Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 163

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 163
---
 Statements. Under the indentures governing our senior notes, guarantees may be suspended or released under certain circumstances.

Supplemental information for the Obligors, which excludes non-guarantor subsidiaries and intercompany transactions, at August 31, 2025 is included in the following tables. Intercompany balances and transactions within the Obligors have been eliminated and amounts attributable to the Obligors' investment in consolidated subsidiaries that have not issued or guaranteed the senior notes have been excluded. Amounts due from and transactions with nonobligor subsidiaries and related parties are separately disclosed:

(In thousands)At August 31, 2025At November 30, 2024Due from non-guarantor subsidiaries$14,201,862 18,396,060 Equity method investments2,316,865 1,078,635 Total assets40,461,039 50,251,091 Total liabilities9,008,390 10,067,424 

Nine Months Ended(In thousands)August 31, 2025Total revenues$22,131,952 Operating earnings2,245,294 Earnings before income taxes1,720,963 Net earnings attributable to Lennar1,295,435 

45

Off-Balance Sheet Arrangements

We regularly monitor the results of our Homebuilding, Multifamily and Lennar Other unconsolidated joint ventures and any trends that may affect their future liquidity or results of operations. We also monitor the performance of joint ventures in which we have investments on a regular basis to assess compliance with debt covenants. For those joint ventures not in compliance with the debt covenants, we evaluate and assess possible impairment of our investments. We believe that substantially all of the joint ventures were in compliance with applicable debt covenants at August 31, 2025. 

Homebuilding: Investments in Unconsolidated Entities

As of August 31, 2025, we had equity investments in 53 active Homebuilding and land unconsolidated entities (of which 4 had recourse debt, 15 had non-recourse debt and 34 had no debt) compared to 51 active Homebuilding and land unconsolidated entities at November 30, 2024. Historically, we have invested in unconsolidated entities that acquired and developed land (1) for our homebuilding operations or for sale to third parties or (2) for the construction of homes for sale to third-party homebuy