Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 7

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 7
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 current cash flow, and maintain carefully managed inventory levels so that, as market conditions stabilize and ultimately improve, we will benefit from normalized margins across our growing volume.

S-2

The Offering This summary may not contain all the information that may be important to you. You should read this entire prospectus supplement, the accompanying prospectus and those documents incorporated by reference into the prospectus supplement and the accompanying prospectus, including the risk factors and the financial statements and related notes, carefully before making an investment in the Notes. With respect to the discussion of the terms of the Notes on the cover page, in this section and in the section entitled “Description of Notes,” references to “the Company,” “us,” “we” and “our” refer only to Lennar Corporation and not to any of its subsidiaries.

| Issuer | Lennar Corporation, a Delaware corporation. |

| Securities Offered | $700,000,000 aggregate principal amount of 5.200% senior notes due 2030. |

| Sinking Fund | None. |

| Ranking | The Notes will be our senior, unsecured and unsubordinated obligations and will rank equally with all of our other senior unsecured and unsubordinated indebtedness that is outstanding from time-to-time, senior to any of our future indebtedness that is expressly subordinated in right of payment to the Notes, and effectively junior to any of our secured indebtedness to the extent of the value of 
 the assets securing that indebtedness. The Notes are structurally subordinated to all existing and future obligations (including borrowings and trade payables) of our subsidiaries that are not then guaranteeing the Notes. See “Description of                                                                                                                                                            
 Notes—The Guarantees.” See also “Risk Factors—Because the Notes are structurally subordinated to the obligations of our non-guarantor subsidiaries, 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” and “—The fact that the Notes are unsecured may increase the possibility that you will not be                                                                                                                                                                       
 fully repaid if we become insolvent.”                                                                                                                                                                                                                                                                                                                                                                        |

| 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