortgage, from locations in most of the states in which we have homebuilding operations. In fiscal year 2024, our financial services subsidiaries provided loans to 84% of our homebuyers who obtained mortgage
financing in areas where we offered services.

Furthermore, we are engaged in the development of multifamily communities. These
communities include a diversified mix of conventional garden, mid-rise and high-rise multifamily properties in urban and suburban locations near