Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 0

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 0
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Item 1. Financial Statements

Lennar Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

August 31,November 30,2025 (1)2024 (1)ASSETSHomebuilding:Cash and cash equivalents$1,406,215 4,662,643 Restricted cash29,928 11,799 Receivables, net948,295 1,053,211 Inventories:Finished homes and construction in progress10,049,466 10,884,861 Land and land under development1,069,620 4,750,025 Inventory owned11,119,086 15,634,886 Consolidated inventory not owned2,258,568 4,084,665 Inventory owned and consolidated inventory not owned13,377,654 19,719,551 Deposits and pre-acquisition costs on real estate6,012,493 3,625,372 Investments in unconsolidated entities2,648,329 1,344,836 Goodwill3,442,359 3,442,359 Other assets1,798,459 1,734,698 29,663,732 35,594,469 Financial Services3,368,588 3,516,550 Multifamily1,001,478 1,306,818 Lennar Other844,603 894,944 Total assets$34,878,401 41,312,781 

(1)Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.

As of August 31, 2025, total assets include $2.1 billion related to consolidated VIEs of which $77.6 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $51.7 million in Homebuilding finished homes and construction in progress, $336.1 million in Homebuilding land and land under development, $1.5 billion in Homebuilding consolidated inventory not owned, $83.6 million in Homebuilding