Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 3

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 3
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 and labor; changes in trade
policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties; changes in U.S. and foreign governmental laws, regulations and policies, including retaliatory policies
against the United States, that may impact our business and operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds’ borrowings on the willingness of the funds to
invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies,
including our land light strategy; any potential subsequent transactions we may enter into following our spin-off of Millrose Properties, Inc.; a decline in the value of the land and home inventories we
maintain and resulting possible future write downs of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic
or pandemic that could have a negative impact on the economy and on our businesses; labor shortages due to increased enforcement of restrictions on immigration; possible unfavorable outcomes that result in legal proceedings; and conditions in the
capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business.

S-ii

The list of risks above is not exhaustive. New risk factors emerge from time to time and it
is not possible for management to predict all risks that might affect our business or the Notes. Nothing in this prospectus supplement is intended to give assurance regarding our future results or achievements. You should not place undue reliance on
the forward-looking statements contained or incorporated in this prospectus supplement, which speaks only as of its date.

Please see our
Form 10-K for the fiscal year ended November 30, 2024 and our other filings with the Securities and Exchange Commission (“SEC”) for a further discussion of these and other risks and
uncertainties which could also affect our future results. We undertake no obligation to publicly revise any forward-looking statements in this prospectus supplement or in filings we have made with the SEC to reflect events or circumstances after the
date of those statements or to reflect the occurrence of anticipated or unanticipated events, except to the extent we are legally required to disclose certain matters in SEC filings or otherwise.

S-iii

SUMMARY

This summary highlights information contained elsewhere in this prospectus supplement or in